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Vitalik Buterin recently introduced a new proof technology called Binius, which utilizes binary fields and aims to improve the efficiency of zero-knowledge proofs within blockchain applications. Binius is a departure from the existing SNARK and STARK technologies introduced years ago.

Earlier, Buterin sparked curiosity and confusion within the blockchain space with his initial presentation of nonsensical equations. However, this was later clarified as a creative approach to introducing Binius. This new system doesnt change basic math but uses known concepts, like binary fields, in new ways to improve cryptographic methods.

Explaining the advantages, Buterin highlighted how smaller fields could lead to more efficient proof generation, citing the unique properties of binary fields. Binius aims to lighten computing loads and quicken transactions on blockchain networks, which is crucial given the current costs and speeds associated with zero-knowledge proofs.

Despite the potential benefits, Biniuss complexity means that developers may need time to fully understand this technology in existing systems. Its practical effectiveness will also require extensive testing to validate its impact on enhancing transaction efficiency and reducing costs.

The introduction of Binius by Buterin represents a significant step in the ongoing efforts to advance blockchain technology, promising to improve scalability and efficiency through refined cryptographic techniques.

Also Read: Nera Secures $4.5 Million for Zero-Knowledge Proof Research

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Vitalik Buterin Launches Binius to Enhance Blockchain Tech - Crypto Times

Ethereum co-founder Vitalik Buterin publicly favored multisig over Shamir backup, saying the latter is way easier to screw up for ordinary users.

In an X discussion among crypto enthusiasts, worries about the security risks linked to cold wallets have taken center stage, prompted by Ethereum co-founder Vitalik Buterins raised concerns regarding their potential pitfalls.

Peter Watts, the founder of NFT marketplace Reservoir, went on X to caution about the dangers of using hardware wallets, mentioning the risk of losing seed phrases or hastily moving assets stored in a banks safety deposit box, especially during unexpected events like the COVID-19 pandemic.

Counterpoint: when using a hardware wallet, the biggest risk becomes yourself. Beware of the footguns: Someone finds your stashed seed You hide the seed so well you forget You put the seed in a bank safety deposit then hastily move overseas due to covid https://t.co/UzAV13wzPB

The conversation took a new turn when Vitalik Buterin joined it, advocating for the use of multisignature (also known as multisig) solutions for securing personal funds. Buterin didnt reject the idea of cold wallets but highlighted decentralizing security, preferring multisig setups where multiple keys are required for transactions, emphasizing the importance of security in crypto.

The above is why I use a multisig (@safe) for >90% of my personal funds

M-of-N, some keys held by you (but not enough to block recovery), the rest held by other people you trust. Don't reveal who those other people are, even to each other.

Decentralize your own security.

He emphasized the need for a M-of-N configuration, where some keys are held by the user and others by trusted individuals, without disclosing their identities even to each other.

In response to Buterins suggestion, Ethereum investor Tobby Kitty proposed Shamir, a backup method for splitting cryptographic keys or passwords into multiple parts called shares. While acknowledging the benefits of Shamir, Buterin cautioned that its way easier to screw up compared to multisig, as it depends on carefully handling and storing many parts of the secret. If any of these parts are lost or handled incorrectly, it could be impossible to put the secret back together.

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Ethereum's Buterin advocates multisig, says Shamir backup is 'way easier to screw up' - crypto.news

Dozens of crypto whale wallets with assets ranging from six to seven figures are stuck on multiple decentralized finance (DeFi) bridge contracts.

One of these whale wallets is linked to Ethereum co-founder Vitalik Buterin, who has over $1 million worth of assets stuck for over seven months, with other wallets having assets unclaimed for over two years.

According to a report published by crypto analytics firm Arkham Intelligence, several notable whale addresses linked to prominent crypto individuals and entities have their funds stuck in the bridge contracts for as long as two years.

DeFi bridge contracts are software protocols that allow the movement of assets and data between different blockchain networks, enabling interoperability within the DeFi ecosystem.

However, not all DeFi bridges function the same. On the one hand, cross-chain bridges enable users to automatically obtain their assets on the other chain.

On the other hand, traders using native bridges must retrieve their funds manually as there is no way for the smart contract to remind users to do so, which could result in situations where users forget their money.

One wallet linkedto thomasg.eth has had $800,000 stuck in Arbitrum Bridge for one year and 10 months. Another wallet, linked to Bofur Capital, with 27 wrapped Bitcoin worth $1.8 million, has been stuck for two years and three months.

Similarly, another wallet linked to nonfungible token (NFT) user Mike Macdonald has about $117,000 in assets linked to CryptoPunks sales stuck on a bridge contract.

Arkham suggested the account owner take a look, reminding them that if they own the account that sent 5 CryptoPunks to, then you might also own the account that received the proceeds after they were sold.

Another wallet that received 50 Ether (ETH) from Vitalik.eth seems to have been forgotten for seven months despite holding nearly $1 million worth of ETH on the Optimism bridge.

Another linked to Coinbase crypto exchange was also identified and contains $75,000 worth of assets stuck for nearly six months.

Arkham suspects Coinbase tried bridging $75,000 worth of USD Coin (USDC) to ETH and forgot about it. The assets are stuckin the Optimism bridge contract and waiting to be claimed.

Arkham notified whales linked to the stuck and forgotten funds to retrieve them in case they had forgotten about them. It also reminded the community that these instances can occur due to the nature of cross-chain bridges.

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Wallets linked to Coinbase and Vitalik Buterin have millions 'stuck' in bridge contracts - Cointelegraph

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Vitalik Buterin Backs Ethereum PoS Transition amid Community Debates - FX Empire

Vitalik Buterin, co-founder of Ethereum, publicly criticizes the recent renewal of FISA Section 702, raising concerns over the implications for privacy and the cryptocurrency sector. The U.S. Senate passed the renewal 60-34, extending the legislation for two years.

Senate Debates, Buterin Warns of Privacy Risks

During intense debate, the Senate saw a division among its members, with some pushing for stricter personal data protections. Despite these efforts, the renewal was approved just as the previous law lapsed.

The law continues to allow warrantless surveillance, primarily targeting foreign individuals but also affects Americans whose communications might be intercepted incidentally.

Buterin emphasized that the lack of substantial enhancements in privacy protections could erode trust within the crypto community. The crypto industry, valuing encryption and anonymity, could face increased governmental oversight, potentially altering how cryptocurrencies operate globally.

As the bill moves to President Joe Biden for his signature, the ongoing discourse highlights the struggle to balance national security interests with protecting individual privacy rights. The outcome will likely influence national security practices, digital currencies future landscape, and their governance.

Also Read: Ethereums Vitalik Buterin Makes Waves with 100 ETH Railgun Deposit

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Vitalik Voices Concerns Over FISA Section 702 Renewal - Crypto Times