Ethereum co-founder Vitalik Buterin has outlined “The Splurge,” a forward-looking plan to improve the Ethereum blockchain. The Splurge is a key part of Ethereum’s roadmap that seeks to address a number of technical challenges, including improving the ETH Virtual Machine (EVM) and developing crypto-security safeguards to protect against potential future threats from quantum computing.
Buterin stressed that while quantum computers capable of breaking cryptocurrencies are currently only a hypothesis, preparing for such future developments is an essential part of network evolution.
Additionally, the Splurge roadmap aims to improve the economics of transaction fees and implement account abstraction for more diverse user interactions.
The milestones leading up to the merger, surge, and scourge have laid the foundation for ETH to pursue the advanced cryptographic upgrades Buterin envisions, with a focus on scalability, efficiency, and security.
Possible futures of the Ethereum protocol, part 6: The Splurgehttps://t.co/OabLldVCqj
— vitalik.eth (@VitalikButerin) October 29, 2024
Preparing Ethereum for a Quantum Future: Are Cryptocurrencies Safe Anymore?
The main goal of The Splurge is to equip ETH with cryptographic mechanisms that can counter the threat of quantum computing.
Buterin acknowledged that truly powerful quantum computers “don’t even exist” in functional form, but noted that it is important to develop quantum-resistant algorithms long before quantum computers emerge.
If quantum computers were to reach their full potential, they could theoretically overturn existing cryptocurrency protections.
The Splurge roadmap includes laying the groundwork for alternative cryptographic methods, such as lattice-based cryptography that is resistant to quantum attacks, to ensure that ETH remains secure despite potential future quantum advances.
ETH next planned upgrade, Pectra, will implement a significant improvement to the EVM, the EVM Object Format (EOF). EOF is expected to facilitate more efficient smart contract execution on Ethereum Layer 2 by providing a structured framework that separates code and data.
Buterin plans to lay the groundwork for future EVM upgrades, including modular compute extensions and the introduction of single instruction-multiple data ( SIMD ) capabilities.
These improvements aim to improve security and efficiency by streamlining the processing of advanced cryptocurrency operations. These developments also allow ETH to support a wider range of cryptographic algorithms, which is essential for future blockchain security.
Account abstraction and multi-dimensional gas for cost efficiency
Another important element of The Splurge is to expand user interaction with ETH by pushing account abstraction. This protocol-level functionality allows smart contracts to control transaction initiation and verification.
Buterin explained that the upgrade would allow for a variety of methods to verify transactions beyond Ethereum’s current elliptic curve signatures, and would integrate quantum-resistant algorithms into user interactions.
EIP-7701, which is scheduled to be included in the upcoming Pectra update, is designed to enable all ETH users to use account abstraction, which will allow them to transact with ERC-20 tokens for a gas fee.
Buterin also outlined plans to overhaul ETH transaction fee structure via “multi-dimensional gas,” a concept that would introduce variable fees based on the usage of specific resources, ultimately allowing transaction fees to better reflect network demand.
Currently, EIP-1559 sets a base fee per transaction, but does not account for the changing requirements of different operations.
Multidimensional gas allows for separate costs for components such as currency data and storage expansion, allowing gas fees to be more closely aligned with network usage.
This approach is intended to reduce pressure on ETH performance by enabling more targeted fee calculations, potentially lowering user costs and alleviating congestion during periods of high demand.
This development is a step toward the future Buterin envisions. At Token2049 in Singapore, Buterin presented an optimistic vision for the future of Ethereum, predicting mainstream adoption within the next decade. He acknowledged past growth hurdles, such as high transaction fees and subpar user experiences, but noted that recent improvements have paved the way for broader adoption.
- Bitcoin Whales Cash In Millions Amid Recent Rally - November 20, 2024
- Hidden Pattern on XRP Charts Suggests a 500% Surge – Is It Finally Moon O’Clock? - November 20, 2024
- $PNUT Up 325% In 7 Days, Heading To New Record – Will This New Altcoin Be The Next Hot Deal? - November 19, 2024
