Ethereum

Ethereum Co-Founder Buterin Introduces ‘The Splurge’ Upgrade

Published

3 months ago

October 29, 2024

Coin2049 Newsletter

Ethereum co-founder Vitalik Buterin has unveiled “The Splurge,” a comprehensive set of protocol upgrades aimed at addressing a variety of challenges within the Ethereum ecosystem. In his latest blog post titled “Possible futures of the Ethereum protocol, part 6: The Splurge,” Buterin delves into the technical intricacies of upcoming enhancements that seek to propel Ethereum toward a more performant, secure, and scalable future.

“The Splurge” is designed to tackle a collection of “little things” in Ethereum protocol design that don’t neatly fit into existing upgrade categories. According to Buterin, these elements are “very valuable for Ethereum’s success” but require a dedicated focus due to their complexity and significance.

What Is Ethereum’s ‘The Splurge’?

The key goals of The Splurge include bringing the Ethereum Virtual Machine (EVM) to a more performant and stable “endgame state,” integrating account abstraction directly into the protocol to enhance security and user convenience, optimizing transaction fee economics to increase scalability while mitigating risks, and exploring cutting-edge cryptographic techniques to significantly improve Ethereum in the long term.

Buterin emphasizes the need to refine the EVM, stating that “the EVM today is difficult to statically analyze, making it challenging to create highly efficient implementations, formally verify code, and make further extensions over time.” The introduction of the EVM Object Format (EOF) is the first step in the EVM improvement roadmap, scheduled for inclusion in the next hard fork. EOF introduces features such as the separation of code and data, the banning of dynamic jumps in favor of static jumps, the removal of gas observability within EVM code, and the addition of an explicit subroutine mechanism.

EOF lays the groundwork for further upgrades like the EVM Modular Arithmetic Extensions (EVM-MAX) and the integration of Single-Instruction-Multiple-Data (SIMD) capabilities. These enhancements aim to make the EVM more efficient for advanced cryptographic operations without relying heavily on precompiles. “After EOF is introduced, it becomes easier to introduce further upgrades,” Buterin notes.

Account abstraction has been a long-standing goal for Ethereum, aiming to allow smart contract code to control transaction verification. “At the core, account abstraction is simple: allow transactions to be initiated by smart contracts, and not just EOAs,” Buterin explains. This capability could enable a range of applications, from quantum-resistant cryptography to seamless key rotation and improved wallet security.

ERC-4337 serves as a current solution for implementing account abstraction without modifying the core protocol. It introduces a new object called “user operations” and separates transaction processing into validation and execution phases. However, Buterin points out inefficiencies in this approach, particularly the “flat ~100k gas overhead per bundle.”

EIP-7702 is proposed to bring the convenience benefits of account abstraction to all users, including externally owned accounts (EOAs), by integrating it directly into the protocol. This move could unify the ecosystem and eliminate the need for relayers in privacy protocols. “EIP-7702 makes the ‘convenience features’ of account abstraction available to all users, including EOAs, today,” Buterin writes.

While EIP-1559 has improved average block inclusion times and fee predictability, Buterin acknowledges imperfections in its implementation. He notes that “the formula is slightly flawed” and “doesn’t adjust fast enough in extreme conditions.” The proposed EIP-7706 aims to address these issues by introducing multidimensional gas fees, allowing for separate pricing and limits for different resources like calldata, state reads/writes, and state size expansion.

“Multidimensional gas has two primary tradeoffs: it adds complexity to the protocol and to the optimal algorithm needed to fill a block to capacity,” Buterin explains. However, he suggests that the benefits in efficiency and resource management could outweigh these complexities.

The introduction of Verifiable Delay Functions (VDFs) aims to improve the randomness in Ethereum’s proposer selection process. “Ideally, we would find a more robust source of randomness,” Buterin states. VDFs could offer a solution by providing outputs that are computationally intensive to produce but easy to verify, reducing the potential for manipulation. Challenges remain, such as “unexpected optimization” through hardware acceleration or parallelization. “Currently, there is no VDF construction that fully satisfies Ethereum researchers on all axes,” Buterin admits, indicating that further research and development are needed.

Moreover, Buterin explores the “far future of cryptography” by discussing advanced concepts like indistinguishability obfuscation and one-shot signatures. He refers to these as part of the “Egyptian god protocols,” extremely powerful cryptographic primitives that could revolutionize blockchain technology. Indistinguishability obfuscation allows for the creation of “encrypted programs” that perform arbitrary computations while keeping internal details hidden. “With obfuscation and one-shot signatures together, we can build almost perfect trustless third parties,” Buterin asserts.

Potential applications include secure DAOs and auctions, universal trusted setups, and simplified verification of zero-knowledge proofs. Despite their promise, these technologies are still in their infancy. “There is a heck of a lot left to do,” Buterin concedes. Implementations of indistinguishability obfuscation currently face significant performance hurdles, and practical quantum computers capable of enabling one-shot signatures remain theoretical.

By tackling EVM improvements, account abstraction, transaction fee optimization, and exploring the frontiers of cryptography, Buterin aims to keep Ethereum at the forefront of blockchain innovation. While acknowledging the complexities and trade-offs involved, he remains optimistic. “Extremely powerful cryptography could change the game completely,” he concludes.

At press time, ETH traded at $2,627.

Ethereum price — Ether price, 1-week chart | Source: ETHUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

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Ethereum

Ethereum Is Forming A 1-Hour Symmetrical Triangle – Bullish Breakout Or Deeper Correction?

Published

2 minutes ago

January 22, 2025

Coin2049 Newsletter

Este artículo también está disponible en español.

Ethereum has begun the year much like it ended the last—under a bearish cloud. The altcoin leader has faced a challenging start, with its price plummeting over 16% since January 6. Weak price action continues to dominate as ETH struggles to find strong support, leaving investors cautious about what lies ahead.

Ethereum Struggle: What’s Next For The Altcoin Leader?

Ethereum investors are facing challenging times, with price action continuing to disappoint. After briefly holding key demand levels, many expected a shift in market sentiment. However, ETH has now fallen to its lowest price since late December, leaving investors anxious about its next move.

Top analyst Carl Runefelt recently shared a technical analysis on X, shedding light on Ethereum’s current situation. Runefelt revealed that ETH is forming a symmetrical triangle pattern on the 1-hour timeframe—a structure that suggests a significant price move is imminent. The pattern highlights critical levels on both sides of the market, providing a roadmap for potential outcomes.

Ethereum forms a 1H Symmetrical Triangle | Source: Carl Runefelt on X

If Ethereum fails to hold above the $3,000 level, a deeper correction is likely, which could push the price significantly lower. Conversely, reclaiming the $3,500 level would signal strength, setting the stage for a massive breakout. Such a move would not only restore investor confidence but also attract new capital into the market.

ETH Tests Crucial Support Levels Amid Downtrend

Ethereum is trading at $3,113 after a 6% decline in the past few hours, signaling continued bearish pressure in the market. The price is now testing the daily 200 exponential moving average (EMA) at this level, a critical technical indicator that could determine the direction of the next move. Holding this EMA as support might spark a bullish recovery, giving ETH the momentum needed to reclaim higher levels in the coming sessions.

ETH testing crucial demand | Source: ETHUSDT chart on TradingView

However, the market remains on edge, and the key level to watch for support is the untested $3,000 mark. This psychological and technical level hasn’t been revisited since late November, making it a significant zone of interest for both bulls and bears. A drop to this level could attract strong buying interest, potentially setting the stage for a rebound.

Ethereum Prognose: Vorübergehende Schwäche und Chance?

Published

2 hours ago

January 22, 2025

Coin2049 Newsletter

Este artículo también está disponible en español.

Ethereum zählt nicht umsonst zu den wichtigsten Kryptowährungen der Welt. Die aktuelle Nummer 2 der Kryptowelt punktet vorwiegend mit seinen Anwendungen für ein dezentralisiertes Finanzwesen.

Hier stehen die sogenannten „Smart Contracts“ im Mittelpunkt des Interesses der Wirtschaft. Die „automatisierten“ Verträge benötigen keine zentrale Instanz mehr und schließen Banken zunehmend aus dem Finanzkreislauf aus.

Kurskorrektur vor dem nächsten Aufschwung

Angesichts dieser Innovation ist es nicht verwunderlich, dass das Ethereum-Netzwerk als zukunftssicher gilt. Trotzdem musste dessen Kryptowährung Ether zuletzt einen Einbruch von rund 10 Prozent hinnehmen. Jetzt befürchten die Anleger einen weiteren Kursrutsch.

Angesichts der bevorstehenden Amtsübernahme von Donald Trump in den USA hatten viele Investoren gehofft, dass es ab sofort nur noch bergauf gehen würde. Doch der Backlash kam, wie erwartet, schließlich gehören Korrekturen zur hohen Volatilität bei Kryptos.

Zusätzlich sorgte ein Ethereum-Wal für Unruhe, er schien die Geduld verloren zu haben und trennte sich von einem Teil seiner Positionen und nahm damit sogar Verluste in Kauf. Das ist erstaunlich, schließlich scheint die Krypto-Zukunft zumindest auf dem Papier rosig zu sein.

Kursgewinne vorweggenommen

Ethereum kann schließlich, genau wie Bitcoin, auf die ersten zugelassenen Spot-ETFs verweisen, die für eine stärkere Durchdringung der Märkte mit Ether sorgen sollten. Der ehemals unerbittliche Gegner Gary Gensler, seines Zeichens Chef der amerikanischen Wertpapierbehörde SEC, ist zurückgetreten und Donald Trump will alles unternehmen, um Krypto in den USA zu stärken.

Trotzdem zeigt Ethereum Schwäche und ist von seinem Allzeithoch weit entfernt. Mit der Zulassung des ersten ETH-Spot-ETFs stieg der Kurs zwar kurzfristig über die 4.000-Dollar-Marke, doch seither ging es bergab.

Lediglich vor einer Woche erlebte Ethereum wieder einen Aufstieg, der jedoch nur von kurzer Dauer war. Doch diese Entwicklung war auch bei der Zulassung der ersten Bitcoin-Spot-ETFs zu beobachten.

Die Märkte hatten die erhofften Kurssteigerungen schon zuvor vorweggenommen und benötigten einige Zeit, um die weiteren Entwicklungen zu analysieren und darauf zu reagieren. Das wird bei Ethereum offenbar nicht anders sein.

Neuer Schub nach Amtseinführung von Trump?

Die Geschichte von Ethereum zeigt jedenfalls, dass sich ETH im Januar eines Jahres zumeist als bullish erweist. Angesichts dieser Historie käme es nicht überraschend, wenn der Coin in den nächsten zwei Wochen wieder zulegen würde.

Rede Donald Trump

Zahlreiche Analysten zeigen sich jedenfalls optimistisch, dass mit der Inkraftsetzung der ersten Deregulierungsmaßnahmen der neuen US-Regierung der Kryptomarkt und damit auch Ethereum wieder deutliche Kursgewinne einfahren werden.

Alternative Solaxy

Wer als Investor hingegen eine Alternative zu Ethereum sucht, der könnte einen Blick auf den neuen Meme-Coin Solaxy ($SOLX) werfen. Dieser absolviert derzeit seinen Presale auf Ethereum, bildet jedoch aufgrund seiner technischen Ausgestaltung eine Brücke zur Blockchain von Solana.

Dort nutzt er als Multi-Chain-Coin günstige Kosten und Geschwindigkeit, um das Beste aus beiden Welten für sich zu generieren. 10 Millionen Euro sind innerhalb kürzester Zeit in das neue Projekt geflossen, das beweist, dass die Anleger an die Idee von Solaxy glauben.

Mit einem Preis von nur 0,0016 Dollar für 1 Solaxy ($SOLX) ist der Token noch preiswert, das könnte sich dramatisch ändern, wenn der Coin erst einmal auf einer der Kryptobörsen zum Kauf gelistet wird.

Alle Informationen zu Solaxy ($SOLX) finden sich auf den entsprechenden Seiten von X und Telegram.

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Ethereum

Ethereum Whales Absorb $1M Loss As Market Caution Intensifies

Published

4 hours ago

January 22, 2025

Coin2049 Newsletter

They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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