Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Ethereum News & Updates => Topic started by: booktiger on January 16, 2024, 11:16:58 AM
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The Ethereum Foundation (https://coinpaper.com/3027/ethereum-devs-raise-concerns-about-buterin-s-proposed-updates) is planning some updates to the Ethereum network, focusing on enhancing the account abstraction standard (ERC-4337) to reduce gas consumption, especially on layer 2 networks.
Ethereum co-founder Vitalik Buterin proposed increasing the network's gas limit by 33% to improve throughput.
On Jan. 10, the Foundation shared a preview of the drastic changes to the ERC-4337 standard, which is central to account abstraction, also known as smart accounts.
Account abstraction represents an evolution from the basic Ethereum accounts. It allows accounts to incorporate programmable logic and rules, enabling a range of new use cases that are currently unfeasible with standard accounts.
The updated version 0.7 of ERC-4337 is the result of nine months of practical application and feedback.
One of the main advantages for users in version 0.7 is the reduction in gas fees, which will be achieved by employing techniques for more efficient use of transaction data.
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This may be good news that Ethereum is trying to inspect without affecting gas fees, but for years all the updates were about how to make fees cheaper. Even the main purpose of moving from POW to POS was to reduce fees, and with each new standard we see that solutions pay more. More for the second layer and making transactions on Ethereum to confirm all data on the second layer than as a basic blockchain for making payments.