Ethereum's EIP-7503 takes privacy to the next level

Ethereum’s EIP-7503 takes privacy to the next level

Ethereum recently completed a community event, ACDE 171, which discussed how to bring about several transformative elements that could shape the future of the network, possibly enhancing security and privacy.

The event covered a number of broad topics, including Dencun Devnets, extensive auditing, the much-awaited launch of Holesky, a pioneering proposal for private ETH transfers, and significant changes to the announcement. Specification EIP-6780.

Enhance privacy and security

Tim Beiko, a prominent member of the Ethereum community, gave a detailed summary of these events on around the blob transaction, examining the EIP-4788 contract bytecode and the Holesky restart.

According to posts on X, the highlight of the event was the launch of EIP-7503, a proposal that, according to Beiko, will redefine private remittances on the Ethereum blockchain.

The authors of EIP 7503 are allowed to present this idea. According to Ethereum documentation, EIP 7503 was discovered when developers were looking to provide more applications and privacy of ZKP.

EIP-7501 introduces a new approach called “Burn and Remint,” which allows private transfers by burning and reminting ETH. By burning, individuals send ETH to an unspent address “and then build a ZK proof showing that some amount of tokens were burned in a transaction in an older block without disclosing the transaction.” pandemic”. In this case, the ZKP merger is designed to enhance privacy and security.

Beiko also shed light on the EIP-4788 contract bytecode inspection process. It is reported that three independent auditors, including ChainSecurity, Dedaub and Trail of Bits, have been contracted for scrutiny. Representatives from both ChainSecurity and Dedaub confirmed that no other issues were identified beyond those mentioned in the initial review.

The auditor reviewed the changes, such as explicitly handling 0 being passed as a timestamp and changing the buffer length to 100% being used regardless of block time, and found no issues with fixes. However, they highlight two aspects that beacon root contract users should keep in mind.

Other minor issues

Devnet 9 was also an issue raised at the event, and Beiko reported that teams are already preparing and working to solve various test cases. Other Devnets, which will be short-lived for testing purposes, have been discussed.

Furthermore, a minor change proposed under EIP-6780 would deactivate SELFDESTRUCT, except in the same transaction as the contract creation.

Execution Layer Meeting 171 comes just two weeks after Meeting 170, which was held on September 14. According to the report, the new ACDE meeting is scheduled for October 12.

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