‘A Big Deal’—Ethereum Cofounder Teases New Upgrade That Be A ‘100x’ Game-Changer After XRP-Led Bitcoin And Crypto Price Boom

20 July 2023

in XRP

Reading Time: 5 mins read

BitcoinBTC, ethereum, XRPXRP and other major cryptocurrencies have surged over the last few weeks as BlackRock leads a surprise Wall Street charge.

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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.”

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spiritual leader, has called a new ethereum upgrade a “pretty big deal,” potentially heralding a new price boom that could boost the price of bitcoin, XRP and other major cryptocurrencies.

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.”

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“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.

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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.

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bitcoin, ethereum, XRP and crypto price crash but remains far from its 2021 peak of around $5,000 per ethereum.

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The ethereum price rally has for now failed to break above $2,000 per ethereum, with market analysts eyeing the closely-watched level.

“Ethereum has encountered a sell-off above $2000 but has maintained positive momentum,” Alex Kuptsikevich, FxPro senior market analyst, said in an emailed note. “The performance of the largest altcoin sets the mood for a continuation of the bullish trend for the entire market. Still, we must wait for consolidation above $2000 for confirmation.”

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.
Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.