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Regarding Ethereum’s upcoming crucial technical update announcement, Vitalik Buterin recently had to clarify some misunderstandings. It was stated in error in a tweet that the M31 binary statelayer of Ethereum was switching from 16 to 32 bits. This was clarified by Buterin, who said that it was really shifting from 64 bits to 32 bits. This is a significant change which may drastically speed up the proving on the network, leading to better performance.
Part of Ethereum’s attempts to improve network efficiency is this update: Developers can now write STARK proving code in Python that runs on GPUs by utilizing the zorch library.
Ethereum has had difficulty in spite of these technological developments. Ethereum’s market performance has been dismal over the last few months. By 2024, Ethereum’s real-world use cases have diminished and its price has plummeted. The fate of Ethereum, the second-largest cryptocurrency, was in question, especially after the catastrophic performance following the ETF launch. The value of Ethereum has been declining throughout the year, suggesting the lack of real usage or demand.
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The network will become more scalable and efficient as a result of technical advancements, but they must also result in practical application and market recovery. In conclusion, Ethereum is advancing technically but still has a lot of obstacles to overcome.
The community believes that these updates will contribute to the development of a more robust network. But the true test will be to see if these advancements result in useful applications and a recovery of the market. As Ethereum attempts to get past these challenges and reclaim its place in the crypto market, the upcoming months will be really important.
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