Vitalik Speaks About Ethereum's Survival

GM Readers!📪 It's BitDegree Insider, and let's crack open a Web3 one.

⭐️Today's selection:

• 🔥3 Essentials For ETH Survival
• 🎒Crypto 101
• 🧩️Answer To Thursday Quiz
• 👌Selected Meme of The Day
• 📰Bite-Sized News

3 ESSENTIAL THINGS FOR ETH TO SURVIVE

Vitalik Buterin wrote a blog post dedicated to the future of Ethereum. Let's go briefly through it.

For Ethereum to become a full-fledged and self-sufficient platform, it lacks three things:

Number 1 

Users need to massively migrate to Layer-2 networks such as Arbitrum, Optimism, zkSync, Polygon, and the like. If this does not happen, during the next bull market, Ethereum transactions will cost from $80 to $500, or even more.

Such fees will greatly slow down the development of products aimed at a mass audience, and people will simply move to faster and cheaper centralized platforms.

Number 2

Transition to Smart Accounts (Account Abstraction).

The current concept of wallets (blockchain addresses) is severely outdated and not suitable for the mass adoption of crypto.

Centralized platforms are much more convenient in this respect. People find it easier to use exchanges.

Smart accounts solve this problem by making wallets more convenient and functional.

What opportunities Account Abstraction will provide:

• Social account recovery with the help of a trusted person/device if you lose your private key, and further improvements within the ease of use of multi-signature wallets. Not only in the way that Ledger is trying to do (we talked about it in yesterday's publication).
• Plugins that expand the capabilities of your account. This can be compared to the app store on a smartphone.
• Ability to pay fees with any token, not the native blockchain coin.
• Flexible account and transaction settings.

This is just a small part of the capabilities that Account Abstraction will provide.

All these functions sound too complicated. But the point is that they will be hidden "under the hood". And you won't need to figure out how they work.

The new type of Accounts in Ethereum can be compared to a banking application where you have a bank account, investments, documents, chat, goods and services, different types of payments, and much more, and it's all easily accessible through a simple interface.

Number 3

Increased wallet and transaction privacy.

Blockchain transparency and the spread of POAP significantly reduce user privacy.

The introduction of hidden addresses and similar tools will help to fix this problem; as well as further development of Zero-Knowledge technology.

An important nuance: Ethereum must achieve all of this almost simultaneously.

In any other outcome, Ethereum will "fail" and will not be able to surpass centralized services.

The interaction of users with Ethereum needs to change dramatically. Both from the side of wallets and applications.

TL;DR: Vitalik Buterin emphasized the need for two crucial developments in Ethereum's future. Firstly, a massive migration to Layer-2 networks to avoid high transaction fees and prevent users from moving to centralized platforms. Secondly, the implementation of Smart Accounts (Account Abstraction) to enhance wallet convenience, functionality, and privacy, offering features like social account recovery, plugin extensions, flexible settings, and the ability to pay fees with any token, creating a user-friendly experience similar to a comprehensive banking application.

CRYPTO 101

The leading Spanish commercial bank, Banco Santander, has unexpectedly changed its stance on Bitcoin.

A year ago, the company limited cryptocurrency payments.

Now, they have not only lifted these restrictions, but also launched their own courses called "Digital Asset 101: Uncovering the basics, advantages, and implications of this transformative technology."

Some believe that the bank's actions suggest that it will soon integrate the Lightning protocol into its payments.

Well, what can we say. This Spanish bank is onto something… Cause we can say that introducing crypto 101 courses is a good idea.

THEREFORE…

🥁🥁🥁🥁…drumroll….🥁🥁🥁🥁

We proudly present to you our own, FREE "Crypto 101 for Beginners" course 🎓🎓🎓

Dive into a guide that simplifies everything from #Blockchain to #NFTs. All you need is curiosity🔍⬇️

You can find it right here.

TL;DR: Banco Santander, the leading Spanish commercial bank, has reversed its stance on Bitcoin, lifting restrictions on cryptocurrency payments and launching its own courses to educate users about digital assets, potentially indicating future integration of the Lightning protocol into its payment systems. It's a nice coincidence that we, at BitDegree, have prepared and launched a free "Crypto 101" course as well.

ANSWER TO YESTERDAY'S QUIZ

Yesterday we asked you this:

As always, our readers are just like those blockchainish contracts.

They're both… smart.

And, so it happens, that that's the answer to yesterday's rebus!

The answer is SMART CONTRACT.

Star with "M" instead of "tar" is "SM." Then we've got "ART." And then… There's a contract. Congrats, and have a good, smart weekend!

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Crypto.com Gains the Green Light to Venture into the Spanish Crypto Market. Yet another license.
• Investment Bank JPMorgan Incorporates Its JPM Coin into Traditional Banking. Siemens AG was the first corporate firm to complete the euro-denominated payment with this blockchain innovation.
• Crypto Exchange Gemini Launches Its Staking Pro Service in the United Kingdom. It's dubbed "Gemini Staking Pro."