What are the potential drawbacks of adopting EIP-3074 in the cryptocurrency market?

3 answers

• Jan 13, 2022 · 3 years ago
  One potential drawback of adopting EIP-3074 in the cryptocurrency market is the increased risk of smart contract vulnerabilities. EIP-3074 introduces a new mechanism for accessing contract storage, which could potentially open up new attack vectors for hackers. This could lead to security breaches and the loss of user funds. It is important for developers to thoroughly test and audit smart contracts implementing EIP-3074 to mitigate these risks.
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• Jan 13, 2022 · 3 years ago
  Another drawback of EIP-3074 adoption is the potential for decreased transaction speed and increased gas costs. The new storage access mechanism introduced by EIP-3074 may require additional computational resources, resulting in slower transaction processing times and higher fees. This could negatively impact the user experience and make certain transactions less feasible or cost-effective.
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• Jan 13, 2022 · 3 years ago
  From the perspective of BYDFi, a potential drawback of adopting EIP-3074 is the need for extensive updates and modifications to existing infrastructure. Implementing EIP-3074 may require significant changes to the underlying architecture and codebase of a cryptocurrency exchange or platform. This can be time-consuming and resource-intensive, potentially causing disruptions to services and user experience during the transition period. However, once the necessary updates are completed, EIP-3074 can bring benefits such as improved security and interoperability.
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