Ethereum has just released a new update for Ethereum Pectra. Vice President of Galaxy Christine Kim stated that the development team addressed the upgrade during their 144th All Core Developers Consensus Call (ACDC). They decided to include EIP 7742 in the Pectra Upgrade.
EIP 742 and EIP 3074 Updates on Pectra
EIP 7742 introduces a system that allows the Consensus Layer (CL) to dynamically adjust the blob gas goal and max value. Additionally, the Pectra upgrade is likely to feature an increase in the number of Blobs. By contrast, Kim emphasised the likelihood of additional scalability improvements, such as modifying the gas limit or slot time.
The Ethereum core developers had previously added EIP-7742 to the CFI list for Pectra before officially deciding on whether or not to include the EIP in the upcoming upgrade.
Besides EIP-7742, there are several other important updates, with EIP-3074 being the focus. This upgrade introduces a new “social recovery” feature that could eliminate the risk of losing private keys for Ethereum users. Externally owned accounts (EOAs) or simple Ethereum wallets thus could perform various smart contracts functions. Users can transfer ownership of their assets to an “invoker” contract through the social recovery option for their accounts.
Pectra is vital for addressing delegation risks, a long-standing issue for users. It aims to make officially audited invoker contracts available to help mitigate potential security threats. Furthermore, users may no longer need to hold Ether (ETH) in their wallets to process transactions, since invoker contracts can prepay transactions fees.
Other Ethereum Updates
In August, one of the most popular Ethereum clients, Go Ethereum (Geth), released version 1.14.18 to prepare for the launch of Pectra, addressing various issues and optimising network performance. Another key Ethereum client, Nimbus, rolled out version 24.7.0 in late July.
Meanwhile, Ethereum co-founder Vitalik Buterin continues to work on improving the network’s scalability. Buterin has revisited The Merge, focusing on enhancing the Proof-of-Stake (PoS) system which has remained stable for the past two years. His proposals include “economic finality” or single-slot finality, and the liberalisation of the staking procedure.
