Ethereum’s Next Chapter: Buterin’s Bold Vision for “Splurge”

TLDR

Vitalik Buterin Announces “The Splurge” Roadmap to Upgrade Ethereum Virtual Machine (EVM) Key Features EVM Object Format (EFF), Account Draft and Transaction Fee Improvements Ethereum Price Rises 5.5% to $2,612 Following the Announcement Advanced Security Steps to reduce gas costs and improve Layer 2 performance with advanced cryptography Integration of OVM-Max and CMD

Ethereum founder Vitalik Buterin released a new technical roadmap called “The Splurge” designed to upgrade the Ethereum Virtual Machine (EVM) and improve network security.

After the announcement, the price of Ethereum increased by 5.5%, reaching 2,612 dollars, the daily trading volume jumped 93% to 21.69 billion dollars.

The new roadmap introduces a number of technical improvements aimed at making the Ethereum network more efficient and secure. A major part of these improvements is the EVM Object Format (EOF), which changes how the network processes and executes code.

EOF brings three major improvements to the network. First, it separates executable code from data, making the system cleaner and more organized.

Second, it eliminates dynamic jumps, which helps make code safer and more predictable. Third, it adds a new subsystem that makes the network work faster.

The improvements include EVM Modular Arithmetic Extensions (EVM-MAX) and Single Instruction Multiple Data (CMD) features.

These technical additions aim to speed up certain types of calculations, especially those used in cryptography, making the entire network more efficient.

Account summary represents another key component of the improvement plan. Currently, Ethereum users rely on ECDSA signatures for transaction verification, which makes managing keys and security complex.

The proposed EIP-7702 update introduces new features to help all users, including those with Foreign Owned Accounts (EOAs), manage their accounts more easily.

Buterin says that while these changes will make some parts of the system more complex, it will ultimately make it easier for developers to create programs on Ethereum.

The improvements should help Layer 2 solutions, which are systems built on top of Ethereum, to handle more transactions.

The announcement comes as some critics question the future of Ethereum. In recent weeks, the ETH/BTC pair hit multi-year lows, leading to discussions about the platform's long-term viability. However, market reaction to “The Splurge” announcement suggests renewed confidence in Ethereum's direction.

Blockchain monitoring service Peckshiel reported that Buterin moved 400 ETH to four different addresses during this exchange.

#PeckShieldAlert #VitalikButerin transferred 400$ETH to 4 addresses, polymatkids.it, crystalhearts.it, 0xbd9b…8c5f and 0xCF344…73F4 pic.twitter.com/q7VqANbee0

— PeckShieldAlert (@PeckShieldAlert) October 29, 2024

Buterin fielded questions about recent Ethereum Foundation sales activity, explaining that paying developers, validators and other contributors is part of their routine.

The proposed updates are aimed at reducing gas costs, which are the fees that users pay to carry out transactions on the network. With the integration of EVM-MAX and SIMD, making operations more efficient, the network can be cheaper to use.

The implementation of the EOF represents the first step in this reform process. By making the code structure more organized and secure, it lays the foundation for future improvements. This change should help developers better understand and work with the system.

Transaction payment optimization forms another important part of the roadmap. The updates aim to address one of the most common complaints about the Ethereum network, making it more predictable and manageable for users.

The upgrade plan includes exploring advanced encryption techniques. These can enable new types of applications on the network, particularly in areas that require enhanced privacy or security features.

Layer 2 solutions, which help Ethereum handle more transactions, should benefit from these changes. Base layer improvements can make these scaling solutions work better and more efficiently.

Market data shows that market activity increased after the announcement. The daily trading volume increased to 21.69 billion dollars, which shows that there is a great interest in the news of the improvement.

The price action pushed Ethereum above the $2,600 mark, with some market participants eyeing the $3,000 level as the next target. This represents a significant change in recent market sentiment.

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