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Ethereum Pectra upgrade promises major wallet improvements with EIP 3074 integration

by CoinNews
written by CoinNews

Ethereum developers are currently deliberating the Pectra upgrade, which is poised to enhance various facets of the blockchain’s functionality.

Tim Beiko, the Ethereum Foundation‘s protocol support lead, confirmed the development, revealing that the developers have agreed to include Ethereum Improvement Proposals (EIP) 3074 in the network’s slated overhaul.

EIP 3074

EIP 3074 is a pivotal advancement within Ethereum’s ecosystem and was introduced by Lightclients in 2020. The proposal has garnered widespread support from the crypto community as it aims to enhance the user experience (UX) of Ethereum wallets.

Fundamentally, EIP 3074 enables conventional crypto wallets like MetaMask to function akin to smart contracts.

This upgrade facilitates various functionalities, including transaction bundling, streamlining the signing process to a single step, and sponsored transactions. The latter feature empowers wallets to delegate funds for others to utilize, offering a more versatile and efficient transaction framework.

Trading a new token on a DEX such as Uniswap will now only require one signature from a user’s wallet as opposed to having to approve the new token and then sign the transaction to purchase.

Crypto community reacts

The announcement of the impending upgrade has sparked various reactions within the crypto community.

Georgios Konstantopoulous, Paradigm’s CTO, highlighted the update’s potential to enhance wallet usability tenfold, noting Reth’s successful implementation and testing.

Echoing this sentiment, Hayden Adams, the mind behind Uniswap, lauded the upgrade as a significant boost to Ethereum’s user experience. He added:

“Industry should make an effort to create compatibility for 4337 wallets to interact with 3074 contracts (much like eip1271 has created compatibility between safes and EOAs today).”

However, EVM developer Alex Watts cautioned against solely focusing on user experience improvements, emphasizing the broader implications for application and mechanism design.

Despite the optimism, concerns linger among some community members regarding the EIP 3074 upgrade.

Ansgar Dietrich, an Ethereum Researcher involved in the proposal’s inception, expressed ambivalence, reflecting on the lengthy journey to its impending mainnet integration and questioning its alignment with the evolving account abstraction roadmap.

Similarly, 0xngmi, the pseudonymous developer of DeFiLlama, raised apprehensions about the upgrade potentially enabling the complete depletion of addresses, encompassing tokens, NFTs, and other DeFi assets.

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CoinNews

Leaked Personal Info of Over 5 Million Salvadorans Apparently Linked to Chivo Wallet

by CoinNews
written by CoinNews

Chivo Wallet Linked Personal Info of Over 5 Million Salvadorans LeakedA database with the personal information of over 5 million Salvadorans was recently leaked in a data breach forum. The database, which has been around since August and has recently been linked to Chivo, El Salvador’s national cryptocurrency wallet, has 144GB of data, including the full name, unique identity number, date of birth, address, and […]

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CoinNews

Massive Bitcoin Shift: $6B Moved as 5th Largest BTC Wallet Reactivates After Years of Dormancy

by CoinNews
written by CoinNews

Massive Bitcoin Shift: $6B Moved as 5th Largest BTC Wallet Reactivates After Years of DormancyThis week, blockchain observers noticed that the “37X” wallet, once holding the title of the fifth-largest bitcoin wallet, was activated for the first time since 2019. This significant move involved the transfer of 94,504.03 bitcoin into three distinct addresses. One of these recipient wallets has now risen to become the sixth-largest bitcoin holder, showcasing a […]

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CoinNews

Uniswap Introduces Wallet Extension and Limit Orders, UNI Jumps 83% in 30 Days

by CoinNews
written by CoinNews

Uniswap Introduces Wallet Extension and Limit Orders, UNI Jumps 83% in 30 DaysUniswap Labs has unveiled a collection of new features designed to refine the trading journey for users of its decentralized exchange (dex). This collection encompasses the Uniswap browser extension, limit orders for precise trading strategies, and advanced data and insights for making well-informed choices. Uniswap Labs explained on Tuesday that the expansion aims to make […]

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CoinNews

Kraken Starts Requiring Info on Self-Custody Crypto Wallet Ownership in the UK

by CoinNews
written by CoinNews

Kraken Starts Requiring Info on Self-Custody Wallet Ownership in UKKraken, a U.S.-based cryptocurrency exchange, has started requiring additional information in the U.K. regarding transactions of self-custody wallets made to and from its accounts. Kraken sent an email to some of its U.K. customers, stating that if the information required was not provided, it could result in an account lock until the required data is […]

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CoinNews

Bitcoin miner balances hit 18-month low amid wallet reorganization signals

by CoinNews
written by CoinNews

What is CryptoSlate Alpha?

A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›

Connect via Access Protocol

Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›

Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.

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CoinNews

Crypto community divided as UniSat Wallet adopts Ordinals Jubilee upgrade proposal

by CoinNews
written by CoinNews

UniSat Wallet recently confirmed its alignment with the upcoming Ordinals Jubilee upgrade amid a broader discussion about the evolution and governance of the BRC-20 token standard, which operates on the Ordinals Protocol.

UniSat Wallet, known for its role in the Ordinals marketplace, announced plans to adhere to the Ordinals Jubilee upgrade, ensuring that the BRC-20 tokens remain integrated within the Ordinals system. This move aligns with the broader strategy of maintaining protocol consistency without diverging into an isolated framework.

UniSat also teased the release of a significant whitepaper slated for Jan. 31, 2024, promising substantial advancements for BRC-20, Ordinals, Bitcoin, and its community. Jubilee will take place at block height 824,544. As of press time, Bitcoin is 362 blocks behind at block 824,182, meaning the block height should be reached this week.

In contrast, Domo, the pseudonymous creator of the BRC-20 token standard, expressed concerns over these updates’ haste and potential repercussions. Domo highlighted the complexities and risks of integrating new updates into the BRC-20 standard, referencing the challenges faced during versions 0.8 and 0.9. Emphasizing the need for robust testing and coordination, Domo cautioned against the rush to implement protocol enhancements, suggesting they might not be safe without a comprehensive validation infrastructure.

Domo’s apprehensions extend to the broader strategic implications of UniSat’s actions, hinting at an alleged ongoing effort to gain control over the protocol. This perspective is reportedly shared by Layer 1 Foundation, a non-profit foundation committed to keeping the BRC-20 standard free from centralized corporate influence.

Layer 1 Foundation maintains an indexer focused on safeguarding funds within BRC-20 assets. The foundation and Domo urge the BRC-20 community to reject Unisat’s proposed fork and support a non-profit, safety-oriented approach to the protocol’s maintenance.

It is important to note that The Jubilee is not necessarily considered a ‘fork’ by all parties but rather a “split.” This distinction is important because a fork typically implies a divergence in the blockchain, creating two separate chains that do not interact with each other.

In contrast, a split, as described in the context of the Jubilee upgrade, refers to different sets of rules coexisting on the same blockchain. In this case, one set of rules would be for BRC-20 tokens that remain at version 0.9, and the other set would follow the Ordinals Jubilee upgrade. Both sets would still reside on the same physical blockchain, intertwined with each other.

The Jubilee proposed update to the Ordinals protocol is integral to transferring and issuing inscriptions or tokens on small Bitcoin denominations. It aims to address the issue of “cursed inscriptions.”

These are inscriptions unrecognized by the protocol’s first version. The Jubilee seeks to reclassify these inscriptions, assigning them positive numbers and setting a precedent for protocol development and governance. However, the upgrade has sparked debate within the Bitcoin developer community, especially around its impact on the BRC-20 standard.



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CoinNews

Ocean Mining defends accusations of censoring privacy-focused Bitcoin transactions by Samourai Wallet

by CoinNews
written by CoinNews

Samourai Wallet, a Bitcoin mobile app wallet, accused Ocean Mining, a decentralized BTC mining pool, of censoring “privacy enhancing transactions” on the blockchain network in an extensive Dec. 7 thread on social media platform X (formerly Twitter).

However, Ocean Mining’s top executive retorted that a bug in Samurai’s system caused the problem.

The issue

The BTC wallet provider claimed that the mining pool enacted a policy of censoring Whirlpool Coinjoin transactions and BIP47 notification transactions from Dec. 6. The firm pointed fingers at Ocean Mining’s leadership, including CTO Luke Dashjr and lead investor Jack Dorsey, alleging ‘hostility’ towards its transactions.

According to Samourai, Dashjr’s claim that Whirlpool transactions are non-standard is “totally wrong and a lie” because it is imposing a 46-byte limit on the OP_RETURN function instead of the previous 80 bytes set in Bitcoin Core version 0.12. Samourai Wallet contends that this alteration effectively causes Ocean to exclude privacy-enhancing transactions.

The platform wrote:

“Ocean is choosing to pursue a very slippery slope in their decision to exclude privacy enhancing transactions…Unfortunately the action of Ocean deciding to censor privacy enhancing transactions is yet another example of the dilution of cypherpunk roots of the bitcoin project.”

In response, Dashjr countered that the issue was due to a bug in Samourai’s system.

Furthermore, the Ocean Mining CTO questioned why Samourai exceeded the 42-byte data carrier size. “What is this data even for? I’ve looked at trying to work around it, but can’t find any technical details,” Dashjr added.

However, he concluded that Samourai should fix the problem on their end since it’s reducing privacy.

Meanwhile, this is not the first time that Dashjr has been accused of trying to censor transactions on the BTC network. On Dec. 6, crypto community members likened his attempt to end Ordinals Inscription to censoring transactions on the blockchain network.



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CoinNews

Coinbase Wallet Introduces Shareable Links Option for Local and International Payments to Simplify Money Transfers

by CoinNews
written by CoinNews

Whether transferring money to family abroad or tipping a tour guide on vacation, Coinbase Wallet lets users easily create a personalized link for any payment amount.

Cryptocurrency platform Coinbase aims to make sending money worldwide easier, faster, and more affordable through newly added features. Users can now instantly send funds globally by simply creating a shareable payment link to distribute via messaging apps, social media, or email.

The new feature removes the need to exchange complicated bank details or wait through sluggish traditional wire transfers. With a few taps, people can generate a link to send money to recipients worldwide with virtually no fees for instant access.

Whether transferring money to family abroad or tipping a tour guide on vacation, Coinbase Wallet lets users easily create a personalized link for any payment amount. It’s as simple as sharing a text or email through a messaging app and it is available in over 170 countries and 20 languages for worldwide accessibility.

To illustrate this, suppose you wish to send money or provide a tip to someone who has completed a task for you. This individual could be located far away from you, but with the help of a simple process, you can effortlessly transfer funds without any complexities. All you need to do is generate a link on your Coinbase account, specifying the desired amount to be sent, and then share the link with the recipient through various platforms such as WhatsApp, Telegram, Email, or any other app that supports link sharing. In a recent blog release, the company stated:

“We’ve made it easy to send money anywhere you can share a link, whether it’s through messaging apps like WhatsApp, iMessage, and Telegram, social media platforms like Facebook, Snapchat, TikTok, and Instagram, or even via email.”

Recipients can claim transfers by clicking the link on any platform that supports Coinbase Wallet and utilizing the app. They can download the wallet app itself and instantly create an account in one click to receive funds. However, any money that is unclaimed is automatically returned to the sender after two weeks.

Coinbase Wide Reach Is Also an Advantage

In addition to offering shareable links, Coinbase has been actively expanding user access on a global scale, now supporting fiat transactions in over 130 countries across the world. This widespread availability enables individuals from diverse nations to conveniently and swiftly conduct transfers using its platform.

Coinbase users situated in various countries can also receive funds from multiple cryptocurrency exchanges. Furthermore, they can convert their money into stablecoin USDC without incurring any fees and transfers at no network costs.

The company has also prioritized the development of an optional simplified mode, emphasizing an intuitive user experience to cater to a broader user base. These enhancements to the wallet align with Coinbase’s overarching objectives of facilitating streamlined cross-border money transfers with reduced complexity and fees, while simultaneously broadening access to the ever-evolving cryptocurrency landscape worldwide.

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Solana Price Drops 7% to $60 Amidst FTX Cold Wallet Transfers 

by CoinNews
written by CoinNews

Crypto analyst Ali Martinez has warned of a potential correction for SOL.

The price of Solana (SOL) has experienced a 7% decline over 24 hours. However, at the time of writing the fall is not so critical. The coin is around 1% down. The Solana price today is approximately $60 despite the recent market corrections that saw the price of Bitcoin (BTC) and Ethereum (ETH) rise to $42000 and $2200 respectively for the first time since last year.

According to CoinMarketCap data, the crypto asset, dubbed the Ethereum killer, saw its market capitalization reduce to $25.5 billion after hitting $26 billion on December 4 due to the price decline.

SOL Price Sees 7% Decline

In contrast to the recent price fluctuations, SOL has been on an upward trajectory since October, with the digital asset expected to break out of the psychologically crucial level of $65 after reaching $62. The price indicates a significant increase from the $23 it traded in August alongside other altcoins, which also experienced notable declines due to poor market conditions.

The token regained its sixth position among the top ten largest cryptocurrencies in the world by market capitalization. Analysts predicted that SOL could reach $100 by the end of the year once it breaks out of the $65 benchmark at the time.

However, the virtual asset has retraced back to $60, showing a massive 7% drop, and according to blockchain firm Lookonchain, an address associated with the FTX cold wallet, 4Axqyo…HswTAh unstaked a substantial amount of 1.5 million SOL, equivalent to approximately $90 million, on Tuesday, November 5 at 7:55 UTC+8.

The company said the entire unstaked assets were transferred to the address 3vxheE5…5mgkom. Lookonchain further revealed the recipient address later moved a total of 4.13 million SOL worth around $248.67 million to the American crypto exchange Coinbase.

FTX Liquidates Crypto Holdings, Including SOL

Recall that before FTX officially filed for bankruptcy protection last year in November, the defunct exchange held $1.2 billion in SOL. However, after the bankruptcy court greenlighted the sale, the company recently embarked on a liquidation journey, selling its crypto holdings to repay its creditors.

In October, an address linked to the troubled exchange transferred $15 million worth of SOL to Binance and Coinbase. 

Blockchain security firm PeckShieldAlert said at the time that another cold wallet address belonging to the company also moved $2.5 million worth of other cryptocurrencies, such as $COMP and $RNDN, to Wintermute, a leading global algorithmic trading firm dealing in digital assets.

Meanwhile, despite the sell-offs, SOL investors remain resilient, continuing a bullish price rally for the crypto asset.

Analysts suggest a potential bullish scenario could materialize if the price breaks above $63.4, opening the possibility of a retest of the $65.3 resistance level.

In the event of a bullish breakthrough, market observers anticipate a potential ascent towards the $79.1 level. Conversely, a dip below the $59 level could signal a downward trajectory, testing the support level at $56.4.

Crypto analyst Ali Martinez has warned of a potential correction for SOL. He said the TD Sequential signals a sell on the SOL weekly chart, and the RSI is overbought. He further noted that a profit-taking surge could lead to a retracement to $47.6. However, to counter the bearish outlook, SOL needs a weekly close above $68.4, targeting $108.

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