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Ethereum’s next upgrade: Prague-Electra (Pectra), explained What is the Ethereum Prague-Electra (Pectra) upgrade? Ethereum’s Pectra upgrade combines two separate upgrades: the Prague upgrade and the Electra upgrade. The Prague upgrade is focused on changes to the network’s execution layer, with the Electra upgrade impacting the consensus layer. These upgrades, when combined, are collectively referred to as the “Pectra” upgrade. The Pectra upgrade will follow “Dencun,” an amalgamation of the Deneb and Cancun upgrades, which occurred in March 2024. Dencun was technically an Ethereum hard fork designed to lower transaction fees for layer-2 solutions and improve Ethereum scalability. Pectra is a new milestone on Ethereum’s development roadmap and is scheduled to go live in the first quarter of 2025. This timescale allows for the inclusion of additional features to improve the Ethereum user experience (UX).
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Nexus Labs closes $25 million Series A round to scale verifiable computation Zero-knowledge cryptography firm Nexus Labs has raised $25 million in its Series A funding round co-led by Lightspeed Venture Partners and Pantera Capital, in a move to scale its project. The team announced in a blog post on Monday that the funding round also drew participants including Dragonfly, Faction and Blockchain Builders Fund. The project previously closed its $2 million seed round led by Dragonfly in late 2022. The team plans to use the new funding to accelerate the open-source development of Nexus 1.0 as well as the expansion of its engineering team. What is Nexus Labs doing? Nexus aims to enable verifiable computation in applications via cryptography and zero knowledge proofs. The Nexus 1.0 zkVM is a modular zkVM written in Rust, focused on performance and security, according to the team. The zero-knowledge solution will offload a large portion of computational work in dapps. Here, ZK proofs ensure that computations are compressed and verified quickly. “We aim to scale the Nexus machine to 1 trillion Hertz of compute, and will use the funding to accelerate our collaboration with teams in the space to grow the compute capacity of the zero-knowledge industry,” the team added. #Write2Earn! Friendly Reminer : A lot of Hardwork goes into for providing you Best Investment Articles.Your Generous Tips would Empower our Mission and help us to work even Harder for you to give Best Investment Advice. i believe you can do it 😎 like and follow to support me👍
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ZKsync to airdrop 3.6 billion ZK tokens next week The ZKsync Association is set to airdrop 3.675 billion ZK tokens to early users and adopters of the Ethereum Layer 2 network ZKsync next week. This represents 17.5% of the ZK token's total supply of 21 billion tokens, ZKsync said Tuesday. This will be a one-time airdrop, and users will be able to claim their tokens starting next week until Jan. 3, 2025, ZKsync said. Contributors will be able to claim from June 24. A further 49.1% of the token supply will be distributed through ecosystem initiatives, with 17.2% allocated to investors and 16.1% to the Matter Labs team. "Awarding more tokens in the airdrop than to the Matter Labs team and investors is more than a symbolic decision for the community," said the ZKsync Association in a statement. "When the ZKsync governance system launches in the coming weeks, the community will have the largest supply of liquid tokens to direct protocol governance upgrades." #Write2Earn! Friendly Reminer : A lot of Hardwork goes into for providing you Best Investment Articles.Your Generous Tips would Empower our Mission and help us to work even Harder for you to give Best Investment Advice. i believe you can do it 😎 like and follow to support me👍
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What are Ethereum Improvement Proposals? EIPs are a critical part of Ethereum’s development process and are how Ethereum network upgrades are achieved. An EIP is a proposal or standard that details potential new features, improvements or processes for the Ethereum blockchain network. They contain technical specifications for proposed changes and, according to Ethereum.org, serve as a “source of truth” for the community. Ethereum network upgrades are proposed to the Ethereum development community and discussed and developed through the EIP process. Anyone within the community can create an EIP, and the author is responsible for reaching an agreement with the Ethereum development community and documenting any contrasting opinions. EIP authors are usually developers. EIPs enable changes to Ethereum and are proposed, debated, and, if successful, adopted. Ethereum network upgrades, like Dencun and Pectra, consist of a set of EIPs that, once finalized, must be implemented by each Ethereum client on the blockchain’s network. The Ethereum development roadmap: Prague/Electra upgrade timeline Ethereum’s Dencun upgrade occurred in March 2024, and Pectra is scheduled to go live in 2025. Ethereum’s post-merge roadmap is part of what Buterin outlines as a five-step process to improve the smart contract blockchain after Ethereum moved to a proof-of-stake (PoS) consensus mechanism in September 2022. The five stages are Merge, Surge, Verge, Purge and Splurge. Ethereum developers decided against rushing to release Pectra before Devcon in November 2024 to allow developers to monitor the upgrade more effectively, given their experiences with previous upgrades.
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The Pectra upgrade will also enact EIP-7251, which will increase the staking limit for validators from the current 32 Ether (ETH) to 2,048 ETH. This increase enables validators to hold a balance between 32 and 2,048 ETH, expanding from the previous 32 ETH limit and is designed to reduce the rate at which new validators join the Ethereum network and will mean staking providers allocate fewer resources to staking and validation processes.
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