What’s New That Vitalik Brought to the Table

GM Readers!📪 It's BitDegree Insider, and here's the catch.

⭐️Today's selection:

• 💡Vitalik Shares New Insights
• 🧋Wednesday Bubbles
• 👌Selected Meme of The Day
• 📰Bite-Sized News

VITALIK HAS SOMETHING TO SAY

Today, the crème de la crème of the crypto world have gathered in Paris, France, for the much-anticipated ETH community conference.

With six different streams (LIVE & SIMULTANEOUSLY!) tackling a medley of intriguing topics, and presented by some of the brightest minds in the field, you're in for an intellectual treat.

Don't fear FOMO, as we've carefully curated the must-know highlights just for you!

Without further ado, let's dive straight into the deep end with the iconic figure, Vitalik Buterin!

He discussed a fascinating issue (one that Ethereum has been tackling since 2015). The resolution of this problem could potentially act as a catalyst for user growth in the Ethereum ecosystem and Layer-2 solutions.

We'll look into the concept of Account Abstraction and other topics that were discussed, even though we have already touched on them, as they represent an unresolved global issue that continually brings forth new details.

"Account Abstraction is one of our main ideas at the moment. We have already put a lot of effort into its implementation, but there's still much work ahead," Buterin emphasized.

Imagine two types of wallets:

• Our regular wallets are accessed via a private key (seed phrase) so that we interact with smart contracts and spend ETH on any operation.
• Wallets based on smart contracts (If you're having trouble understanding smart contracts and their multi-functionality, check this video!)

The idea is to transition from traditional wallets to the latter, smart contract-based ones.

Here are some examples of applications and developmental possibilities of Account Abstraction technology:

• Paying fees with any token.

This means when sending USDC ERC-20, we don't need ETH, we need only USDC. This is one of the main directions of Account Abstraction development within Ethereum. The idea is to allow traders to pay gas with any tokens they are transferring. This will also enable dApp developers to implement a reward system for users by redistributing the fees.

Among other application examples, we can find such as:

• Group transactions and auto payments;
• Transaction signing using fingerprint or face scanning;
• Setting monthly spending limits;
• Provision of session access to temporarily avoid confirming each transaction;
• Gasless transactions and much more.

Imagine, right now, every major player of the present Layer-2 (Arbitrum, as an example) still has to summarise their transactions data and share this info with Ethereum (it costs a lot, and every end-user pays a share of it).

Here are some challenges that need to be mentioned:

• Crafting Ethereum Improvement Proposals (EIPs) for the intricate process of converting traditional accounts into smart contracts.
• Incorporating this novel solution into existing Layer-2 solutions, which is particularly challenging due to the inherent difficulty of updating these Layer-2 technologies.

These and many other aspects require a comprehensive, systematic approach to overhaul the entire system effectively.

In conclusion, despite the multitude of hurdles, significant progress has been made in implementing Account Abstraction. Buterin's sincere enthusiasm for this concept is palpable and inspiring.

The key takeaway:

The evolution of this blockchain heralds an era of amplified opportunities for all. The emergence of more advanced technologies could potentially pave the way to greater prosperity, thereby brightening the overall mood within the crypto community. The anticipation of what the future holds is undoubtedly thrilling!

TL;DR: At EthCC6, Vitalik Buterin discussed Account Abstraction, a concept aiming to transition from traditional wallets to smart contract-based ones, opening up new possibilities like fee payments with any token and gasless transactions. Despite challenges, the progress brings excitement and potential for amplified opportunities in the crypto community.

WEDNESDAY BUBBLES

Here you go… the beautiful landscape of the cryptoland.

Altcoins are seeing a significant rise following a key ruling in the Ripple Labs vs. SEC case, where XRP sales were deemed not to be securities offerings.

It's crystal clear that XRP is on a hot streak, just check out these highlights:

• XRP is back in the game, getting re-listed on big-name exchanges like Coinbase and Kraken.
• Ripple, the company behind XRP, is buzzing with anticipation for a surge in product demand after a round in the ring with the SEC turned out partly in their favor.
• Gary Gensler, the SEC chief, isn't thrilled with the Ripple trial outcome, hinting he'll keep turning the heat up on crypto firms.

UNIUniswapX was launched, as we mentioned yesterday. So, naturally, overall progress is always reflected in their token going up.

SOLSolana expands its cooperation with Google Cloud. Good news, good numbers when it comes to the price.

TONThe founder of the Telegram app shared some juicy tidbits recently. For starters, he's got a chunk of his fortune in crypto, namely Bitcoin and Telegram Open Network (TON). He also teased us with the promise of more ways to use TON inside the app. But let's not get sidetracked - this update wasn't all about crypto. It was mainly about how Telegram is leveling up, thanks to bond releases and some personal financial inflows from CEO and founder Pavel Durov.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Fidelity's Analysis Indicates Ether Might Outshine Bitcoin. Nearly half of the North American respondents believe Ether can outperform Bitcoin.
• dYdX Foundation Envisions Collaboration Between DeFi and Centralized Exchanges. dYdX Foundation CEO claims that the industry is currently moving toward "decentralized disruption."
• Microsoft and Meta Join Forces to Introduce an Open-Source AI Model Llama 2. Llama 2 is available for research and commercial use for free.