Ethereum’s Pectra Upgrade Explained
Updated at 15:19:37 by Link Wanderer 2023
CoinWorld reports: Ethereum, as one of the world’s most influential blockchain platforms, has always been committed to technological innovation and network optimization. With the continuous evolution of blockchain technology, there is an increasing demand from users for network performance and user experience. To meet these demands, the Ethereum development team will launch the latest Pectra upgrade. The Pectra upgrade combines the independent Prague and Electra upgrades, aiming to enhance Ethereum’s execution layer and consensus layer. This upgrade not only significantly improves network efficiency and security but also enhances Ethereum’s competitiveness in decentralized applications (DApps) and smart contracts. This article will delve into the details of the Ethereum Pectra upgrade and its numerous advantages, helping you fully understand this important technological advancement.
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What is the Prague-Electra (Pectra) Upgrade for Ethereum?
Ethereum’s Pectra upgrade represents a significant improvement to the network, combining two independent upgrades: the Prague upgrade primarily focuses on changes to the network’s execution layer, while the Electra upgrade targets the consensus layer. These upgrades together are referred to collectively as the “Pectra” upgrade.
Pectra upgrade marks a pivotal milestone on Ethereum’s development roadmap, scheduled to go live in Q1 2025. This timeline allows for additional features aimed at improving the Ethereum user experience (UX). Pectra upgrade follows “Dencun,” a hard fork of Ethereum aimed at reducing transaction fees for Layer 2 solutions, which is planned for March 2024.
Pectra upgrade may include Ethereum Improvement Proposal (EIP) 3074, a code change enhancing Ethereum wallets to allow batch processing of transactions and signing in a single step. Approved in April 2024, EIP-3074 will be integrated into the Pectra upgrade and accessible to regular crypto wallets.
Additionally, Pectra upgrade will implement EIP-7251, increasing the staking limit for validators from the current 32 Ethereum (ETH) to 2,048 ETH. This increase aims to slow down the speed at which new validators join the Ethereum network, easing the burden on staking providers.
The upgrade may also involve Peer Data Availability Sampling (PeerDAS) to scale Rollup and EVM Object Format (EOF) to enhance smart contract security and developer experience on the Ethereum Virtual Machine (EVM). However, Ethereum developers are discussing the potential replacement of EIP-3074 with EIP-7702, a new transaction type aimed at enhancing account abstraction compatibility. Additionally, they are considering implementing patches for EIP-2935 to address issues with historical block hashes.
Developers are also considering incorporating other EIPs into the Pectra upgrade, such as allowing validators to withdraw from smart contracts and removing deposit windows.
Features and Advantages of the Pectra Upgrade
EIP-7251: Increased Staking Limit
As of June 2024, Ethereum validators have a maximum effective balance of 32 ETH. Therefore, to stake more than 32 ETH, staking providers must launch multiple validators, each staking 32 ETH. With Pectra upgrade, staking providers can merge their stakes into fewer validators by raising the maximum effective balance to 2,048 ETH. This reduces the number of messages needing to be passed across the network, alleviating pressure on the validator network layer and potentially improving network efficiency and performance.
PeerDAS/Rollup Improvements
PeerDAS extends the “blobs” introduced in EIP-4844, optimizing storage of transaction data in Ethereum Layer 2 networks, increasing block space and lowering transaction costs. They were launched as part of the Dencun upgrade in March 2024. Transactions carrying Blobs are similar to regular Ethereum transactions but include additional data for off-chain storage, thereby reducing the burden on the Ethereum main chain.
EVM Improvements
Plans are underway to improve the EVM, such as EOF, to innovate and improve user experience (DevEx), as well as performance on Layer 1 and Layer 2. These improvements will make smart contract execution more efficient and secure.
What are Ethereum Improvement Proposals (EIPs)?
EIPs are crucial to Ethereum’s development process and serve as a means to upgrade the Ethereum network. EIPs are proposals or standards detailing potential new features, improvements, or processes for the Ethereum blockchain network. They include technical specifications for proposed changes and are the “source of truth” for the community.
Ethereum network upgrades are proposed to the Ethereum development community and developed through the EIP process. Anyone within the community can create an EIP, and authors are responsible for reaching consensus with the Ethereum development community and documenting any dissenting opinions.
EIP authors are typically developers. EIPs can alter Ethereum and are proposed, debated, and, if successful, adopted. Ethereum network upgrades, such as Dencun and Pectra, consist of a set of EIPs that every Ethereum client on the blockchain network must implement once finalized.
Ethereum Development Roadmap: Prague/Electra Upgrade Timeline
Ethereum’s Dencun upgrade took place in March 2024, with Pectra planned for launch in 2025. Ethereum’s merged roadmap is part of Buterin’s outlined five-step process, aiming to improve smart contract blockchains following Ethereum’s shift to Proof-of-Stake (PoS) consensus mechanism in September 2022. These five stages are Merge, Surge, Verge, Purge, and Splurge.
Ethereum developers have decided not to rush the release of Pectra before Devcon in November 2024, allowing developers to monitor the upgrade more effectively based on their previous upgrade experience.
Following Pectra, the next upgrade may include the highly anticipated “Verkle Tree,” a new data system allowing Ethereum nodes to store vast amounts of data. Pectra is seen as a relatively minor upgrade. According to Tim Beiko, Protocol Support Lead at the Ethereum Foundation, Verkle Tree development will take over a year, extending into 2025. This Ethereum network upgrade will be more substantial.
Verkle Tree is part of Ethereum’s merged roadmap, promising smaller proof sizes and lower node hardware requirements. In an article on X, Vitalik Buterin noted that Verkle Tree functionality will allow staking nodes to run “with near-zero disk space and almost instant synchronization,” enhancing user experience and user-oriented light clients.
Verkle Tree is being developed as part of the “Verge” stage and may be included in the “Osaka” upgrade, likely following the 2025 Pectra milestone.
Conclusion
Ethereum’s Pectra upgrade represents another significant advancement in blockchain technology, combining the Prague and Electra upgrades to enhance network performance and user experience. By increasing staking limits, improving EVM, introducing PeerDAS, and other innovations, Pectra will significantly elevate the Ethereum ecosystem. These improvements not only contribute to enhancing Ethereum network efficiency and security but also lay the groundwork for future developments. With continuous contributions from developers and users, Ethereum will continue to lead in decentralized applications and smart contracts. We hope this article has provided you with a deeper understanding of the Pectra upgrade and anticipation for future innovations and breakthroughs from Ethereum.
Hot News on Ethereum’s Pectra Upgrade
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