The date has been set for ‘Cancun’, which will be the next big update of Ethereum (ETH). In another development, global payments giant Visa is exploring ways to use the Ethereum network.
Date revealed for next major Ethereum update
Shanghai, the previous major upgrade of Ethereum, was successfully implemented on April 12. This upgrade was Ethereum’s first big step following its transition to Proof-of-Stake (Merge). It also brought a big mechanical change to the network.
Now, Ethereum developer Tim Beiko is sharing the dates for the next Cancun upgrade. Beiko said at a developers meeting yesterday that the upgrade could be implemented in the next 5-6 months.
Updates from yesterday's Eth dev call:
– based on @dedaub's impact analysis on self destruct opcode removal, devs affirmed inclusion of EIP 6780 in Cancun
– based on decisions from ACDE #161, @TimBeiko said he would remove SSZ-related EIPs from Cancunhttps://t.co/UrvCD5HZQ8.— Christine Kim (@christine_dkim) May 26, 2023
What is the Cancun upgrade?
The overarching goal of the Cancun upgrade is specifically to scale roll-ups. Meanwhile, it aims to continue preparing the network for full data sharding. The introduction of blob migrations will increase data availability for roll-ups. It will also make them significantly cheaper.
At the center of the discussion were the implications of EIPs 4758 and 6780, which propose to replace the self-destruct function on Ethereum. This functionality currently allows complete transfer of ETH from one address to another without running any code on the recipient’s side. EIP 4758 proposes to rename the function to “sendall” and remove the ability to reset values and delete any bytecode, while EIP 6780 adds conditions to limit its effect.
Visa explores how it can use the Ethereum network
In another development, global payments giant Visa reported that it is investigating how gas fees can be redesigned using ‘Account Abstraction’ on the Ethereum Blockchain. The company also explained that this method enables secure and automatic payments for personal storage wallets.
The feature Visa needs is the ERC-4337 token standard, which became available in early March. This standard is a requested component of VISA as it adds the ability to act on behalf of the user into smart contracts. The firm also shared that it has successfully implemented two sets of Paymaster contracts on the Goerli testnet.
Visa ( @visa ) just announced they developed two ERC-4337 paymasters and demonstrated both sponsored and ERC-20 transactions 👀
Link below 👇
— John Rising (@johnrising_) May 17, 2023
Ethereum founder Vitalik Buterin has previously expressed interest in Account Abstraction in gas fees. Buterin recommends the use of social recovery wallets and multi-signature wallets for crypto investors to obtain self-custodial custody of their assets.
Therefore, with the imminent implementation of ERC-4337 and the emergence of smart contract wallets, wallet security as well as payments are expected to increase significantly for VISA users, which opens the door to wider adoption of cryptocurrencies.
How is the Ethereum price?
ETH price is trading in the $1,826.65 region at the time of writing. cryptocoin.com As you can follow, its price has been trading inside a falling wedge for the past few days. A break of $1,829, which coincides with the 20-day EMA, will provide the bulls with strength for higher highs.
