The Ethereum Pectra upgrade is the next major improvement to the Ethereum network and is expected to take place in the first quarter of 2025.
It may include features such as increasing the maximum stake for validators, improving the efficiency of the Ethereum Virtual Machine (EVM), and possibly introducing wallet user experience enhancements.
The Pectra upgrade combines the Prague and Electra upgrades to improve Ethereum wallet functionality and network efficiency. This upgrade is expected to go live in late 2024 to early 2025.
Among them, EIP-3074 uses account abstraction to integrate traditional wallets (EOA) with smart contracts to provide a smoother user experience.
EIP-7702 is Vitalik Buterin's proposal. As an advanced version of EIP-3074, it solves the shortcomings of the latter.
Additionally, EIP-7251 manages the growing number of validators by increasing the maximum valid balance (MaxEB) from 32 ETH to 2048 ETH.
The Pectra upgrade is mainly to enhance the functionality of the wallet and provide a better user experience.
With this upgrade, access and management of Ethereum wallets such as MetaMask are simplified, while also helping to slow down the rate of validator entries to avoid overloading the system.
The Prague and Electra upgrades were merged into Pectra. Ethereum’s traditional naming convention uses the same names for upgrades to the execution and consensus layers.
This latest update is expected to be rolled out between the last quarter of 2024 and the first quarter of 2025.
With this update, Ethereum aims to strengthen its ecosystem by providing network efficiency, security, and scalability.
The Pectra upgrade plays a key role in the evolution of Ethereum, with engagement from the developer community pushing the network’s capabilities to even greater levels.
This update plans to introduce many Ethereum Improvement Proposals (EIPs), the most notable of which are EIP-3074 and EIP-7251 (EIP-7702 appeared relatively late).
EIP-3074 enhances Ethereum’s functionality by reducing the pain of managing traditional crypto wallets like Trust Wallet.
Here, traditional wallets (Externally Owned Accounts (EOA)) are integrated with smart contracts using account abstraction to provide a smoother user experience.
For example, in the normal process, if you plan to buy your favorite NFT, you will need to sign two transactions: one to allow the marketplace to debit the available funds on your wallet, and another to sign at the final purchase checkout.
With the implementation of EIP-3074, your wallet’s smart contract operates according to the ERC-4337 standard, which ensures that both transactions are executed with a single signature.
Furthermore, digital signatures allow you to access and manage your wallet and skip the tedious task of storing private keys.
So, even in the worst-case scenario, such as losing your password and secret recovery phrase, you still have recovery options to avoid losing your funds forever.
The Pectra upgrade will bring more efficient, secure, and scalable features to the Ethereum network, while also greatly improving the user experience. With the launch of this upgrade, the Ethereum ecosystem is expected to usher in new development opportunities.
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