$ETH cofounder Vitalik Buterin has teased a new upgrade to the network that could "reduce costs by 100 times."
Buterin outlined a plan to bring so-called account abstraction to ethereum at the Ethereum Community Conference in Paris, calling the upgrade "super elegant" because it won't require making changes to ethereum's underlying protocol like other upgrades before it.
Account abstraction would see externally owned wallets switched to smart contract-based wallets, allowing users to recover their private key seed phrase as easily as resetting the password on an email account. It could also mean lower transaction fees, a perennial goal for the ethereum network, via so-called "signless transactions."
The bitcoin price has found a floor at $30,000 per bitcoin, double its late 2022 price, while Ripple's XRP has almost doubled in the last week alone after a landmark legal ruling that could herald a $30 trillion crypto earthquake.
Now, after one crypto veteran declared a rally imminent after the Fed's $15 trillion "manipulation" of the bond market, ethereum cofounder Vitalik Buterin has teased a new upgrade to the network that could "reduce costs by 100 times."
Buterin outlined a plan to bring so-called account abstraction to ethereum at the Ethereum Community Conference in Paris, calling the upgrade "super elegant" because it won't require making changes to ethereum's underlying protocol like other upgrades before it.
Account abstraction would see externally owned wallets switched to smart contract-based wallets, allowing users to recover their private key seed phrase as easily as resetting the password on an email account. It could also mean lower transaction fees, a perennial goal for the ethereum network, via so-called "signless transactions."
"The idea here is if there are these techniques that allow you to take mold many signatures from any transactions, combine them into one object which is much smaller and which can be much more quickly verified than verifying all of the account abstraction transactions individually and by doing so you can save data [and] computation becomes 100 times cheaper," Buterin told the conference attendees.
The smart contract wallet upgrade would also mean ethereum users could receive various other cryptocurrencies and be able to pay network fees without having to convert it to etheruem.
"This is actually especially a big deal on rollups," Buterin added, referring to the ethereum scaling mechanism that allows for transaction execution outside the blockchain's first layer.
