Archive for the ‘Smart Contracts’ Category
Blockchain Currencys Role in the Evolution of Smart Contracts – NFL Draft Diamonds
Blockchain Currencys Role in the Evolution of Smart Contracts NFL Draft Diamonds
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Blockchain Currencys Role in the Evolution of Smart Contracts - NFL Draft Diamonds
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How to Bridge to Internet Computer? – Watcher Guru
Your guide: How to Bridge to Internet Computer?
Want to know how to bridge to the Internet Computer? Youre in luck. This guide is meant to help you understand how to connect to this cutting-edge blockchain tool and get started.
People are becoming more interested in the Internet Computer (IC) because it can run smart contracts and decentralized applications (dApps) at web speed and scale. Lets talk about how to bridge to the Internet and what it can do for you.
Keep reading to find out more.
Also read: BRICS: Janet Yellen Repeatedly Says Sanctions Led to US Dollar Decline
The DFINITY Foundation built the Internet Computer, which is a blockchain tool. It wants to make the internet bigger so that it can also be the worlds computer base. This lets developers use the blockchain to make websites, business systems, and internet services.
Furthermore, the Internet Computer can work very quickly because it uses Chain Key technology, which is a group of cryptographic methods.
Furthermore, since the Internet computer can handle transactions fast, it can be used for applications that need to handle a lot of requests.
Additionally, the cost of Internet computer doesnt cost too much to run. With the Internet Computer, applications are not controlled by a single group, as real decentralization is achieved.
You need a wallet that works with the Internet Computer before you can connect. People often use the NNS (Network Nervous System) wallet. Follow the steps on the official website to make your wallet and keep it safe.
ICP coins are the Internet Computers form of money. To pay for things and run smart contracts, you need ICP coins. You can buy ICP tokens on a cryptocurrency market and then move them to your NNS wallet.
Also read: BRICS to Launch Its Own Currency Exchange Platform?
To connect goods to the Internet, you can use several services. Pick a linking service with a good reputation that works with ICP tokens and other assets you want to connect.
The NNS wallet should be linked to the bridge service. Make sure you have enough ICP tokens in your wallet to meet the transaction fees.
Pick out the things you want to connect to the Internet computer. This could be digital assets or tokens from other blockchains that you want to use on the IC network.
Check the information and make sure the deal is real. Your request will be taken care of by the bridge service, and your assets will be sent to the Internet Computer.
On the web, smart contracts Using computers to set up smart contracts
Furthermore, smart contracts made in Motoko and Rust can be used on the Internet Computer. You can use the NNS wallet or programming tools from the DFINITY Foundation to put your smart contracts into action.
Decentralized applications (dApps) let you connect with your smart contracts after they are set up. The speed of the Internet computer makes sure that users have a smooth experience.
Additionally, the Internet Computer can handle deals at web speed thanks to Chain Key technology. It lets the platform add more nodes and improve the system without stopping the network. This makes sure that the Internet Computer can keep growing and working well.
In conclusion, by bridging to an internet computer, you are giving your crypto future new opportunity. This guide shows you how to connect your computer to the internet and bridge. You can easily send money to the Internet Computer by setting up your wallet, getting ICP tokens, and using a bridge service.
Enjoy the perks of being able to grow, saving money, and being truly decentralized. The Internet Computer looks like it will be a good place for decentralized apps to grow in the future. Start your journey today and find out what this new blockchain can do for you.
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Why (Almost) Everyone in Ethereum Is So Excited About a Wallet-Related Proposal – Unchained – Unchained
While EIP-3074 offers a potential leap in the Ethereum wallet user experience by enabling batch transactions and smart contract-like features, some experts have concerns about its security and long-term impact.
Posted April 13, 2024 at 7:28 am EST.
Ethereum Improvement Proposal (EIP) 3074 will go live during Ethereums next hard fork, dubbed Pectra, and many in the Ethereum community are very excited that its finally coming to fruition.
Initially proposed by Ethereum researchers Sam Wilson, Ansgar Dietrichs, Matt Garnett, and Micah Zoltu in October 2020, EIP-3074 will be included in the next fork, as decided on Thursday on Ethereum All Core Developers call, and is designed to improve Ethereum wallet usability. It proposes a new set of code changes that would allow users to batch multiple transactions together and confirm them in a single action, unlike now where users usually have to sign at least two transactions to, for example, swap an asset on a decentralized exchange.
This is a big deal. Wallet [user experience] will 10x, wrote Georgios Konstantopoulos, research partner at crypto VC Paradigm, on X.
EIP-3074 suggests a novel way to extend the functionalities of externally owned accounts (EOAs) by delegating control to a smart contract. This method allows users to enjoy some of the advantages of smart contract wallets while keeping the straightforward approach of EOAs. Unlike account abstraction (ERC-4337), which focuses on transaction sponsoring and relaying, EIP-3074 lays the foundation for these new features to be possibly added in future proposals.
By enabling EOAs to interact like smart contract wallets, EIP-3074 could redefine how wallets operate, easing the transition to advanced wallet systems without requiring users to undertake complex migrations. This is huge, because it allows EOAs to be magically converted to Smart Accounts, wrote Ivo Georgiev, CEO of Ambire, on social media.
Learn more: What Are Externally Owned Accounts (EOAs) in Ethereum?
The proposal also aligns with the broader goal of ensuring a smoother user experience across multiple EVM-compatible chains, maintaining consistency as users navigate different platforms.
The communitys support for EIP-3074 reflects its potential to simplify transaction processes and enhance the Ethereum networks usability, making it a significant upgrade anticipated by both developers and users alike. Hayden Adams, founder of prominent DEX Uniswap, posted on X: EIP-3074 inclusion will be a monumental upgrade to Ethereum UX.
Meanwhile, Dan Finlay, MetaMasks cofounder, said: 3074 couldnt come at a better time: Theres momentum to define an onchain permissions system for smart contract accounts, and 3074 can allow EOAs to still enjoy some of its benefits.
While there is significant excitement around EIP-3074, not everyone in the Ethereum community is equally enthusiastic.
Martin Kppelmann from Gnosis voiced his concerns, saying that the EIP brings us in a weird state with EOAs getting some of the benefits but not all, such as no option for key rotation. He explained that instead of moving towards a unified and improved future, EIP-3074 could solidify the division between two different types of wallet technologiessmart contracts and traditional EOAs.
Moreover, Kppelmann criticized its revocation capabilities, arguing that they provide only a fake sense of security. He wrote: After 3074, an EOA will always have the danger that signing one wrong message can mean you lose anything this account controls.
Kppelmanns criticism was echoed by 0xngmi from DefiLlama, who pointed out that with EIP-3074, itll be possible to fully drain an address (all tokens, all nfts, all defi positions) with only one bad signature.
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Ethereum’s Pectra upgrade slated for Q4 2024, bringing smart contract features and improved UX for wallets – Crypto Briefing
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Ethereums upcoming Pectra upgrade, expected to be implemented by late 2024 or early 2025, is set to introduce significant improvements to cryptocurrency wallets, including the addition of smart contract capabilities to standardexternally owned accounts (EOAs).
The inclusion of Ethereum Improvement Proposal (EIP) 3074 in the Pectra upgrade will bring a range of new features and enhancements to the user experience.
The Pectra upgrade follows the recent Dencun update, which focused on lowering transaction fees on layer-2 solutions. The name Pectra is derived from the combination of two simultaneous upgrades occurring on different layers of the blockchain. The execution layer, responsible for enforcing protocol rules, will undergo the Prague upgrade, while the consensus layer, which ensures the validation of blocks, will go through the Electra upgrade. This naming convention follows the Ethereum developers tradition of combining the names of the upgrades, as seen in previous instances like Dencun and Shapella.
One of the key benefits of EIP-3074 is the ability for regular wallets, such as those created using MetaMask, to function similarly to smart contracts. This upgrade will enable features like transaction bundling, allowing users to sign multiple transactions at once, and sponsored transactions, where a wallet can delegate funds to be used by another entity. These functionalities are reminiscent of the account abstraction introduced in ERC-4337.
EIP-3074 introduces two new operating instructions: AUTH and AUTHCALL. As explained by anonymous Web3 adviser Cygaar, AUTH verifies signatures and actions, while AUTHCALL calls the target contract(s) with the originator address as the caller instead of the message sender. These instructions work together to enable the smart contract-like behavior of EOAs.
In addition to the features mentioned above, EIP-3074 also includes a social recovery feature that eliminates the need for the traditional 12-to-24-word seed phrase, further simplifying the user experience and potentially reducing the risk of lost or stolen funds.
Another significant change expected to be included in Pectra is an increase in the staking limit for validators, from the current 32 ETH to 2,048 ETH a substantial 64-fold increase. This proposal, known as EIP 7251, would allow large staking providers, such as Coinbase or Lido, to consolidate their validators operating the Ethereum blockchain. By doing so, these providers can avoid the need to constantly create new validators each time they have an additional 32 ETH to stake, thereby reducing the operational load and resources required for staking and validating.
The need for this change has become apparent as the number of validators on the Ethereum network has surpassed 1 million, raising concerns about excessive latency. EIP 2751 is seen as a potential solution to slow the rate at which new validators enter the system, preventing performance issues and ensuring the blockchains smooth operation.
Other EIPs under consideration for Pectra include enabling validator withdrawals from smart contracts, incorporating a code change known as BLS precompile, and removing the deposit window. These relatively minor changes will allow developers to work on smaller improvements while focusing on more significant upgrades in the future.
Looking beyond Pectra, the subsequent upgrade will introduce the highly anticipated verkle trees a novel data system designed to help Ethereum nodes efficiently store large amounts of data. Tim Beiko mentioned that the Pectra upgrade is expected to be released sometime in late 2024 or early 2025, allowing developers to work on two forks in parallel and deliver small wins while preparing for the more complex verkle trees transition.
As Ethereum continues to evolve and improve, the Pectra upgrade represents another step forward in enhancing the networks performance, user experience, and overall functionality. By addressing key issues such as wallet UX and staking limits, developers aim to ensure that Ethereum remains at the forefront of blockchain technology, providing a solid foundation for the growing ecosystem of decentralized applications and services.
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