Welcome to The Protocol, your go-to source for the latest updates in cryptocurrency technology. I’m Ben Schiller, managing editor at CoinDesk, here to bring you the highlights of this week’s key developments in the crypto world.
In This Issue:
– Ethereum’s Pectra Upgrade Goes Live
– Launch of the Avalanche Visa Card
– Leadership Changes at the Ethereum Foundation
– Hackers Exploit GitHub to Target Bitcoin
Ethereum’s Pectra Upgrade: A Game Changer for User Experience
Ethereum has officially launched its highly anticipated Pectra upgrade on the Holesky testnet. However, the initial rollout faced challenges, failing to finalize as quickly as expected. This upgrade amalgamates 11 significant Ethereum Improvement Proposals (EIPs) into a single package, with EIP-7702 at the forefront. This proposal aims to enhance the user experience for crypto wallets by enabling them to possess some smart contract capabilities. The concept of account abstraction is central to this upgrade, simplifying wallet usability significantly.
Another noteworthy proposal, EIP-7251, proposes to increase the maximum stake limit for validators from 32 ETH to an impressive 2,048 ETH. This change is designed to alleviate the complications currently faced by validators who stake more than 32 ETH, often requiring them to distribute their stake across multiple validators. By raising the stake limit, the process of establishing new nodes could be expedited, streamlining overall operations.
Holesky is the first of two testnets to undergo Pectra simulations, with the next test scheduled for the Sepolia testnet on March 5. However, Christine Kim, Vice President of Research at Galaxy, suggests that developers may delay this test depending on the challenges encountered during the initial rollout. Once Pectra successfully launches on both testnets, the developers will set a definitive date for activation on the Ethereum mainnet.
Leadership Transition at the Ethereum Foundation
In a significant organizational change, Aya Miyaguchi has announced her departure as Executive Director of the Ethereum Foundation to take on the role of President. This transition comes amid a broader leadership shake-up within the nonprofit organization, which is critical to the development of the Ethereum blockchain.
Miyaguchi joined the Ethereum Foundation in 2018 and has played a pivotal role ever since. In her statement, she expressed her enthusiasm for continuing to support the Foundation’s institutional relationships and expanding its vision. Notably, Ethereum co-founder Vitalik Buterin praised her contributions, highlighting her role in the successful execution of Ethereum hard forks and other foundational projects.
Avalanche Visa Card: Merging Traditional Finance with Cryptocurrency
The Avalanche Foundation has launched its highly anticipated Avalanche Card, a Visa credit card enabling users to make purchases using cryptocurrency. Developed in partnership with Rain, a blockchain-based card issuing platform, the Avalanche Card allows users to spend Avalanche tokens (AVAX), wrapped AVAX, and stablecoins like USDT and USDC at any merchant accepting Visa.
This launch marks a significant step toward integrating traditional financial systems with cryptocurrency. The Avalanche Foundation aims to focus on user acquisition in Latin America and the Caribbean, providing a seamless experience through a new self-custody wallet linked to a unique address for each asset. This initiative aligns with the Foundation’s commitment to promoting decentralized finance (DeFi) and making blockchain more accessible to a broader audience.
Cybersecurity Alert: GitHub Used by Hackers to Target Crypto Holders
A recent report by Kaspersky has raised alarms about a sophisticated cyber threat involving GitHub, a popular platform among developers. The report highlights a campaign dubbed “GitVenom,” which has been active for over two years and is increasingly targeting cryptocurrency holders.
Attackers employ malicious code hidden within seemingly legitimate GitHub projects, such as tools for managing Bitcoin wallets or gaming applications. These projects often feature polished README files to build trust, but they conceal harmful scripts that can compromise users’ systems. Kaspersky warns that users should meticulously review any code before execution, verify project authenticity, and remain cautious of overly polished documentation.
In Other News
– Miners Shift Focus to AI, Yet Bitcoin Remains Viable
– Starknet Layer 2 Introduces Gaming App-Chain
– SEC and TRON Seek Court Approval to Freeze Fraud Case
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Stay tuned for more updates on the ever-evolving landscape of cryptocurrency technology!
