A Big DealEthereum co-founder teases new 100x game-changing upgrade after Bitcoin and crypto price surge led by XRP

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BitcoinBTC, Ethereum, XRPXRP and other major cryptocurrencies have surged in recent weeks as BlackRock leads a surprise charge on Wall Street.

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Bitcoin price found a bottom at $30,000 per bitcoin, double its price at the end of 2022, while Ripple’s XRP nearly doubled in the past week alone after a landmark court ruling that could herald a $30 trillion crypto earthquake.

Now, after a crypto veteran declared an imminent rally following the Fed’s $15 trillion bond market “manipulation”, Ethereum co-founder Vitalik Buterin has teased a new network upgrade that could “cut costs 100x”.

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Ethereum co-founder Vitalik Buterin, the spiritual leader of the project, called a new ethereum… [+] upgrade a “pretty big deal,” potentially heralding another price spike that could drive the price of bitcoin, XRP, and other major cryptocurrencies higher.

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Buterin presented 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 changes to Ethereum’s underlying protocol like other upgrades before it.

The account abstraction would see third-party-owned wallets transition to contract-based smart 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.”

“The idea here is whether there are these techniques that allow you to mold many signatures from any transaction, combine them into a single object that is much smaller and can be verified much faster than verifying all account abstraction transactions individually and by doing so you can save data [and] computing becomes 100 times cheaper,” Buterin told conference attendees.

The smart contract wallet upgrade would also mean that Ethereum users could receive various other cryptocurrencies and be able to pay network fees without having to convert it to Ethereum.

“It’s actually particularly important for rollups,” Buterin added, referring to Ethereum’s scaling mechanism that allows transactions to be executed outside of the first layer of the blockchain.

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MORE FROM FORBES ‘Transcend’ US Dollar-BlackRock CEO Releases ‘Important’ Crypto Prediction After Huge Week For Bitcoin, Ethereum & XRP PriceBy Billy Bambrough

Ethereum rebounded from bitcoin, ethereum, XRP and crypto price crashes last year, but… [+] remains far from its 2021 peak of around $5,000 per ethereum.

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The rise in Ethereum prices has so far not exceeded $2,000 per Ethereum, with market analysts monitoring the closely watched level.

“Ethereum encountered selling above $2000 but maintained positive momentum,” FxPro senior market analyst Alex Kuptsikevich said in an emailed note. “The performance of the largest altcoin sets the tone for the continuation of the uptrend for the broader market. Nonetheless, we have to wait for a consolidation above $2,000 for confirmation.”

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