{"id":31131,"date":"2024-04-13T11:04:36","date_gmt":"2024-04-13T11:04:36","guid":{"rendered":"http:\/\/icoinmarket.com\/this-is-why-ethereums-pectra-update-is-a-game-changer\/"},"modified":"2024-04-13T11:04:36","modified_gmt":"2024-04-13T11:04:36","slug":"this-is-why-ethereums-pectra-update-is-a-game-changer","status":"publish","type":"post","link":"https:\/\/icoinmarket.com\/this-is-why-ethereums-pectra-update-is-a-game-changer\/","title":{"rendered":"This Is Why Ethereum&#8217;s Pectra Update Is a Game-Changer"},"content":{"rendered":"<p> <br \/>\n<br \/><\/p>\n<div>\n<p>Ethereum\u2019s blockchain is set for another significant leap with the anticipated Pectra upgrade, following the successful Dencun upgrade that reduced transaction costs. <\/p>\n<p>Slated for release between late 2024 and early 2025, the Pectra upgrade focuses on Ethereum Improvement Proposal (EIP) 3074 and EIP 2935. These vital modifications aim to transform how users interact with Ethereum wallets.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-ethereum-community-discusses-pros-and-cons-of-pectra\">Ethereum Community Discusses Pros and Cons of Pectra<\/h2>\n<p>During a recent bi-weekly call, Ethereum developers announced that EIP 3074 would be central to the Pectra upgrade. Tim Beiko, a core Ethereum developer, confirmed its inclusion with a post on April 11. <\/p>\n<p>This upgrade will introduce several smart contract functionalities to ordinary Ethereum wallets, significantly enhancing the user experience.<\/p>\n<p>Read more: Ethereum EIPs: What Are They? How Are They Implemented?<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<\/figure>\n<p>According to Domothy, a researcher at the Ethereum Foundation, EIP 3074 will introduce a novel social recovery tool. This tool requires users to initially transfer asset ownership to an invoker contract via a digital signature. This contract will facilitate future transactions and enable users to reclaim their assets if they lose or forget their seed phrase.<\/p>\n<p>Additionally, EIP 3074 eliminates the need for users to have Ethereum in their wallets to execute transactions. The entity behind the invoker contract can cover these costs upfront. This feature could significantly expand Ethereum\u2019s appeal by lowering the barriers to entry for new users.<\/p>\n<p>Moreover, EIP 3074 allows the batching of transactions. Users can approve multiple transactions at once, streamlining processes and enhancing efficiency. On-chain analyst Hitesh Malviya praises this upgrade for its potential impact on Web3 gaming. <\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cIt\u2019s going to be a game-changer for web3 gaming, where you can sign your session once and then play the whole game without worrying about interacting with smart contracts,\u201d Malviya stated.<\/p>\n<\/blockquote>\n<p>Uniswap developer Hayden Adams echoes this enthusiasm, describing the inclusion of EIP 3074 as a \u201cmonumental upgrade to Ethereum UX.\u201d However, the upgrade has also raised concerns. <\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cDownside of EIP 3074 is that now it\u2019ll be possible to fully drain an address (all tokens, all NFTs, all defi positions\u2026) with only one bad signature,\u201d DefiLlama co-founder 0xngmi said.<\/p>\n<\/blockquote>\n<p>Read more: 9 Crypto Wallet Security Tips To Safeguard Your Assets<\/p>\n<p>The name \u201cPectra\u201d is an amalgamation of the \u201cPrague\u201d and \u201cElectra\u201d upgrades, impacting the execution and consensus layers of the blockchain, respectively. Similarly, \u201cDencun\u201d is an amalgamation of the words \u201cDeneb\u201d and \u201cCancun.\u201d<\/p>\n<div id=\"bic-c-disclimer-7f26cb47-79e7-497c-a144-47b52213a191\" class=\"p-5 mt-6 rounded-lg border border-grey-200 \">\n<div class=\"pl-8 text-grey-700 [&amp;_p:not(.dh)]:!p4 [&amp;_p:not(.dh)]:!p4--ns [&amp;_p:not(.dh)]:!mb-0\">\n<p class=\"p3 p3--ns mb-2 unstyled-content-p dh\">Disclaimer<\/p>\n<p>In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our\u00a0Terms and Conditions,\u00a0Privacy Policy, and\u00a0Disclaimers\u00a0have been updated.<\/p>\n<\/div>\n<\/div><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/beincrypto.com\/ethereum-pectra-update-game-changer\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum\u2019s blockchain is set for another significant leap with the anticipated Pectra upgrade, following the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":31132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[26],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>This Is Why Ethereum&#039;s Pectra Update Is a Game-Changer - iCoinMarket<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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