Mediaboss Marketing

Share this article

Ethereums upcoming Pectra upgrade, expected to be implemented by late 2024 or early 2025, is set to introduce significant improvements to cryptocurrency wallets, including the addition of smart contract capabilities to standardexternally owned accounts (EOAs).

The inclusion of Ethereum Improvement Proposal (EIP) 3074 in the Pectra upgrade will bring a range of new features and enhancements to the user experience.

The Pectra upgrade follows the recent Dencun update, which focused on lowering transaction fees on layer-2 solutions. The name Pectra is derived from the combination of two simultaneous upgrades occurring on different layers of the blockchain. The execution layer, responsible for enforcing protocol rules, will undergo the Prague upgrade, while the consensus layer, which ensures the validation of blocks, will go through the Electra upgrade. This naming convention follows the Ethereum developers tradition of combining the names of the upgrades, as seen in previous instances like Dencun and Shapella.

One of the key benefits of EIP-3074 is the ability for regular wallets, such as those created using MetaMask, to function similarly to smart contracts. This upgrade will enable features like transaction bundling, allowing users to sign multiple transactions at once, and sponsored transactions, where a wallet can delegate funds to be used by another entity. These functionalities are reminiscent of the account abstraction introduced in ERC-4337.

EIP-3074 introduces two new operating instructions: AUTH and AUTHCALL. As explained by anonymous Web3 adviser Cygaar, AUTH verifies signatures and actions, while AUTHCALL calls the target contract(s) with the originator address as the caller instead of the message sender. These instructions work together to enable the smart contract-like behavior of EOAs.

In addition to the features mentioned above, EIP-3074 also includes a social recovery feature that eliminates the need for the traditional 12-to-24-word seed phrase, further simplifying the user experience and potentially reducing the risk of lost or stolen funds.

Another significant change expected to be included in Pectra is an increase in the staking limit for validators, from the current 32 ETH to 2,048 ETH a substantial 64-fold increase. This proposal, known as EIP 7251, would allow large staking providers, such as Coinbase or Lido, to consolidate their validators operating the Ethereum blockchain. By doing so, these providers can avoid the need to constantly create new validators each time they have an additional 32 ETH to stake, thereby reducing the operational load and resources required for staking and validating.

The need for this change has become apparent as the number of validators on the Ethereum network has surpassed 1 million, raising concerns about excessive latency. EIP 2751 is seen as a potential solution to slow the rate at which new validators enter the system, preventing performance issues and ensuring the blockchains smooth operation.

Other EIPs under consideration for Pectra include enabling validator withdrawals from smart contracts, incorporating a code change known as BLS precompile, and removing the deposit window. These relatively minor changes will allow developers to work on smaller improvements while focusing on more significant upgrades in the future.

Looking beyond Pectra, the subsequent upgrade will introduce the highly anticipated verkle trees a novel data system designed to help Ethereum nodes efficiently store large amounts of data. Tim Beiko mentioned that the Pectra upgrade is expected to be released sometime in late 2024 or early 2025, allowing developers to work on two forks in parallel and deliver small wins while preparing for the more complex verkle trees transition.

As Ethereum continues to evolve and improve, the Pectra upgrade represents another step forward in enhancing the networks performance, user experience, and overall functionality. By addressing key issues such as wallet UX and staking limits, developers aim to ensure that Ethereum remains at the forefront of blockchain technology, providing a solid foundation for the growing ecosystem of decentralized applications and services.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefings own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Read the rest here:

Ethereum's Pectra upgrade slated for Q4 2024, bringing smart contract features and improved UX for wallets - Crypto Briefing

Ethereums Pectra upgrade, slated for late 2024 or early 2025, is bringing with it a host of more functionality for crypto wallets and upgrades to their user experience (UX).

Ethereum Improvement Proposal(EIP) 3074was approved for inclusion in the next update, which allows normal crypto wallets to work like smart contracts.

One of EIP-3074s functions gives standard externally owned accounts (EOAs), normal wallets such as a MetaMask wallet, smart contract capabilities.

This allows functions such as transaction bundling, so users only have to sign once, and sponsored transactions where a wallet can delegate funds for use by another, similar to account abstraction that was introduced in ERC-4337.

Anonymous DefiLlama developer 0xngmi claimed in an April 11 X post that the EIPs downside is now itll be possible to fully drain an address (all tokens, all NFTs, all DeFi positions...) with only one bad signature.

Gaslite co-founder Harrison Leggio wrote on X that while there are security concerns with the update, people will always find a way to lose their money.

People literally GIVE THEIR PRIVATE KEYS TO TRADING BOTS, he added.

Software engineer Laurence Day wrotethat the EIPs most obviously useful application was its sponsored transactions, as it allowed users to store assets in a wallet that doesnt hold Ether, and they could sponsor the gas from a contract controlling the wallet.

Other slated functions of EIP-3074 include a social recovery feature that negates the need for the typical 12-to-24-word seed phrase.

Anonymous Web3 adviser Cygaarexplained on X that the EIP turns wallets into smart contracts by adding two new operating instructions AUTH and AUTHCALL.

Related: History of Crypto: Crypto winter and Ethereum landmarks

AUTH verifies signatures and actions. AUTHCALL then calls the target contract(s) with the originator address as the caller rather than the message sender, Cygaar wrote.

The planned Pectra update comes after Ethereum developers pushed through the Dencun update last month, which lowered layer-2 transaction fees.

Ethereum co-founder Vitalik Buterin also shared in early April the next steps for the Purge, which would remove old and excess network history in order to simplify it.

Magazine: Heres how Ethereums ZK-rollups can become interoperable

Go here to see the original:

Ethereum's Pectra upgrade to make normal wallets 'smart' and improve UX - Cointelegraph

A former Amazon software engineer Shakeeb Ahmed was sentenced to three years in prison for exploiting smart contracts.

The breaches in 2022 resulted in the theft of over $12 million in different cryptocurrencies. The trial was the first-eversentencingfor a cyberattack on smart contracts.

Ahmedadmittedin December 2023 to manipulating smart contracts. By inserting fraudulent pricing data into the platforms contracts, the engineer generated approximately $12 million in unearned profits, which he subsequently withdrew as cryptocurrency.

While the prosecutors chose not to disclose one of the affected platforms, evidence in the indictment suggests it wasCrema Finance. The other platform involved was Nirvana Finance, which ceased operations following the hack in July 2022.

Before the incident, Ahmed had led Amazons bug bounty program, where he identified and fixed security loopholes in its software. The prosecution, highlighting the novelty of this case involving smart contracthacking, had recommended a four-year prison term.

They acknowledged Ahmeds cooperation and his restitution of the majority of the stolen funds but emphasized the need for his imprisonment to serve as a deterrent and underscore the gravity of his offenses.

On the other hand, Ahmeds defense argued for probation instead of prison time, citing his compromised mental health during the time of the hacks and the fact that the stolen funds were largely untouched except for covering a relatives medical expenses. Ahmed, originally from Saudi Arabia, had his legal team plea for leniency based on the following factors.

The rest is here:

Ex-Amazon engineer sentenced to 3 years in prison for $12m crypto hack - crypto.news

In the dynamic landscape of financial technology, smart contracts emerge as a transformative force. These self-executing contracts, with terms directly coded into the agreement, have the potential to revolutionize how we initiate and enforce contracts.

Smart contracts, at their core, are programs operating on a blockchain network. They automatically execute, control, or document legally relevant events and actions according to contract terms.

In a decentralized environment, smart contracts operate autonomously, free from control by any single entity, and without the need for intermediaries.

Trust and Transparency: Since they are based on blockchain technology, smart contracts provide a transparent system where all parties can view the terms and the execution of the contract.

Security: Theimmutable nature of blockchain ensures that once a contract is created, it cannot be altered, thereby reducing the risk of fraud.

Efficiency: Smart contracts eliminate the need for intermediaries, which can significantly reduce transaction times and costs.

Accuracy: Automated contracts reduce the risk of human error, which is common in traditional contract law.

In finance, smart contracts find various applications. They automate insurance claims processing, manage bonds, execute derivatives, and streamline real estate transactions.

Bonds: Smart contracts can issue and manage bonds, automating interest payments and principal repayment.

Derivatives: Smart contracts execute complex financial instruments like options and swaps, ensuring terms are met without dispute.

Real Estate: They can streamline property sales by automating the transfer of deeds and funds.

Despite their potential, smart contracts face several challenges:

Legal Recognition: The legal status of smart contracts is still under debate in many jurisdictions.

Technical Standards: Standardization is needed in how smart contracts are written and executed.:

Interoperability: Smart contracts must be able to interact with different blockchain networks and traditional systems. Despite their potential, smart contracts face challenges. Legal recognition, technical standards, and interoperability are key issues to address. However, ongoing developments in blockchain technology and legal clarity promise a bright future for smart contracts.

In conclusion, smart contracts represent a significant innovation in finance, promising more secure, efficient, and equitable financial agreements. As the fintech industry evolves, smart contracts are set to become integral to the financial transactions of the future.

See the article here:

How Are Smart Contracts Transforming Financial Transactions? - IT News Africa

Blockchains empower transparency and innovation, but securing smart contracts within this ecosystem remains crucial. Verifying code for vulnerabilities is essential to ensure user trust, compliance, and the overall health of the blockchain ecosystem. Recognizing this critical need, Blockscout and SolidityScan by CredShield have announced a groundbreaking collaboration to elevate smart contract security.

Blockscout serves as a user-friendly platform for anyone to deploy, verify, and interact with smart contracts across various blockchains. This ease of use fosters the core principles of Web3 transparency and inclusivity. However, unvetted code can introduce security risks, such as vulnerabilities, exploitable code, or even malicious attempts to steal funds.

Statistics reveal a significant number of deployed contracts remain unaudited, leaving them susceptible to potential exploits. SolidityScan, a tool developed byCredShields, tackles this challenge by providing a free, AI-powered tool scanner for smart contracts. This tool analyzes code and identifies common vulnerabilities, raising awareness of potential risks for users.

Smart Contract Security Score in real-time

SolidityScanis an automated security tool for your smart contracts. It scans the code for vulnerabilities and weaknesses, using over 160+ vulnerability patterns to identify potential risks. This translates to a security score, displayed as a shield icon within Blockscout for verified contracts, where a higher score indicates a lower risk profile.

Clicking the shield dives deeper, providing a comprehensive report with the vulnerability count & criticality levels. This report also analyzes individual functions, upgradeability features, and ownership structure, and even assigns an overall threat score.

SolidityScan: A Web3 Developers Essential Tool

SolidityScan integrates seamlessly with Blockscout, empowering developers to identify and rectify potential security issues early in the development cycle. Contracts can be deployed on various testnets supported by SolidityScan, allowing developers to pinpoint and address vulnerabilities before a contract goes live on the mainnet. SolidityScan offers comprehensive support for major blockchain mainnets and testnets, including Ethereum, Ethereum Classic, Arbitrum,Avalanche, Optimism, Polygon, Base, Gnosis,Neon,Rootstock,zkSync,Fuse,Shimmer,Lightlink,Shibarium,and many more.

Conclusion: A Collaborative Approach to a Secure Future

SolidityScan offers a beneficialfree scannerfor enabling continuous security for Solidity developers, but it should not be regarded as a replacement for a comprehensive manual security audit. For comprehensive end-to-end security assurance, CredShields, the parent organization behind SolidityScan, provides a wide range of services and has conducted over 150security audits.

Read more:

Enhancing Smart Contract Security With SolidityScan and Blockscout Integration - Business