Ethereum (ETH) developers have been discussing different Ethereum Improvement Proposals (EIPs). During a biweekly developer call, the EIP 2024 and EIP 1702 have been approved for the upcoming Istanbul upgrade.
Ethereum EIPs Approved For Instanbul
There have been two EIPs approved for inclusion in Istanbul, the next major upgrade that the Ethereum network is going to be experiencing. The new changes are expected to be implemented with Istanbul as soon as in October this year.
The EIP 2024, which is also known as EIP 131, is expected to be adding a new precompile to the Ethereum virtual machine. These precompiles are operations that are performed on the Ethereum blockchain for a fixed gas cost.
The new EIP 2024 is going to be introducing this precompile for a function called “Blake2,” which is faster to process its work. It verifies and authenticates data on the blockchain. At the moment, there are several stands of Blake2 which are being used in many different crypto projects.
Meanwhile, the EIP 2702 that was authored by Wei Tang, a developer at Parity Technologies, the intention is to provide smoother smart contract upgradability. Decentralized applications (dApps) that run on the Ethereum blockchain are currently based o virtual immutable and self-executing lines of code that are known as smart contracts that are compiled and executed using the Ethereum Virtual Machine (EVM).
With the new EIP 1702, it might be possible to introduce a new methodology for hard forks that is called account versioning. That would make it easier to integrate or introduce new virtual machines in the Ethereum network.
In his proposal, Tang explained:
“By allowing account versioning, we can execute different virtual machine for contracts created at different times. This allows breaking features to be implemented while making sure existing contracts work as expected.”
According to CoinMarketCap, Ethereum is the second largest digital currency in the market. At the time of writing, each ETH can be purchased for $306 and it has a market capitalization of $32 billion. However, a few hours ago, this digital currency reached its highest point in more than 10 months when it surged above $315.
Ethereum is expected to be launching the Ethereum 2.0 upgrade as soon as January 2020. This would allow the virtual currency and network to become a Proof-of-Stake (PoS) blockchain and transition from Proof-of-Work (PoW).
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