Ethereum co-founder Vitalik Buterin has announced a groundbreaking initiative termed “The Purge,” aimed at simplifying and enhancing the security of the Ethereum ecosystem. Buterin took to social media on April 1, Monday, at 9:22 am (UTC) to unveil the comprehensive plan, which promises to optimize node efficiency while eliminating complexities within Ethereum protocols.
“The Purge” plan, as outlined by Buterin, is poised to rationalize protocols, ushering in a new era of efficiency and security. With a commitment to paradigm shifts, the plan aims to provide node operators with reduced technical debt and lower hard disk requirements.
A key highlight of “The Purge” is the implementation of EIP-6780 during the Dencun hard fork, which involves the removal of the “SELFDESTRUCT” opcode within Ethereum’s functionality. Post-implementation, edits post EIP-6780 can be executed in a single block, significantly enhancing security while accommodating over 5000 gas limit.
In addition to enhancing security, “The Purge” addresses redundancies within Ethereum’s codebase. Buterin shared that Ethereum client Geth witnessed the removal of thousands of lines of redundant code during the pre-merger (PoW) network transition, illustrating ongoing efforts towards optimization.
Further initiatives under “The Purge” include the formal elimination of “empty accounts” during the Shanghai DoS attack through EIP-161. Buterin also highlighted EIP-4444, focusing on history logging, pre-compilation, and a transition to SimpleSerialize (SSZ) data structures to simplify Ethereum’s operations.
“The Purge” extends to purging precompiled Ethereum contracts incompatible with the Ethereum Virtual Machine’s complex cryptography, a move aimed at addressing consensus bugs and streamlining new EVM implementations.
Buterin emphasized that prioritizing user experience benefits both node operators and client developers, paving the way for broader adoption and innovation within the Ethereum ecosystem. “The Purge” signifies a commitment to transcending limitations, optimizing sustainably, and evolving to meet the needs of the blockchain community.
With “The Purge,” Buterin heralds a significant milestone in Ethereum’s evolution, positioning the ecosystem for continued growth and advancement.
Technical Analysis:
Ethereum’s price encountered resistance near the $3,650 mark before retreating, revisiting the $3,320 support level, and potentially signaling a fresh upward movement.
Initiating another decline, Ethereum slipped beneath the critical $3,500 support zone, now trading below both $3,500 and the 100-hourly Simple Moving Average. An observed bearish trend line with resistance around $3,420 on the hourly chart of ETH/USD via Kraken adds to the challenge.
For a bullish turnaround, Ethereum must surpass the $3,450 resistance. Immediate resistance rests near $3,400, followed by major resistance at $3,420 along with the aforementioned trend line. Should it breach $3,450, the price could aim for the 50% Fib retracement level of the recent downward move, situated near $3,520, potentially leading to bullish momentum and a test of the 100-hourly Simple Moving Average.
Conversely, failure to breach the $3,420 barrier could prolong the downward trend. Initial support stands at $3,320, with significant support near $3,250 and subsequent crucial support zones at $3,220 and $3,120. Further downside momentum could push the price towards $3,040. Traders remain vigilant for any shifts in market sentiment and decisive price movements in the near term.
References:
https://cryptorank.io/news/feed/20050-ethereum-co-founder-unveils-protocol-simplificatio n-strategy-the-purge
Ethereum Tradingview Daily Chart
