TRENDING:
BoJ Interest Rate
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Ethereum blockchain deploys feature to help ETH users recover crypto if they lose private keys

  • The Ethereum blockchain has deployed an account abstraction feature that makes it easier for users to recover crypto if they lose private keys. 
  • Ethereum’s ERC-4337 has been deployed, tested and marks the beginning of smart ETH accounts. 
  • Ethereum price sustained above the $1,500 level despite Voyager’s recent sale of 1,449 ETH.
Ethereum blockchain deploys feature to help ETH users recover crypto if they lose private keys
Ekta MouryaEkta MouryaFXStreet

The Ethereum blockchain has deployed the “account abstraction” feature, which enhanced the network and made it easier for users to recover their crypto if they lose private keys to their wallets. The news of the ERC-4337 deployment will be shared at an ETHDenver-related event. 

Also read: Will Ethereum’s ERC-4337 deployment catalyze ETH price recovery after Silvergate FUD?

Ethereum blockchain deploys “account abstraction”

The Ethereum blockchain has deployed a feature known as account abstraction. The ETH blockchain has now made it easier for users to recover cryptocurrency if they lose the private keys to their online wallets. 

The new standard, ERC-4337 has been deployed on the mainnet via Etherscan and confirmed by Yoav Weiss from the security team at the Ethereum Foundation. The contract has undergone a security audit and the foundation has stewarded development on the ETH blockchain. 

The team is expected to announce the development at the ETHDenver conference on March 8. Once the announcement is made, infrastructure providers will share their plans to support ERC-4337 with their services.

The new feature, therefore, makes it easier for ETH wallet holders to retrieve their holdings in case they lose access to their private keys. This is a game-changing development for the Ethereum blockchain. 

Voyager’s sale of Ethereum failed to negatively influence ETH price

Voyager, a crypto broker, sold 1,449 ETH tokens via Wintermute and received 2.25 million USDC. The broker sold ETH at an average price of $1,553. The broker still holds $223.5 million worth of Ethereum. Ethereum price sustained above the $1,500 level despite Voyager’s sale of the asset.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

Bitcoin Weekly Forecast: Binance security breach and hawkish Fed push BTC lower

Bitcoin Weekly Forecast: Binance security breach and hawkish Fed push BTC lower

Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.
Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations

Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations

Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.
Bitcoin, Ether and XRP selloff wipes out $1.5 billion in leveraged crypto bets

Bitcoin, Ether and XRP selloff wipes out $1.5 billion in leveraged crypto bets

Crypto traders betting on higher prices had about $1.29 billion in positions forcibly closed over the past 24 hours, as the selloff following Binance’s security breach pushed bitcoin, ether and smaller tokens lower. Total liquidations reached $1.53 billion by Friday morning in Asia, according to CoinGlass. Long positions, bets that prices would rise, accounted for 83.8% of the total.
Crypto Today: Bitcoin, Ethereum, XRP sell-off cools after Binance security breach

Crypto Today: Bitcoin, Ethereum, XRP sell-off cools after Binance security breach

Cryptocurrency prices are on edge on Friday, with Bitcoin (BTC) delicately holding onto a short-term $78,000 support, Ethereum (ETH) edging lower near $2,200 and Ripple (XRP) attempting a recovery above support established at $1.20. The cooldown follows Binance, the largest crypto exchange, after it reported a hack that impacted about $6.3 billion.
Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.