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Bitcoin price hit a low of $30,000 per bitcoin, doubling since late 2022, while Ripple XRP nearly doubled last week just after a landmark court ruling could trigger a $30 trillion earthquake.
Now, after a cryptocurrency veteran announced an impending rally following the Fed's $15 trillion bond market "manipulation", Ethereum co-founder Vitalik Buterin has teased a new network update that could "cut costs 100x".
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Buterin presented plans to implement a so-called Ethereum account cession at the Ethereum Community Conference in Paris, describing the upgrade as "incredibly elegant" in that it does not require changes to the underlying Ethereum protocol like other previous improvements.
Account stripping will convert external wallets to smart contract-based wallets, allowing users to restore the original private keyphrases as easily as resetting email account passwords. It could also mean lower transaction fees, a constant goal of the Ethereum network, through so-called “signless transactions”.
"The idea here is that if you have this method that allows you to create multiple signatures for each transaction, you can combine them into one object which is much smaller and faster to verify that all account abstraction transactions are verified separately, that way you can save data [and] accounts become 100 times cheaper," Buterin told conference attendees.
The smart contract wallet update also means that Ethereum users will be able to accept a variety of other cryptocurrencies and be able to pay network fees without having to convert them to Ethereum.
"It's actually very important for clustering," Buterin added, referring to Ethereum's scaling mechanism, which allows transactions to take place outside of the first layer of the blockchain.
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Ethereum price growth has so far not exceeded $2,000 per Ethereum, and market analysts are watching this level closely.
"Ethereum faced a selloff above $2,000 but maintained positive momentum," FxPro senior market analyst Alex Kuptsikevich said via email. “The performance of the largest altcoins sets the tone for the continuation of the uptrend for the broader market. However, we will have to wait for consolidation above $2,000 to confirm.”