Say Goodbye to FUD: Outlook for the Ethereum Roadmap in 2024

Author: FRANCESCO; Compiled by: Lynn, Mars Finance

I have never been on my Twitter timeline I’ve seen so much anti-Ethereum propaganda.

Every other day there is a new Layer 1 that is suspected to be the "Ethereum killer", but Ethereum doesn't know it, so it remains undeterred Instead, focus on your own growth and improvement

This commitment to progress is reflected in the recently announced2024 Ethereum Roadmap< /strong>, focusing on key developments that promise to enhance scalability and user experience.

Among them, EIP-4844 was finallydated, which will make it easier for Layer 2 to release data on Ethereum.

While competition becomes fierce, these new ERCs and EIPs will greatly improve Ethereum’s scalability and user experience.

Let's take a closer look at these exciting updatesincluding ERC-4337, EIP-4844, EIP-3074, and EIP-5003.

ERC-4337: Revolutionizing smart contract wallets

The launch of the ERC-4337 standard is a major leap forward in the evolution ofsmart contract wallets.

This improvement introduces a novel concept called "account abstraction".

ERC-4337 is anAccount Abstractionproposal that completelyavoids the need for consensus layer protocol changes. Rather than add new protocol functionality and change the underlying transaction type, the proposal introduces a higher-level pseudo-transaction object called UserOperation.

More information about ERC-4337: https://twitter.com/johnrising_/status/1629470535397539840

Traditionally, Ethereum accounts are divided into externally owned accounts (EOA) and smart contract accounts. However,User-operated EOA often poses challenges in terms of usability and security.

ERC-4337 blurs these boundaries and allows users to interact with smart contracts more intuitively.

The way users interact with Ethereum needs to adapt to the complexity of the environment. We've seen the emergence of solutions based on account abstraction, such as Creso Wallet and Avocado Wallet .

The introduction of ERC-4337 will lay the foundation for a series of improvements in wallet design and reduce complexity for end users.

Besides this, ERC-4337 greatly improves the end-user experience and enables new possibilities such asGasless transactions or social interaction Login and password recovery.

The main features of ERC-4337 include:

• Enhanced Security: By integrating more complex logic into the wallet, users can Set transaction conditions, such as multi-factor authentication or daily spending limits.

• User-friendly: It simplifies interaction for non-technical users, making the Ethereum ecosystem easier access.

• Pay Gas fees in tokens: Users can pay transaction fees using tokens other than ETH , thereby increasing convenience.

EIP-4844: Improving Layer 2 Efficiency

Why EIP-4844: Create a cheap place for L2 solutions to publish data on Ethereum and significantly reduce the overall transaction fees users pay on L2.

Problem:The amount of data generated by L2 continues to increase. If there was a way to publish this data cheaply, it would immediately reduce the transaction fees the network charges users.

Solution: New transaction format for "transaction carrying blob". It contains a lot of data that the EVM execution cannot access, but can access its promises. Rather than having the full content embedded into the body of the text, the content of the blob is spread separately as a "sidecar".

EIP-4844, often referred to as "proto-danksharding", is a major step toward solving Ethereum's scalability issues. It introduces a new transaction type that allows for “shard blobs” – temporary data that can be consumed by layer 2 solutions such as rollups.

EIP-4844 introduces a new transaction type to Ethereum that accepts "blob" data and persists it in beacon nodes for a short period of time.

Sharded blocks do not contain transactions executed in Ethereum blocks, but only "data blocks", and L2 is responsible forusing this data space to create secure and more secure Scalability experience.

The important thing about EIP-4844 is that itsvalue will be passed on to users, as we will all be able to benefit from lower L2 fees.

Why is L2 cheaper?

EIP-4844 Separate transactioncomputation and storage fees< /p>

L2 will use a different function to submit "blobs" to Ethereum.

They do not use "CALLDATA" to permanently store data, but use blobs which will is trimmed after a predefined period of time.

The data block does not have to be available forever but rather for a certain period of time (e.g. 1-3 months), long enough AllowL2 to ensure at least 1 honest participant reconstructs the state and challenges or replaces the bad sequencer. The data is then pruned.

EIP-4844 allows Rollups to initially scale to 0.25 MB per slot and provides a separate fee market for blobs, making fees very low and thus significantly Reduced scaling ofRollups.

Read: The deal will be 10 times cheaper.

Potential impacts of EIP-4844 include

• < p style="text-align: left;">Reduced Tier 2 Costs: Encourage wider adoption by making Tier 2 solutions more economical by reducing data costs.

• Increased transaction throughput: This can lead to a more scalable network, per second Able to process more transactions.

• Enhanced User Experience: With faster and cheaper transactions, overall Ethereum users The experience is significantly improved.

I wrote a long article about this not long ago: