Vitalik Buterin advocates for reform on the Ethereum network

Vitalik Buterin showed the storage interface to the Ethereum (ETH) blockchain Polymarket, highlighting the need for change. It calls for the implementation of ERC-3770 and ERC-7683 amendments.

The Ethereum network's move to double down on user experience and developer activity are key strategies for the ecosystem to maintain its industry reputation.

Vitalik Buterin calls for Ethereum network reform

The Russo-Canadian inventor shows the need for improvement in the current system, which facilitates the transaction process for consumers. Implementation of this step will reflect significant developments in the field based on community feedback.

According to the Ethereum GitHub channel, ERC-3770 was created in August 2021 but has been stalled. It focuses on mapping chain-specific addresses to human-readable chain identifiers. Implementing this update, therefore, introduces a new address standard for wallets and DAPs adaptation.

Also read: How to buy Ethereum (ETH) and everything you need to know

This creation has inspired a growing number of non-Ethereum mining chains using the Ethereum Virtual Machine (EVM). Buterin believes that it is too long for the implementation, because addresses show ambiguity in their current state. In the current situation, the risk of Ethereum users losing money due to human error is high, and many users agree.

“The advantage of ERC-3770 is that people are good at using it because of its simplicity. Although some devices don't support ERC-3770 addresses, you can “manually change” them by just removing the prefix. Anything that doesn't allow you to “manually change” is very difficult to release,” said Martin, founder of Genosys. Kopelman added.

Buterin's push for these reforms is not new. In June, he discussed the same addresses, offering methods to solve user experience problems.

The ERC-3770 advocate makes the chain part of the address, according to the Ethereum executive. For the layman, this means that the address becomes an independent ‘how to pay' account.

It also pushed for an update to ERC-7683, a cross-layer 2 exchange protocol that allows for on-chain programmatic sending. This eliminates concerns about which specific intermediaries to trust and which APIs to connect to.

These implementations increase efficiency, making cross-chain remittance markets friendlier to liquidity providers.

Ethereum to boost protocol security with $2 million attack

In a parallel development, the Ethereum network wants to increase the security of the protocol with a $2 million “attack” ahead of the Pectra hard fork. In Monday's announcement, the Ethereum Foundation partnered with bug bounty platform Immunefi.

Marking the first Ethereum Protocol Attackathon, the four-week event's mission is to advance the security of the Ethereum protocol. To this end, the Ethereum Protocol Security (EPS) research team runs a crowdsourced security audit competition.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

The foundation has seeded $500,000 of the $2 million planned for the prize pool. The community will contribute the remaining $1.5 million and the deadline will be August 1.

“We invite the entire Ethereum community – from projects to individual developers – to participate in this important event. Contributing to the reward pool will directly improve the security of the Ethereum ecosystem. This will help create a safer environment for users and developers,” read the excerpt on the blog.

The initiative comes as the Ethereum community prepares for its next update, the Pectra Hard Fork. In the year Scheduled to launch in late 2024 or early 2025, this update promises to deliver significant improvements to the Ethereum user and developer experience, making it compatible with ERC 3770 and ERC 7683.

Other key developments in the Pectra update include Account Abstraction (EIP-7702), EVM Object Format (EOF) improvements, Maximum Effective Balance (EIP-7251) and PeerDas (EIP-7594) among other ideas.

It will improve to the side, the ETH price continues to show strength Markets focus on the US Securities and Exchange Commission (SEC). This interest comes with the launch of ETH ETFs (Exchange Traded Funds).

ETH has seen some positive moves over the past couple of days and has held above the $3,000 threshold. Meanwhile, the price of Bitcoin has dropped below $60,000. As altcoins are known to take their cues from the pioneering cryptocurrency, Ethereum trading above $3,000 is a significant undertaking.