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Vitalik Buterin Proposes To Add Quantum Resistance To Ethereum
Vitalik Buterin has introduced a new Ethereum proposal EIP-7702 to drive sustainable smart contract wallet functionality.
Vitalik Buterin has introduced a new Ethereum proposal EIP-7702 to drive sustainable smart contract wallet functionality.
Ethereum Co-Founder Vitalik Buterin has introduced a new proposal that will bring longer-term sustainability to the protocol’s smart contract push. Notably, the presence of Vitalik Buterin lends strong credence to the Ethereum ecosystem, the new proposal has drawn curious comments.
The Ethereum proposal dubbed EIP-7702 was brought to the fore by Uniswap Founder Hayden. In response to community members with doubts about what the proposal means, Adams shares some insights.
He highlighted that the proposal was designed to replace EIP-3074 which marks an upgrade for normal “EOA” wallets to give smart wallet functionality. Also, some Ethereum developers have also introduced the EIP-4337 proposal that seeks standards for smart contract wallets.
While EIP-3074 had been slated for inclusion, the Uniswap founder noted that Vitalik Buterin was not at peace with it. This is because of the accompanying longer-term implications as it relates to compatibility between 3074 and 4337. Vitalik Buterin was also concerned that in the age of quantum computers, 3074 might break sooner than expected.
The 7702 proposal was introduced to correct the concerns in both previous alternatives. In the proposal, new functionalities like third-party transaction sponsorships are enabled. Beyond this, privilege de-escalation is also a key update that will enable “users can sign sub-keys, and give them specific permissions that are much weaker than global access to the account.”
While the proposal will pass through the regular community vetting processes, its benefits remain properly highlighted. Ethereum developers will now face the decision to adopt the proposal, a move that will require “converting an existing EIP-3074 workflow. This process, the GitHub Commit noted is simple to do.
As usual, like Ethereum Dencun Upgrade and other related upgrades, this proposal, if approved and launched on the mainnet will not impact the average user.
The Vitalik Buterin proposal and the price outlook of
Ethereum are notably decorrelated. According to top market analyst, Michael van
de Poppe, it is hard to suggest ETH price is close to its low. This is because
the bear market has extended for about 2.5 years already.
At the time of writing, Ethereum’s price comes in at $3,058.12, down by 0.47% in the past 24 hours. Using the BTC/ETH chart, van de Poppe pitched two scenarios to watch out for. The first is a breakout point at 0.052 level with the second being the support between 0.042 to 0.046.
The Vitalik Buterin pitch may help reboot the price of
Ethereum when the news is fully priced in the market. However, beating
short-term bearish market headwinds remains a crucial test to pass.
The entry price for this order is very attractive as some analysts believe that ONDO's reasonable price is in the range of 0.4-0.7 USD. With a significant investment beyond the expected scope, Lookonchain suspected the whale had an insider.
Someone created a new wallet 27 hours ago and withdrew 1,870.68 $ETH ($5.7M) from #Gemini .
Then he spent the 1,870 $ETH ($5.7M) to buy 6M $ONDO at an average price of $0.95 in the past 27 hours.
Does this guy know something that we don't? https://t.co/3ZQ6s6SnVM pic.twitter.com/G1udIF8Mhw
— Lookonchain (@lookonchain) May 17, 2024
This transaction attracted the attention of the crypto community and ONDO, the native token of Ondo Finance, skyrocketed 11% immediately after the purchase.
However, ONDO has dropped after the latest bounce and is trading below the $1 threshold at the time of writing. However, ONDO is still increasing by more than 19% over the past week.
Crypto analyst Mags commented on the price movement, sharing analysis on the next price target for ONDO.
“If the price closes above 1 USD, the next target will be 1.4 USD and 2.7 USD or more.”
$ONDO keeps printing up +131%
$1.5 Incoming, Binance listing soon 👀 https://t.co/bF8lznNDOP pic.twitter.com/5v95S4aZvn
— Mags (@thescalpingpro) March 25, 2024
A whale created a new wallet on May 16 and withdrew 1,870.68 ETH (worth $5.7 million) from the Gemini cryptocurrency exchange to buy 6 million ONDO tokens at an average price of 0, 95 USD.
The entry price for this order is very attractive as some analysts believe that ONDO's reasonable price is in the range of 0.4-0.7 USD. With a significant investment beyond the expected scope, Lookonchain suspected the whale had an insider.
Someone created a new wallet 27 hours ago and withdrew 1,870.68 $ETH ($5.7M) from #Gemini .
Then he spent the 1,870 $ETH ($5.7M) to buy 6M $ONDO at an average price of $0.95 in the past 27 hours.
Does this guy know something that we don't? https://t.co/3ZQ6s6SnVM pic.twitter.com/G1udIF8Mhw
— Lookonchain (@lookonchain) May 17, 2024
This transaction attracted the attention of the crypto community and ONDO, the native token of Ondo Finance, skyrocketed 11% immediately after the purchase.
However, ONDO has dropped after the latest bounce and is trading below the $1 threshold at the time of writing. However, ONDO is still increasing by more than 19% over the past week.
Crypto analyst Mags commented on the price movement, sharing analysis on the next price target for ONDO.
“If the price closes above 1 USD, the next target will be 1.4 USD and 2.7 USD or more.”
$ONDO keeps printing up +131%
$1.5 Incoming, Binance listing soon 👀 https://t.co/bF8lznNDOP pic.twitter.com/5v95S4aZvn
— Mags (@thescalpingpro) March 25, 2024
Fantom (FTM), a once famous layer-1 blockchain, is receiving attention again ahead of an important upgrade called Sonic.
On the evening of May 17, the Fantom Foundation posted an important governance proposal, announcing to the community a new project called Sonic Network (S). Sonic Network is a new layer-1 blockchain developed by Fantom on the new Sonic technology platform, replacing Fantom's old Opera version.
https://x.com/FantomFDN/status/1791517798205907116
Once the Sonic Network is deployed, FTM holders will be able to redeem tokens 1:1 for the Sonic network currency called S. Those who do not want to redeem can still continue to hold FTM. However, the Fantom Foundation encourages users to migrate to the new network as all the attention and development effort of the project will be transferred here.
The rest of the proposal retains the changes that were mentioned in the Sonic upgrade announcement at the beginning of the year.
Both Fantom's FTM and TVL token prices have increased more than 30% in the last 7 days, the clearest signal that money is being poured back into the project.
Specifically, while the FTM price increased from 0.64 USD to 0.84 USD, the value locked (TVL) of Fantom increased to 200 million USD on May 16, before decreasing to 129 million USD at the time of writing. This is the highest TVL level that Fantom has achieved since July 2023, when the Multichain hack occurred, causing heavy damage to the ecosystem.
