Ethereum Co-Founder Vitalik Buterin Unveils The Splurge Update, ETH Price Reacts

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As an analyst with over two decades of experience in the tech and blockchain industry, I find Vitalik Buterin’s latest roadmap for Ethereum, dubbed “The Splurge,” quite intriguing. Given my background, I can appreciate the complexity of the challenges that Ethereum faces, particularly in terms of improving the Ethereum Virtual Machine (EVM) to meet performance expectations.

Vitalik Buterin, a key figure behind the Ethereum network, has unveiled a new plan called “The Splurge” to the community. This announcement is being made in light of ongoing discussions and debates about Ethereum’s underperformance. The goal of this update is to rectify design issues within the protocol, with a focus on significantly enhancing the performance of the Ethereum Virtual Machine (EVM).

Key Goals of Ethereum “The Splurge” and Implications

According to a recent blog post, “The Splurge” is dedicated to enhancing the Ethereum system for long-term sustainability. The main objectives of this update involve streamlining the Ethereum Virtual Machine (EVM), reducing transaction fees, implementing account abstraction, and delving into innovative advanced cryptography applications.

Vitalik pointed out that the current Ethereum Virtual Machine (EVM) must live up to its potential because it’s tricky to examine it statically. This flaw makes it hard to create highly effective implementations, verify code mathematically, and expand functionality in the future. If empowered by precompiles, it could also become more efficient, facilitating the implementation of numerous modern cryptography techniques.

As a researcher delving into the realm of blockchain technology, I’m excited about Vitalik’s emphasis on the imminent EVM Object Format (EOF) as a crucial step towards overcoming existing obstacles. The EOF represents a collection of Ethereum Improvement Proposals (EIPs), each detailing aspects of a revised EVM code architecture, boasting several distinct features. Among these are the segregation of codes to promote clarity and maintainability, the prohibition of dynamic jumps for enhanced code safety, and the adoption of an innovative explicit subroutine mechanism, all aimed at improving the overall functionality and security of the Ethereum Virtual Machine.

After implementing End of File (EOF), the development team intends to roll out further enhancements. Among these are EVM Modular Arithmetic Extensions (EVM-MAX) and possible incorporation of Single Instruction Multiple Data (SIMD) functionalities.

In simpler terms, EVM-MAX creates a unique set of operations specifically designed for modular arithmetic. This makes it easier to implement optimizations such as Montgomery multiplication. Furthermore, SIMD can significantly increase the speed of various cryptographic tasks like hash functions, 32-bit STARKs, and lattice-based cryptography. Consequently, EVM-MAX and SIMD make an ideal pair for enhancing the performance of the Ethereum Virtual Machine (EVM).

Currently, transaction verification largely relies on ECDSA signatures, which can make key management more challenging. However, proposed EIP-7702 aims to offer advantages for all users, particularly those utilizing Externally Owned Accounts (EOAs). Significantly, Ethereum’s EOF is slated for integration in the upcoming hard fork.

Potential Challenges and Trade-Offs

Vitalik pointed out that introducing EOF and account abstraction could bring new challenges associated with the complexity of the EVM and infrastructure. He, however, stated that these advancements would ease higher-level programming and improve the efficiency of other Layer 2 solutions.

To add to this, Ethereum’s EVM-MAX and SIMD technologies have the potential to lower transaction costs (gas fees) for various proof systems and enhance overall performance. They also alleviate the need for precompiles by offering EVM code alternatives that can execute the same tasks efficiently.

Just recently, I’ve been working with the latest update on Ethereum, following closely on the heels of Vitalik’s announcement about the “Scourge” upgrade. This strategic overhaul is designed to fortify Ethereum’s standing as a preeminent blockchain platform and maintain its security and relevance in our rapidly advancing technological landscape. As a researcher, I find this an exciting development to explore further.

Currently, the price of ETH is at $2,624 following Vitalik’s recent announcement. This increase represents a 4.64% rise over the past 24 hours. Additionally, the daily trading volume has surged by 78.5%, reaching an impressive $21.5 billion, suggesting that investors are showing increased enthusiasm for ETH.

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2024-10-29 13:13