Ethereum developers approved two updates within Istanbul hardfork

  • Ethereum developers agreed upon improvements within Istanbul hardfork.
  • ETH/USD is range-bound after a strong rally on the weekend.

The team of Ethereum developers agreed two proposals out of 30 – EIP 2024 and EIP 1702 – to be implemented in the upcoming Istanbul hardfork during the recent voice conference that took place at the end of the previous week. 

Thus, EIP 2024 will add new pre-compiler for Blake2 function to the Ethereum’s virtual machine to optimize blockchain operations and make transactions less costly. 

“Blake2B means that we could interop with zcash on the ethereum main network. Wrapped ZEC within ethereum, [shielded] transactions, a whole lot of cool stuff,” James Hancock, one of the three authors behind EIP 2024, commented.

EIP 1702 is focused on smart-contracts optimization. It is created by Parity Technologies developer Wei Tang. 

“By allowing account versioning, we can execute different virtual machine for contracts created at different times. This allows breaking features to be implemented while making sure existing contracts work as expected,” he explained.

Meanwhile, ETH/USD is changing hands at $305.49, mostly unchanged since the beginning of Monday trading down 2.9% since this time on Sunday. The second largest coin with the current market capitalization of $32 billion has been growing strongly recently amid the global recovery on the cryptocurrency market. A sustainable move above $300 handle improved the technical picture and allowed for further growth towards $320.

ETH/USD, 1-day chart

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