EIP Fun Weekly #35: ERC-404
This week we delve into two exciting EIPs revolutionizing the world of blockchain and unravel the mysteries of Verkle Trees, Ethereum's groundbreaking data storage resolution,and more.
Hello everyone! Welcome to read the 35th 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 Execution Layer Meeting #181
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.Dencun updates
EF Developer Operations Engineer Barnabas Busa announced that his team is syncing nodes to Ethereum mainnet, preparing for a shadow fork.
The mainnet shadow fork for the Dencun upgrade is scheduled once all final client versionsDevelopers decided to delay setting a mainnet activation date for the Dencun upgrade due to pending investigations. They agreed to revisit the topic during the next ACD call on February 8. Potuz expressed the need for additional feedback from Layer-2 rollup teams.
2.Retroactive EIPs
Developers discussed two retroactive EIPs, EIP 7610 and EIP 7523. EIP 7610 proposes amending contract creation rules to prevent creation at addresses with pre-existing storage, while EIP 7523 aims to ban empty accounts in post-merge networks.
Further discussions are planned to consider the impact of EIP 7610 on the Verkle code change, and an independent review will be conducted to validate the absence of empty accounts before finalizing EIP 7523.
Developers engaged in discussions on three significant code changes, namely Verkle, EOF (Ethereum Virtual Machine Object Format), and history expiry.Verkle will be implemented in the EL upgrade after Prague, known as Osaka.are released, targeting completion by February 23.
Ethereum protocol developers have confirmed that the Dencun upgrade will not be adjusted based on L2 team readiness for March 13 activation.
3.Pectra Upgrade Timing
Before concluding the call, Szilagyi emphasized the importance of reaching a consensus on the general timing of the Pectra upgrade and iteratively adjusting the scope of the fork to meet the proposed deadline.
Beiko added that there was consensus among participants to ship the Pectra upgrade sometime this year, providing around nine months after the Dencun upgrade in March to complete the next upgrade, which should ideally be achievable within six months or less.
Further Reading
Ethereum All Core Developers Execution Call #181 Writeup by Christine Kim: https://www.galaxy.com/insights/research/ethereum-all-core-developers-execution-call-181/
EIPIP Meeting #100
EIPIP stands for “Ethereum Improvement Proposal improvement process”, which intends to bring together experienced developers and experts to facilitate the Ethereum Improvement Proposal improvement process.
EIP Status Change
Here is EIP that has been approved for a status change:
EIP-7568: Hardfork Meta Backfill - Berlin to Shapella
Status: Review → Last Call
Abstract: After the split of Muir Glacier, Meta EIPs were abandoned in favor of alternative methods to monitor modifications within the Ethereum network updates. This EIP consolidates the details of these updates, which in turn enumerate the particular changes that are incorporated. Notably, it encompasses the rollout of the Beacon Chain (Serenity Phase 0), as well as Berlin, London, Altair, Arrow Glacier, Gray Glacier, The Merge (Paris + Bellatrix), and Shapella (Shanghai + Capella).
EIP of the Week
Then let's take a look together at the applications or developments related to EIPs this week.
ERC-5192: Minimal Soulbound NFTs
This standard builds upon EIP-721 and presents a simplified interface for creating soulbound tokens by utilizing the feature detection feature of EIP-165. A soulbound token refers to a unique token that is tied exclusively to a particular account.
What’s its potential uses?
Blockchain-based identity systems: By leveraging EIP-5192, these systems can enhance the verification and authentication processes for user identities. This can contribute to greater security, privacy, and trust in digital interactions.
Decentralized finance (DeFi): EIP-5192 can play a crucial role in improving transaction security and privacy. DeFi applications often involve the transfer of digital assets and sensitive financial information. EIP-5192 can provide a framework to ensure that these transactions are conducted securely and with enhanced privacy measures in place.
Supply chain management: EIP-5192 can ensure the authenticity and integrity of products throughout their journey. It can enable transparent and tamper-proof tracking of goods, preventing counterfeiting and enhancing trust between consumers and producers.
Further Reading
FEM forum discussion: https://ethereum-magicians.org/t/final-eip-5192-minimal-soulbound-nfts/9814
EIP-867: Standardized Ethereum Recovery Proposals
This proposal introduces a standardized approach to address certain types of lost funds on the Ethereum blockchain. Its main objective is to provide a timely and low-risk solution to cases where affected parties unanimously agree on the appropriate outcome. This approach is divided into three components:
1. Standards: These must be met by any subsequent Ethereum Recovery Proposal (ERP) seeking approval.
2. Recommendations: It suggests a standardized format for ERPs to specify a set of corrective actions, which can be understood by clients.
3. Guidelines: It provides instructions for client teams to develop code capable of reading, interpreting, and implementing these corrective actions at a specific block. The range of corrective actions is intentionally limited to mitigate associated risks.
What’s its potential uses?
Decentralized Exchanges (DEX): EIP-867 can facilitate efficient and secure trading of digital assets on DEX platforms. The standard provides a unified interface, enabling different types of assets to be traded on the Ethereum network, enhancing interoperability and liquidity for DEX users.
Tokenized Asset Platforms: EIP-867 offers a standardized interface for managing and interacting with tokenized assets on the blockchain. Implementing EIP-867 simplifies the conversion of various assets into tradable tokens, providing transparent, secure, and traceable transaction and ownership records.
Further Reading
FEM forum discussion: https://ethereum-magicians.org/t/eip-867-standardized-ethereum-recovery-proposals-erps/139
Anecdote of the Week: ERC-404
What is ERC-404?
ERC-404 introduces a groundbreaking solution by combining the popular ERC-20 and ERC-721 standards to create fractionalized NFT collections. Unlike traditional NFTs, which are indivisible assets, ERC-404 enables multiple wallets to have direct ownership of a single NFT.
This approach eliminates the need for an intermediary to lock up NFTs and issue tokens that represent fractions, resulting in a more accurate representation of the NFT's value. In the future, this standardized approach has the potential to unlock innovative use cases such as tokenizing NFT exposure for loans or staking purposes. ERC-404 revolutionizes the possibilities for NFT ownership and usage in the open market.
What’s the key features of ERC-404?
Improved Compatibility: ERC-404 NFTs are created to smoothly function across different platforms and ecosystems, bridging the gap between diverse digital realms.
Enhanced Security Measures: By employing advanced security protocols, ERC-404 lowers the possibility of fraud and guarantees increased safety for your digital assets.
Versatile Ownership Options: This standard introduces more diverse ownership choices, such as fractional ownership, to accommodate a wider spectrum of use scenarios.
Emphasis on Sustainability: ERC-404 includes mechanisms that tackle the environmental impact of NFT transactions, aligning with the rising concerns regarding the sustainability of blockchain technology.
EIP Events
EIP Editing Office Hour Meeting #32
Date & Time - February 20, 2024, at 16:00 UTC
For more details about the meeting agenda, you can visit this GitHub issue.
AllCoreDevs Consensus Layer Meeting #128
Date & Time - February 22, 2024, at 14:00 UTC
For more details about the meeting agenda, you can visit this GitHub issue.
AllWalletDevs Meeting #21
Date & Time - February 21, 2024, at 13:00 UTC
For more details about the meeting agenda, you can join this Discord Channel.
That's all for this week from EIP Fun. EIP Fun is created and supported by LXDAO and PlanckerDAO. We aim to serve as the “layer 2” of the EIP ecosystem, simplifying and accelerating the adoption of EIPs.
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