160th Ethereum ACDE meeting: confirmed to include EIP-4844, 6780, 6475, 1153

On April 29th, according to Christine Kim’s summary of the 160th Ethereum Executive Layer Core Developer Conference (ACDE), this meeting mainly discusses which code modifications need to be included in the next Cancun upgrade.

160th Ethereum ACDE meeting: confirmed to include EIP-4844, 6780, 6475, 1153

I. Introduction
A. Explanation of Ethereum
B. Overview of ACDE
II. Background of the Cancun upgrade
A. Concept of Ethereum Hard Fork
B. Previous Ethereum upgrades
III. Analysis of the new proposals
A. Proposal 1
B. Proposal 2
C. Proposal 3
IV. Pros and cons of the proposals
A. Pros of each proposal
B. Cons of each proposal
V. Ethereum community response
VI. Conclusion
A. Summary of the Cancun upgrade
B. Suggested measures for Ethereum community
VII. FAQs
# The 160th Ethereum Executive Layer Core Developer Conference Discusses Code Modifications for the Next Cancun Upgrade
On April 29th, 2021, Ethereum, the world’s second-largest cryptocurrency, held its 160th Executive Layer Core Developer Conference (ACDE). The primary objective of this meeting was to discuss the code modifications necessary for the impending Cancun upgrade.
Ethereum is a decentralized, open-source blockchain platform built almost solely for software applications running on the blockchain. Because of its smart contract functionality, Ethereum has a virtually endless range of applications from healthcare to finance, gaming, and social media.
The Cancun upgrade is Ethereum’s next scheduled hard fork. Ethereum hard forks occur when the software’s source code is updated with new features and functionalities. Through these hard forks, major upgrades that improve the network’s speed, security, and scalability are implemented.

Background of the Cancun Upgrade

The Cancun upgrade is Ethereum’s eighth hard fork since it’s first launched. Ethereum is known for its ever-evolving nature, and each hard fork added new features and improved the network’s performance.
The first Ethereum hard fork occurred in 2016 and spliced the Ethereum chain into two separate chains. Ethereum classic is the result of the original blockchain, and the other chain is Ethereum as we know it today.

Analysis of the New Proposals

The Cancun upgrade is expected to introduce numerous changes to the Ethereum network, which were discussed at ACDE. Here are three significant proposals:

Proposal 1: Ethereum Roadmap

The Ethereum roadmap proposes a new path for the Ethereum community to transition from the current PoW (Proof of Work) consensus algorithm to a PoS (Proof of Stake) algorithm. PoS is currently the biggest proposed improvement to Ethereum that will address the problems of PoW, where nodes compete to verify blockchain transactions. PoS is more efficient and less energy-consuming than PoW.

Proposal 2: EIP-4488

EIP-4488 proposes adding an Ethereum Improvement Proposal (EIP) that would make it more challenging for multiple parties to spoof their Ethereum address by deriving multiple addresses from the same source keyblock.

Proposal 3: GAS optimization

The third proposal, a gas optimization proposal, includes a series of changes to the Ethereum network. Developers suggest making the gas limit protocol feature more secure, adding new stack isolation instructions, reducing transaction fees, and making storage and execution cheaper.

Pros and Cons of the Proposals

With any significant proposed changes come both pros and cons. Here are some significant advantages and disadvantages of each proposal discussed at the ACDE.

Pros of Proposal 1: Ethereum Roadmap

– PoS is more environmentally friendly and consumes less energy than PoW.
– PoS will also offer more significant rewards for those who participate in nodes verification and validation.

Cons of Proposal 1: Ethereum Roadmap

– The PoS algorithm is more complex than PoW, which makes it more costly to build and maintain nodes.
– Building expertise in PoS is more challenging than PoW, which leads to centralization.

Pros of Proposal 2: EIP-4488

– This proposal enhances the security of the network by making it difficult for third parties to impersonate users’ Ethereum addresses.
– EIP-4488 further enhances blockchain security by adding an extra level of verification.

Cons of Proposal 2: EIP-4488

– The EIP-4488 proposal’s security feature could make transactions more demanding in the long run, leading to a network slowdown.
– The proposal will require third-party upgrades, which could slow down adoption and consolidation.

Pros of Proposal 3: GAS Optimization

– The optimisation will reduce transaction fees, ensuring greater economic value.
– It will make the Ethereum network better and more reliable than previous versions.

Cons of Proposal 3: GAS Optimization

– The proposal could lead to reduced security of Ethereum if not implemented correctly.
– The proposal is quite technical, and it may be challenging to understand and implement it successfully.

Ethereum Community Response

Community feedback is an indispensable part of any software development process, and the Cancun upgrade’s requirement for code modifications is no exception. The community responded positively to the proposals and recognized the challenges posed by each proposal.
While most community members agreed with the proposals, there were issues to address, such as cost, complexity, and centralization, which need to be considered.

Conclusion

In conclusion, the Cancun upgrade is eagerly anticipated by the Ethereum community as it promises to provide additional layers of security, increase efficiency, and provide a higher economic value. To ensure that the upgrade runs smoothly, Ethereum developers need to take into account community feedback and address user concerns and issues.
Ethereum’s commitment to enhancing its network is commendable, and the proposed code modifications for the Cancun upgrade reflect this. The upcoming implementation may very well change the Ethereum blockchain and revolutionize the way it functions.

FAQs

1. What is a hard fork on the Ethereum blockchain?
– A hard fork is a permanent divergence from the previous version of the blockchain.
2. What is Proof of Stake, and how does it differ from Proof of Work?
– Proof of Stake refers to a consensus mechanism used by many blockchain networks to enable efficient and secure verification of transactions, while Proof of Work requires nodes to compete to verify transactions, which requires significant energy consumption.
3. What is the significance of the Cancun upgrade?
– The Cancun upgrade is essential to Ethereum as it will introduce significant enhancements to the network’s functionalities, security, and scalability.