Now that Ethereum EIP-1559 has come to a standstill, its co-founder Vitalik Buterin has outlined the upcoming developments in the blockchain network. the new proposal for the renewal of ERC-4337, announced earlier today, will include the much-anticipated update of account renewal. In a recent blog post, Buterin talked about a feature that will be introduced in a new update, as well as the implementation of the new ERC could mean a growing network.
Most importantly, the release account update will add a new authentication concept for individual user wallets. This feature has long been awaited by both developers and users due to its ability to “open the door to art in wallet designs.” it will also enable new features such as multiple signatures and social restoration, as well as very simple, easy operation, and after-safe measurement of wallet-enhanced algorithms. While all of these functions already exist in current smart contract funds, using them means making more transactions and more efficient use of gas for developers. In addition, users should also hold a certain eth in an external managed account and manage ratings in two accounts or use transfer systems that are usually centralized.
The implementation of this new Ethereum [ETH] update could significantly reduce the cost of gas, which is already a network problem. Previously, EIP-2938 was designed to address this issue. However, that requires major changes to the offline protocol will focus on protocol developers – downsizing and integration with eth 2.0. the new update is expected to achieve similar benefits without changes to the compliance protocol.
The co-founder also expanded on how the new features of the project will benefit the network. all the characters in this chain will be put in one place as everything will be done with p2p mempool. It will also simplify user setup aside and provide full support for EIP-1559. Interestingly, according to Buterin, universal acceptance of regeneration is sufficient to make the layer of safe mass in abundance. This means that future quantum computers will not be able to “break the blockchain,” as many have feared.
However, you should be aware that Buterin has agreed that the update will “slightly increase” network risk in dos attacks. The latest version of the update is expected to be released soon, which will be sent to a security check to be tested on the internet.