Ethereum Developers Plan to Implement EIP 7742 in Big Pectra Upgrade

Ethereum developers are preparing for the Pectra upgrade, which promises several important improvements. One of the key features is the inclusion of EIP 7742. This was announced during the 144th All Core Developers Consensus call. Christine Kim, Vice President and researcher at Galaxy, highlighted this significant addition to the upcoming upgrade.

EIP 7742 is designed to allow the automatic adjustment of blob gas goals and maximum values. This will be controlled by the Consensus Layer, helping to balance gas fees. This upgrade could increase Ethereum’s capacity for blobs, making the network more scalable. Other proposals suggest further adjustments, such as changes to gas limits and slot timings, to enhance overall performance.

Another exciting feature in the Pectra upgrade is EIP 3074. This introduces a “social recovery” mechanism aimed at preventing the permanent loss of assets due to lost private keys.

With this feature, users can delegate control of their accounts to invoker contracts while maintaining oversight. The invoker contracts will ensure secure transaction handling and could even take over transaction fee payments.

This change could potentially remove the need for users to hold Ethereum in their wallets just to cover

Here’s a quick look at some of the expected updates:

The Pectra upgrade is expected to roll out later this year or in early 2025. However, preparations are already underway. Go-Ethereum (geth) released version 1.14.18, and Nimbus introduced its version 24.7.0 in July. Both updates are preparing Ethereum clients for the Pectra upgrade.

In addition to Pectra, Ethereum co-founder Vitalik Buterin has remained focused on improving Ethereum’s scalability. Recently, he revisited “The Merge” and suggested enhancements to Ethereum’s proof-of-stake system. Buterin has proposed the introduction of “economic finality” and single-slot finality, which would simplify the staking process and make the network more secure.

With the upcoming Pectra upgrade and continuous improvements to Ethereum’s infrastructure, the network is set to become even more efficient and secure for users.