According to U.Today, the upcoming Ethereum update is expected to be launched in late 2024 or early 2025, which will change the way we use Ethereum wallets and greatly improve the user experience. According to blockchain developer Tim Beiko and DeFiLIama developer, the cornerstone of this update is the approved EIP-3074, which will unlock several wallet features, including the ability to recover lost keys.
Key features this update will bring include: 1. Batch transactions: This update will allow you to package multiple transactions into one, meaning you can send all different tokens to a new address in one transaction , save time and reduce complexity. 2. Simplified approval and operations: EIP-3074 simplifies the approval process. You can approve and perform operations, such as deposits or exchanges, in one transaction. This not only saves transaction fees, but also saves you from waiting for a transaction to be confirmed before initiating it. Precious time for another transaction. 3. Sponsored Transactions: EIP-3074 introduces sponsored transactions, which means other people can pay for your gas bill. It’s like getting a free ride to your destination on the Ethereum network.
To take advantage of these new tools, users will delegate control of their assets via digital signatures to an originating contract, which will make transactions and function calls on the user’s behalf. These advancements in EIP-3074 are expected to make Ethereum more user-friendly, efficient, and flexible. They represent important steps in Ethereum’s evolution toward a platform more suitable for everyday use and complex blockchain interactions. The update is just a small part of what Vitalik Buterin calls The Purge, which is expected to make Ethereum lighter and more accessible.