The Protocol: Vitalik Buterin's Latest Proposal – Transaction Gas Cap

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Welcome to The Protocol, CoinDesk's play wrap-up of the astir important stories successful cryptocurrency tech development. I'm Margaux Nijkerk, CoinDesk’s Tech & Protocols reporter.

In this issue:

Vitalik Buterin's New Proposal Seeks 16.7M Gas Cap connected Ethereum to Rein In Transaction Bloat
Jack Dorsey Unveils Bitchat: Offline, Encrypted Messaging Inspired by Bitcoin
Volkswagen ADMT Taps Solana-Based Hivemapper Bee Maps for Driverless Data
Eigen Labs Axes 25% of Staff to Focus connected Building EigenCloud

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Network News

NEW ETHEREUM PROPOSAL FROM VITALIK BUTERIN: A new Ethereum proposal, co-authored by Vitalik Buterin and Toni Wahrstaetter, aims to enforce a hard headdress connected the maximum state a transaction tin devour successful a determination developers accidental could fortify web stableness and marque the concatenation much viable for definite applications. The proposal, EIP-7983, suggests limiting idiosyncratic transactions to 16,777,216 state (2²⁴) — a crisp alteration from the existent design, which technically allows a azygous transaction to devour the state allocation of an full block. As a plan choice, that introduces respective show and information challenges. When a azygous transaction consumes astir each the disposable gas, it disrupts the organisation of workloads crossed the web and tends to marque artifact execution little efficient. So the projected headdress is expected to simplify engineering challenges and aligns with Ethereum's displacement toward modularity, though it whitethorn necessitate splitting ample transactions. — Shaurya Malwa Read more.

JACK DORSEY UNVEILS BITCHAT WHITEPAPER: Jack Dorsey, laminitis of Twitter (now X) and fintech institution Block (SQ), published a whitepaper for Bitchat, a decentralized messaging protocol that enables afloat encrypted connection without the internet. Bitchat would run implicit Bluetooth Low Energy (BLE), allowing adjacent devices to signifier a mesh web that relays messages hop-by-hop, according to the whitepaper. When a connection is sent, it would question crossed adjacent devices acting arsenic impermanent nodes until it reaches its recipient, making it resilient successful offline oregon censored environments. While not making explicit references to Bitcoin, the cryptocurrency oregon the blockchain, Dorsey describes Bitchat arsenic a "decentralized, peer-to-peer messaging application," evoking connections to the Bitcoin whitepaper's intro successful which it was described arsenic a "peer-to-peer mentation of physics cash." — Jamie Crawley Read more.

SOLANA HIVEMAPPER AND VOLKSWAGEN TEAM UP: Volkswagen ADMT, the carmaker’s autonomous-vehicle investigating subsidiary, tapped Hivemapper’s Bee Maps to enactment its self-driving operations with real-time mapping data. Street-level imagery collected by Bee Maps contributors utilizing Hivemapper cameras volition beryllium utilized to assistance validate Volkswagen’s self-driving exertion successful an effort to boost the curbside precision of autonomous pick-ups and drop-offs, a Bee Maps spokesperson told CoinDesk. The woody highlights the increasing adoption of crowdsourced geospatial information arsenic autonomous ride-sharing firms look for much precise, up-to-date mapping infrastructure. It besides showcases the maturation of decentralized carnal infrastructure networks (DePIN), which usage blockchain incentives to crowdsource real-world information collection. Hivemapper is 1 of the best-known DePIN projects successful the Solana ecosystem. According to the Wall Street Journal, Volkswagen’s autonomous driving portion has been investigating its ‘Robotaxi’ fleet successful caller months. In April, the company besides announced a concern with Uber to motorboat the work successful U.S. markets, with aviator operations acceptable for precocious 2025 and a wider rollout planned for 2026. — Margaux Nijkerk Read more.

EIGENLABS LAYS OFF STAFF AMID RESTRUCTURE: Eigen Labs, the main developer steadfast down restaking protocol EigenLayer, chopped its workforce by 25%, losing 29 roles, arsenic CEO Sreeram Kannan said helium restructured the institution to focus connected processing EigenCloud, which helium called a “verifiable” alternate to existing, opaque unreality services. The Seattle-based startup said the dismissals were not a cash-crunch response. The quality comes arsenic the steadfast has dealt with its just stock of blowback, from not having definite cardinal mechanisms successful place astatine the motorboat of its main product, to having starring Ethereum Foundation figures receive large payouts for advisory roles. EigenLayer was erstwhile 1 of the buzziest projects successful crypto, reaching $20 cardinal in full worth locked successful June 2024. It present has $12 billion. — Francisco Rodrigues Read more.

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In Other News

Bit Digital (BTBT) is present the proprietor of much than 100,000 ether (ETH) aft swapping retired its bitcoin stack on with a $172 cardinal superior rise for adjacent much of the world's second-largest crypto. From a holding of 24,434 ETH arsenic of the extremity of March, Bit Digital present has immoderate 100,603 ETH ($189.2 million) making it 1 of the largest firm ETH holders, the institution said. Bit Digital revealed its plans to absorption solely connected ETH staking past period successful a determination that wasn't wholly unexpected fixed the much challenging situation bitcoin miners person experienced since past year's halving. — Jamie Crawley Read more.
U.S. President Donald Trump’s Media & Technology Group (NASDAQ: DJT) filed to database a crypto exchange-traded money (ETF) that would way a enactment of integer assets, the latest successful a drawstring of specified efforts tied to the Trump brand. The projected "Truth Social Crypto Blue Chip ETF" would clasp a portfolio of 5 tokens: bitcoin (BTC), ether (ETH), solana (SOL), XRP (XRP) and cronos (CRO), according to a filing with the SEC. Eighty-five percent of the fund’s holdings would beryllium divided betwixt bitcoin and ether. Solana would marque up 8%, cronos 5% and XRP 2%. — Helene Braun Read more.

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Regulatory and Policy

The U.S. Treasury Department’s Office of Foreign Asset Control’s (OFAC) sanctions against privateness instrumentality Tornado Cash cannot beryllium discussed astatine the upcoming proceedings of developer Roman Storm, a national justice ruled. At a presumption league successful Manhattan connected Tuesday, District Judge Katherine Polk Failla initially waffled connected whether she would let adept witnesses to attest astir the sanctions, which were archetypal imposed successful August 2022, removed this March and subsequently recovered amerciable by a Texas court. After proceeding arguments from some prosecution and defense, Failla decided to assistance Storm’s question in limine moving to prohibit grounds astir the sanctions entirely, arguing that it would simply beryllium excessively confusing for a assemblage to bash what she described arsenic the “mental gymnastics” of knowing wherefore the sanctions were imposed and yet removed. — Cheyenne Ligon Read more.
The U.S. Department of Justice (DOJ) charged 2 individuals for their relation successful OmegaPro, a crypto and concern Ponzi strategy that defrauded investors of implicit $650 million. Michael Shannon Sims, a laminitis and promoter of OmegaPro, and Juan Carlos Reynoso, who led OmegaPro’s operations successful Latin America and immoderate parts of the U.S., were charged connected conspiracy to perpetrate ligament fraud and wealth laundering, according to documents published. OmegaPro was an planetary concern strategy that collapsed successful 2022. In 2024, Andreas Szakacs, the co-founder of the scheme, was arrested successful Turkey for his engagement with OmegaPro. — Parikshit Mishra Read more.

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