{"id":89207,"date":"2024-08-09T12:42:44","date_gmt":"2024-08-09T16:42:44","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=89207"},"modified":"2024-08-09T12:42:48","modified_gmt":"2024-08-09T16:42:48","slug":"vitalik-buterin-supports-proposed-erc-7683","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/vitalik-buterin-supports-proposed-erc-7683\/","title":{"rendered":"Vitalik Buterin Supports Proposed ERC-7683 for Cross-chain Trade"},"content":{"rendered":"\n

Vitalik Buterin has openly supported the ERC-7683, a proposed standard for cross-chain transaction <\/a>execution developed by Uniswap Labs and Across Protocol.<\/p>\n\n\n\n

\"Vitalik
Vitalik Buterin Supports Proposed ERC-7683 for Cross-chain Trade<\/figcaption><\/figure>\n\n\n\n

The new standard's objective is to enhance interoperability between decentralized networks and establish a unified framework for cross-chain intentions, as outlined in a recent X post by Uniswap Labs.<\/p>\n\n\n\n

The Ethereum Magicians forum has made the proposal publicly available for review to establish a framework that different decentralized platforms<\/a> can implement to enhance trade efficacy and user experience.<\/p>\n\n\n\n

\n

The future is cross-chain.

ERC-7683 helps us get there \u2728 https:\/\/t.co\/qtn52jEUFA\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>— Uniswap Labs \ud83e\udd84 (@Uniswap) August 6, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

Vitalik Buterin Endorses ERC-7683<\/h2>\n\n\n\n

Vitalik Buterin, the co-founder of Ethereum, proclaimed ERC-7683 as “an open standard for marking cross-chain orders.”<\/p>\n\n\n\n

Buterin further elucidated the functionality, stating that transferring coins from one blockchain, such as Polygon, to another, such as Base, would entail publishing an ERC-7683 transaction.<\/p>\n\n\n\n

The transaction transfers the coins from Polygon to a secure “lockbox” that can only be claimed by an individual who can provide evidence that they shipped the coins to the location on the Base side.<\/p>\n\n\n\n

Buterin also observed that the standard includes sophisticated mechanisms, including batching and Merkle proving, that enhance the efficacy of cross-chain transaction processes.<\/p>\n\n\n\n

About the New Standard<\/h2>\n\n\n\n

ERC-7673 introduces the CrossChainOrder struct code to simplify cross-chain order administration by defining essential parameters.<\/p>\n\n\n\n

As indicated in the X post, the new standard guarantees that cross-chain orders adhere to a consistent structure, facilitating a more seamless multi-blockchain interaction <\/a>process.<\/p>\n\n\n\n

Additionally, the proposal incorporates a standard “ISettlementContract” code smart contract interface to enhance cross-chain efficacy.<\/p>\n\n\n\n

Buterin transfers $8M to new wallet<\/h2>\n\n\n\n

On August 9, 3,000 Ether, valued at over $8 million, were transmitted to a new multi-signature wallet from Buterin's wallet address.<\/p>\n\n\n\n

According to an X post by Lookonchain<\/use><\/svg><\/span><\/a>, the transfer details may indicate that Buterin “possibly” intends to donate the funds.<\/p>\n\n\n\n

The funds were transferred to an unknown wallet named “0xfEB,” which may be associated with a charitable organization; however, this has yet to be verified.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Vitalik Buterin has openly supported the ERC-7683, a proposed standard for cross-chain transaction execution developed by Uniswap Labs and Across Protocol. The new standard’s objective is to enhance interoperability between decentralized networks and establish a unified framework for cross-chain intentions, as outlined in a recent X post by Uniswap Labs. The Ethereum Magicians forum has […]<\/p>\n","protected":false},"author":12,"featured_media":84804,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[21216,4457,21217],"class_list":["post-89207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news","tag-erc-7683","tag-vitalik-buterin","tag-vitalik-buterin-supports-proposed-erc-7683-for-cross-chain-trade"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/07\/vitalik_buterin1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/89207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=89207"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/89207\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/84804"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=89207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=89207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=89207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}