The Ethereum Pectra upgrade is scheduled to be launched in Q1 2025! Introducing Account Abstraction Transformation EIP-7702

This site (120btC.coM): Yesterday (24th), Ethereum core developers held the 188th All Core Developers Execution (ACDE) conference call. According to Galaxy Research According to the focus of the meeting organized by Vice President Christine Kim, Ethereum's next key upgrade after the Dencun upgrade, the "Pectra upgrade", may be launched at the end of the first quarter of 2025.

The word Pectra is a combination of the Prague upgrade of the Ethereum execution layer and the Electra upgrade of the consensus layer.

The Pectra upgrade target is to be launched at the end of the first quarter of next year, or split into two upgrades

Currently the customer team says that the possibility of delivering the Pectra upgrade before the end of 2024 is very low, and the development team should be committed to Upgrade in early 2025.

The operation team proposes to divide Pectra into two forks, one to be carried out within this year, and the other to include EIP-7251 (maxeb, which increases the maximum effective balance of validators between 32 and 2,048 ETH to incentivize Staking operators merge validators into one super validator), EOF (a new Ethereum object format designed to improve the efficiency and performance of the Ethereum network), and potentially peerDAS (designed to enhance data availability guarantees, ensuring Data can still be accessed and verified by nodes, and upgrades that will help improve the security, scalability and efficiency of the network have been postponed until early next year.

Currently, there is still no consensus among all developers on the timing and scope of the Pectra upgrade, which is expected to be a focus of discussion at the next ACDE meeting.

Pectra upgraded development network Devnet1 is ready to go online

In addition, the meeting summary pointed out that the first development network devnet0 upgraded by Pectra has been successfully launched, including all execution layers (EL) and consensus layers (CL) ) client, but EIP-3074, which is a key step in implementing AA (Account Abstraction), has not been intensively tested and there is a bug that needs to be fixed.

The customer team is ready to launch a second development network, Pectra Devnet1, which will include changes implemented for EIP-2935 (Saving historical block hashes in state).

Buterin Account Abstraction New Proposal EIP-7702 replaces EIP-3074

The developers also agreed to remove EIP-3074 from Pectra Devnet0 (this is a group of proposals aimed at improving the UX of Ethereum wallets Code change proposal, which allows users to batch process transactions and be able to sign them all at once), and replace it with the latest EIP-7702 proposed by Ethereum co-founder Vitalik Buterin to join Pectra Devnet1.

EIP-7702 proposes to modify EIP-3074 to make it more streamlined and more compatible with EIP-4337, avoid ending up with two separate account abstraction ecosystems, and treat EIP-5003 as a permanent migration the next step.

EIP-7702 also introduces a new transaction type to improve the functionality of account abstraction. In this way, EOA can be converted into a smart contract wallet during a single transaction execution and restored after the transaction is completed. In the ordinary state, the proposal is regarded as one of the most influential changes in the history of Ethereum. If successful, it may completely change the way everyone interacts with Web3 applications.

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