Ethereum developers have submitted EIP-5988, which aims to reduce the cost of on-chain proof-of-reserve fees

01/08 12:03

According to eips.ethereum, Ethernet developers have submitted an improvement proposal EIP-5988, which introduces a new pre-compiled solution that aims to improve the efficiency of running zero-knowledge proofs on the Ethernet network and reduce the cost of on-chain proof-of-reserve fees for performing on-chain proofs based on The cost of proof-of-reserve fees like Merkle proofs, which are often used to verify that a user's crypto assets are fully retained in the trading platform/crypto company. However Dankrad Feist, a researcher at the Ether Foundation, believes that while there are not too many zero-knowledge proof-friendly hash functions of any kind on the Ether chain yet, the introduction of EIP-5988 could have unknown consequences for on-chain security, as incorporating any type of hash function into the Ether protocol would need to be done with caution. For now, it is not clear whether EIP-5988 will be deployed in the next "Shanghai" upgrade.
bullishbullishbullish3bearishbearishbearish1LikeShare
DisclaimerThe content above does not represent HTX's positions.HTX does not provide any trading recommendations.

Related Articles

  • Image

    Ethereum Shortfall Says Price Is Headed Lower Unless This Happens

  • Image

    Top Coins Gaining Attention as Bitcoin Stalls and Ethereum Slows, With Little Pepe (LILPEPE) Starting To Emerge

  • Image

    Top Ethereum Holder Makes Bold Move Says ETH Is Close to Generational Run, Here’s When

All Comments0LatestHot

avatar
LatestHot

Related Articles

  • Image

    Ethereum Shortfall Says Price Is Headed Lower Unless This Happens

  • Image

    Top Coins Gaining Attention as Bitcoin Stalls and Ethereum Slows, With Little Pepe (LILPEPE) Starting To Emerge

  • Image

    Top Ethereum Holder Makes Bold Move Says ETH Is Close to Generational Run, Here’s When