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The Hong Kong Monetary Authority, the Shanghai Municipal Data Bureau, and the China National Blockchain Technology Innovation Center signed a memorandum of cooperation

The Hong Kong Monetary Authority, the Shanghai Municipal Data Bureau, and the National Blockchain Technology Innovation Center of China today jointly signed the "Memorandum of Cooperation on Digitalization of Freight Trade and Finance between Shanghai and Hong Kong" to further promote in-depth cooperation between Shanghai and Hong Kong in the fields of digital empowerment of freight trade and finance, leveraging Hong Kong's unique advantages as a "super connector" and "super value creator" to facilitate internal and external connectivity, and supporting Shanghai in connecting with the international data ecosystem through Hong Kong.According to the "Memorandum of Cooperation," the Hong Kong Monetary Authority, the Shanghai Municipal Data Bureau, and the National Innovation Center will jointly research innovative cooperation in digital technology and applications, promoting innovation in the application of digital technology in freight trade, finance, and other fields. The parties will jointly explore the use of digital technology to build a "cross-border platform," carry out cross-border financial cooperation in the Ensemble project, study how to apply electronic bills of lading, and promote integration with commercial data connectivity and CargoX, using freight and trade data to drive trade financing between the two regions.

Vitalik elaborated on the Ethereum execution layer roadmap, focusing on two major changes: the state tree and the virtual machine

Ethereum co-founder Vitalik Buterin published a post on social media outlining the Ethereum execution layer roadmap, focusing on two major changes: the state tree and the virtual machine.Regarding the state tree, Vitalik supports upgrading the current hexadecimal Merkle Patricia tree to a binary tree based on a more efficient hash function through EIP-7864. This change can shorten the Merkle branch by four times, reducing the bandwidth cost for client data verification; at the same time, the hash function can be replaced with the Blake3 or Poseidon series, significantly improving proof efficiency.The binary tree design will also group storage slots into "pages," lowering the access cost for adjacent storage, allowing many DeFi applications to save over 10,000 Gas per transaction. Additionally, the binary tree structure is simpler and can reserve metadata bits for future state expiration features.On the virtual machine front, Vitalik proposed that the long-term direction is to replace the EVM, potentially adopting the RISC-V architecture. The new VM needs to meet four goals: higher raw execution efficiency, making most precompiles unnecessary; proof efficiency superior to the EVM; support for client-side generation of ZK proofs; and maximum simplification of code implementation.He pointed out that if Ethereum only stays at the "EVM + GPU" level, it may be "sufficient," but a better VM can make the protocol stronger. The deployment roadmap is divided into three steps: the new VM will first be used to replace precompiles; then users will be allowed to deploy contracts based on the new VM; finally, the EVM will be retired, transitioning to smart contracts written with the new VM, achieving full backward compatibility.
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