Ethereum Co-Founder Vitalik Buterin has introduced a new proposal that will bring longer-term sustainability to the protocol’s smart contract push. Notably, the presence of Vitalik Buterin lends strong credence to the Ethereum ecosystem, the new proposal has drawn curious comments.

Uniswap Founder Diffuses The New Ethereum Proposal

The Ethereum proposal dubbed EIP-7702 was brought to the fore by Uniswap Founder Hayden. In response to community members with doubts about what the proposal means, Adams shares some insights.

He highlighted that the proposal was designed to replace EIP-3074 which marks an upgrade for normal “EOA” wallets to give smart wallet functionality. Also, some Ethereum developers have also introduced the EIP-4337 proposal that seeks standards for smart contract wallets.

While EIP-3074 had been slated for inclusion, the Uniswap founder noted that Vitalik Buterin was not at peace with it. This is because of the accompanying longer-term implications as it relates to compatibility between 3074 and 4337. Vitalik Buterin was also concerned that in the age of quantum computers, 3074 might break sooner than expected.

The 7702 proposal was introduced to correct the concerns in both previous alternatives. In the proposal, new functionalities like third-party transaction sponsorships are enabled. Beyond this, privilege de-escalation is also a key update that will enable “users can sign sub-keys, and give them specific permissions that are much weaker than global access to the account.”

While the proposal will pass through the regular community vetting processes, its benefits remain properly highlighted. Ethereum developers will now face the decision to adopt the proposal, a move that will require “converting an existing EIP-3074 workflow. This process, the GitHub Commit noted is simple to do.

As usual, like Ethereum Dencun Upgrade and other related upgrades, this proposal, if approved and launched on the mainnet will not impact the average user.

Ethereum Price Continues To Show Weakness

The Vitalik Buterin proposal and the price outlook of Ethereum are notably decorrelated. According to top market analyst, Michael van de Poppe, it is hard to suggest ETH price is close to its low. This is because the bear market has extended for about 2.5 years already.

#Ethereum continues to show weakness.

Would suggest that we’re close to the low, but the bear market continues and we’re at more than 2.5 years already.

Some important scenarios:
– Breaking 0.052
– Support at 0.042-0.046

These are marked. pic.twitter.com/Qottd5n3Hz

— Michaël van de Poppe (@CryptoMichNL) May 7, 2024

At the time of writing, Ethereum’s price comes in at $3,058.12, down by 0.47% in the past 24 hours. Using the BTC/ETH chart, van de Poppe pitched two scenarios to watch out for. The first is a breakout point at 0.052 level with the second being the support between 0.042 to 0.046.

The Vitalik Buterin pitch may help reboot the price of Ethereum when the news is fully priced in the market. However, beating short-term bearish market headwinds remains a crucial test to pass.

The post Vitalik Buterin Proposes To Add Quantum Resistance To Ethereum appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am