EIP Fun Weekly #32: The Ethereum Blob
Explore the fascinating world of Ethereum Blobs and stay updated with the latest news on EIP meetings and more.
Hello everyone! Welcome to read the 32nd issue of EIP Fun Weekly. Let's take a look at what happened in the EIP community this week.
EIP Updates
First, let's review some of the key meetings this week and the formal changes to EIPs.
AllCoreDevs Consensus Layer Call #126
The AllCoreDevs meetings alternate weekly between ACDC (consensus layer focus) and ACDE (execution layer focus) to guide Ethereum protocol forks. Core EIPs related to protocol changes are typically discussed here more with developers than editors.
Takeaways
1.The development team has reached an agreement to prioritize EIP 6110 (Supply validator deposits on chain), EIP 7002 (Execution layer triggerable exits), and EIP 7549 (Move committee index outside attestation) in the Electra upgrade.
2.The development team has also decided to remove EIP 6914 (Reuse validator indices) and EIP 7547 (Inclusion lists) from consideration for the upgrade.
3.There is an ongoing discussion among the developers regarding the prioritization of EIP 7251 (Increase the MAX_EFFECTIVE_BALANCE), EIP 7594 (Peer Data Availability Sampling), and EIPs related to SSZ for the Electra upgrade.
4.In regards to Dencun, the development progress is on schedule for upgrading the Sepolia and Holesky testnets in the upcoming week and the following week. For the latest client releases, please refer to the EF blog post.
EIP Status Change
Here are the EIPs that have been approved for a status change :
ERC-7231: Identity-aggregated NFT
Status: Last Call → Final
Abstract: This standard expands on ERC-721 by connecting individuals' Web2 and Web3 identities to non-fungible tokens (NFTs) and soulbound tokens (SBTs). Through the binding of multiple identities, aggregated and composable identity information can be validated, enabling more advantageous on-chain opportunities for individuals, including self-authentication, social integration, and commercial value generation through targeted user interactions. The process of connecting NFTs and identity information is accomplished by incorporating a custom schema in the metadata and validating the schema hash within the contract.
ERC-7092: Financial Bonds
Status: Review → Last Call
Abstract: This proposal presents a standardized framework for fixed-income financial bonds, outlining specific features to facilitate bond issuance in the primary market and enable the buying or selling of bonds in the secondary market. Moreover, this standard incorporates cross-chain capabilities, allowing for bond operations and management across multiple blockchains.
EIP-2537: Precompile for BLS12-381 curve operations
Status: Undefined → Draft
Abstract:This precompile introduces the inclusion of operations on the BLS12-381 curve as a precompile within a required set, ensuring efficient execution of tasks such as BLS signature verification and SNARKs verifications.ERC-7575: Partial and Extended ERC-4626 Vaults
Status: Undefined → Draft
Abstract:This standard is intentionally flexible to support both existing [ERC-4626] Vaults easily by the introduction of a single new method, but also flexible to support new use cases by allowing separate share tokens.ERC-7579: Minimal Modular Smart Accounts
Status: Undefined → Draft
Abstract: This proposal outlines the minimally required interfaces and behavior for modular smart accounts and modules to ensure interoperability across implementations.ERC-7586: Interest Rate Swaps
Status: Undefined → Draft
Abstract:This proposal introduces a standardized framework for on-chain interest rate swaps. The proposed standard aims to facilitate the seamless exchange of fixed and floating interest rate cash flows between parties, providing a foundation for decentralized finance (DeFi) applications.
EIP of the Week
Then let's take a look together at the applications or developments related to EIPs this week.
EIP-1153: Transient storage opcodes
This extension to ERC-4626 introduces support for asynchronous deposit and redemption processes, referred to as "Requests." It includes new methods for initiating and checking the status of these Requests. Existing methods like deposit, mint, withdraw, and redeem from ERC-4626 are used for executing Claimable Requests. The decision to add asynchronous flows for deposits, redemptions, or both is left to the discretion of the implementations.
What’s its potential (use cases)?
1. Measures to prevent reentrancy vulnerabilities
2. On-chain calculable CREATE2 addresses: fetching constructor arguments from the factory contract instead of including them in the init code hash
3. Approvals for ERC-20 tokens in a single transaction, for example using #temporaryApprove(address spender, uint256 amount)
4. Contracts involving transaction fees: paying a fee to a token contract to enable transfers for the duration of a transaction
5. Implementation of the "Till" pattern: allowing users to execute all actions within a callback and ensuring balance checks are properly maintained at the end
6. Passing additional metadata to an implementation contract without utilizing calldata, such as the values of immutable proxy constructor arguments.
Further Reading
https://ethereum-magicians.org/t/eip-1153-transient-storage-opcodes/553
ERC-6900: Modular Smart Contract Accounts and Plugins
This proposal aims to establish a set of standards for smart contract accounts and account plugins. These account interfaces enable the integration of modular logic within smart contract accounts.
The proposal aligns with ERC-4337 and draws inspiration from ERC-2535 in defining interfaces for updating and querying modular function implementations. By adopting a modular approach, the account functionality is categorized into three parts, implemented in external contracts, and defines a predetermined execution flow for accounts.
What’s its potential (use cases)?
Decentralized Finance (DeFi): The emergence of decentralized finance has transformed traditional financial services by providing trustless and automated systems. ERC-6900 introduces customizable transaction fees that can optimize DeFi protocols, offering users cost-efficient and personalized fee structures.
Gaming and Collectibles: Gaming and non-fungible tokens (NFTs) go hand in hand, and ERC-6900's compatibility with NFTs unlocks a wide range of possibilities for gaming enthusiasts. By leveraging ERC-6900, developers can enhance the gaming experience and create immersive virtual worlds, allowing for the creation of unique in-game assets and collectibles.
Supply Chain Management: Transparency and efficiency are critical in supply chain management. ERC-6900 facilitates transaction security with its signature verification feature, ensuring the verification and recording of each step on an immutable ledger. This enhances transparency and accountability in supply chain processes.
Tokenized Assets: The tokenization of real-world assets has gained momentum, and ERC-6900's interoperability makes it a viable option for representing ownership of physical assets on the blockchain. Whether it's real estate or art, tokenized assets have the potential to revolutionize traditional markets, making them more accessible and offering increased liquidity.
Further Reading
https://ethereum-magicians.org/t/erc-6900-modular-smart-contract-accounts-and-plugins/13885
Anecdote of the Week: The Ethereum Blob
In the present day, the Ethereum network still grapples with the challenge of scalability, which has been a persistent issue for several years. To address this problem, various solutions have been proposed, one of which is implementing network sharding.
Sharding is a technique employed in Ethereum to divide the network into smaller units, functioning as individual blockchains. These smaller blockchains are secured by a rotating group of validators. By implementing sharding, the Ethereum network aims to reduce the cost associated with storing data on the blockchain, thereby enhancing scalability. However, it is important to note that sharding involves multiple intricate upgrades, which can pose risks if executed simultaneously.
Proto-danksharding, also referred to as EIP-4844, is a proposed solution that introduces many of the necessary changes for sharding in Ethereum without actually implementing network sharding. This upgrade introduces the concept of "blobs," which forms the basis for Shard Blob Transactions, as an alternative term. These blobs play a crucial role in scaling the Ethereum network.
What Is an Ethereum Blob?
Blobs refer to cost-effective and transient memory units that contain information about transactions, known as blob-carrying transactions. These blobs have been designed to streamline the verification process for these transactions. Rather than individually verifying each transaction within a block, the network only needs to confirm that the attached blob carries the correct data.
The transactions within these blocks carrying blobs are typically associated with Layer 2 networks, such as Optimism, which leverage Ethereum for data storage while benefiting from its security guarantees. The temporary nature of these blobs ensures that they do not occupy space on the Ethereum network indefinitely.
What’s the potential impact of an Ethereum Blob ?
The majority of fees incurred on Layer 2 networks are associated with storing data on the Ethereum network. However, the introduction of blobs significantly reduces the computational effort required to maintain this data on Ethereum, resulting in faster processing times and lower costs.
EIP-4844 implementation will lead to the creation of two distinct fee marketplaces: one for Layer 1 execution and another for blobs, as blob data doesn't align with the current Ethereum fee market structure. Similar to EIP-1559, the additional fee market will operate in a similar fashion to the existing market. The separation of fee markets ensures that congestion on the Ethereum network does not impact blob fees, enabling consistently low fees even during periods of peak network activity.
The anticipated proto-danksharding upgrade, which includes the introduction of blobs, was initially scheduled for later this year alongside the Dencun upgrade. However, in a recent communication, core developers have indicated the possibility of postponing the Dencun upgrade until 2024. Once the EIP-4844 is implemented on the Ethereum network, Layer 2 networks will also need to undergo upgrades to accommodate and support blobs.
EIP Events
Ethereum Cat Herders Meeting #125
Date & Time - January 30, 2024, at 16:00 UTC
For details about the meeting, you can visit this GitHub issue.
EIPIP Meeting #99
Date & Time - January 31, 2024, at 14:00 / 17:30 UTC
For details about the meeting, you can visit this GitHub issue.
AllCoreDevs Execution Layer Meeting #180
Date & Time - February 1, 2024, at 14:00 UTC
For details about the meeting, you can visit this GitHub issue.
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