TLDR Index
TLDR Crypto

TLDR CRYPTO 2024-06-03

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01GENERAL

02MARKETS & BUSINESS

US BANKING LOBBY TO TRY AND OVERTURN BIDEN VETO ON SAB 121

Just hours before President Joe Biden vetoed the repeal of Staff Accounting Bulletin (SAB) 121, the American Bankers Association (ABA) made a last-ditch effort to influence his decision, arguing that the regulations hinder banks' ability to effectively safeguard digital assets, which could harm investors and destabilize the financial system. Despite bipartisan Congressional support for the repeal, Biden used his presidential veto. The ABA claims that SAB 121 deviates from traditional custodial asset treatment and limits secure options for customers holding digital assets.

cointelegraph.com2 min read

MATTER LABS DROPS 'ZK' TRADEMARK APPLICATIONS FOLLOWING BACKLASH FROM LEADING PROJECTS

Matter Labs, the company behind the zkSync L2, has dropped its trademark application for the term “ZK” after receiving backlash from StarkNet, Polygon, and the zero-knowledge proof co-inventors. It had previously supported a community proposal to set up an ownerless legal entity to hold the trademark and issue free licenses to all applicants.

theblock.co2 min read

03INNOVATION & LAUNCHES

BOLT – ENABLING TRUSTLESS PRE-CONFIRMATIONS ON ETHEREUM

Bolt aims to enable near-instant transaction confirmation by allowing block proposers to commit to their block contents before their slot. The trustless, permissionless protocol uses restaked collateral to back validator promises, allowing them to further monetize blockspace.

threadreaderapp.com2 min read

ETHEREUM'S UX IMPROVEMENTS

It is possible to securely onboard to an L2 in a few minutes with Venmo and zkp2p. Tools like Coinbase's Smart Wallet can abstract away complexities from wallet creation. EIP-7702, slated for inclusion in the next hard fork, will introduce gas sponsorship, custom verification logic enabling 2FA, and additional security features like spending limits. Stealth addresses in ERC-5564 will enable banking-level privacy for transactions.

threadreaderapp.com2 min read

04GUIDES & TUTORIALS

COINBASE SMART WALLET 101

Coinbase's new smart wallet uses Account Abstraction (AA) and passkeys to allow users to create and manage a crypto wallet via Touch ID without traditional passwords or Chrome extensions. The wallet uses AA to execute transactions fully sponsored by Base (thus effectively free), making it easier for users to engage with crypto securely and efficiently with biometric authentication using a quick and simple UX.

threadreaderapp.com2 min read

THOUGHTS ON POLYGON MIDEN

Miden uses the actor model design, a form of concurrent computation, to introduce local state change management and faster transaction processing. Zero knowledge proofs validate locally-executed transactions, meaning that transactions can be private. Miden's goal is to support privacy-oriented use cases as a ZK L2 with smart contracts programmed in TypeScript and Rust.

threadreaderapp.com4 min read

05MISCELLANEOUS

CHANGING ADVERTISING ON FARCASTER

A new ad model on Farcaster could use open social graphs, embedded payment rails, and verifiable digital identities to give companies the ability to directly send targeted coupons to consumers' wallets. This approach would ensure that ad budgets are only spent when a sale gets converted, potentially improving marketing campaign ROI while maintaining access to consistent, open data.

warpcast.com2 min read

SOME REFLECTIONS ON THE BITCOIN BLOCK SIZE WAR

Vitalik Buterin comments on the different perspectives on the big block versus small block debate and what we can learn from them. Small blockers saw Bitcoin as a conservative chain that should only hard fork in rare cases that was trying to be a new currency, not a payment processor. Big blockers saw BTC as digital cash and thus wanted fees to be low, seeing the pivot to digital gold as a decision made by a small group of developers to profit off L2s. Ethereum learned from Bitcoin's shortcomings to create a more resilient chain.

vitalik.eth.limo20 min read