The Ethereum Foundation will fund 18 projects focused on accelerating the adoption of the ERC-4337 account abstraction standard to increase the security and flexibility of the Ethereum ecosystem. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Ethereum Foundation pushes for adoption of ERC-4337 standard
📍Ethereum announces 18 grants for projects focused on the ERC-4337 standard, also called the Account Abstraction Standard. As many have claimed, account abstraction is the holy grail of blockchain networks. In Ethereum, it is a technology that can optimize user experience, increase security, flexibility, and decentralization of the network.
According to the Ethereum Foundation, through its grant program it will fund a total of 18 projects focused on the ERC-4337 Account Abstraction standard.
The projects, which include ZeroDev Kernel, MynaWallet, Silius, IoTeX's ZKP-based account abstraction wallet, TokenSight, among others, seek to solve several problems related to security, DeFi operations, and on-chain data structure, in order to increase the network's potential and accelerate the integration of new users into the Ethereum ecosystem and the crypto industry in general.
The Ethereum Foundation he highlighted that each of the projects that will be subsidized through its program is aligned with the objectives and vision of the ERC-4337 standard and that supporting its development will help generate new ideas, which will give rise to new opportunities for collaboration within the ecosystem and that will potentially impact the trajectory of Ethereum in the blockchain industry.
More than 200.000 ordinals sign up for Bitcoin daily
📍The number of ordinals recorded on the Bitcoin blockchain is approaching 30 million. Bitcoin records an average of 268.600 ordinals per day, according to data from the Dune Analytics platform.
Ordinal activity continues to increase despite the fact that sales of these NFTs have decreased compared to previous months.
According to the data, this week, the number of ordinals recorded on the Bitcoin blockchain increased from around 138.000 last Friday to over 208.000 yesterday. Bitcoin also recorded the second-highest number of ordinals on the network in a single day this week, recording over 418.200 of these NFTs last Sunday.
Source: Dune Analytics
US approves regulations for Bitcoin holders
📍The U.S. Financial Accounting Standards Board has approved a proposed update to its accounting standards that focuses on companies holding Bitcoin. The agency reported on its website that the proposed update to accounting rules for intangible goodwill and other cryptoassets will make it easier for companies to disclose their holdings in cryptocurrencies and digital assets.
According to explained The agency said the new rules will come into effect in 2025, allowing companies to separately report the balance sheet of cryptocurrencies they hold as well as gains and losses on crypto assets in net income.
In May of this year, MicroStrategy, the largest institutional holder of Bitcoin, spoke out in favor of the Financial Accounting Standards Board’s proposed changes to its accounting standards.
The company published a release highlighting that the agency's new accounting regulations will allow the company to more satisfactorily report its Bitcoin holdings, which in turn will help investors to have a clearer and more complete view of investment strategies in this cryptocurrency.
As of today, MicroStrategy reports 152.800 BTC on its corporate balance sheet.
JPMorgan is working on a new token for payments and settlements
📍According to sources familiar with the case, JPMorgan is working on developing a new token based on the Onyx blockchain. Bloomberg, which was first to report on JPMorgan's new plans, highlighted that it involves a new blockchain-based deposit token that is designed to speed up cross-border payments and settlements.
The business publication also reported that JPMorgan is working with consulting firm Oliver Wyman on the development of this new project, which is awaiting regulatory approval.
Bloomberg also noted that this new token will be available to corporate clients of the American bank and that it is part of the effort it is making to expand into the blockchain ecosystem.
Nigeria encourages education in cryptocurrencies and blockchain
📍Despite the many dialects that exist in Nigeria, several projects are promoting education about cryptocurrencies and blockchain technology. Bello Usman Abdullahi, COO of blockchain platform Bitkova Academy, which focuses on crypto industry education, said that several efforts are being made in Nigeria to educate as many people as possible about new technologies.
There are more than 500 languages and indigenous languages in the country, so one of the main barriers to education about cryptocurrencies and blockchain is the language itself.
Abdullahi said the jargon and nature of the blockchain industry is complex but that they have started educating people who are not familiar with the innovation to understand its potential. The aim is to empower Nigerians in cryptocurrencies to break free from the financial constraints imposed by the government and the central bank.
As reported by this media, Nigeria is one of the most dynamic markets in the cryptocurrency industry, according to CoinDance. It is also the country with the largest number of Bitcoin users per day, according to Statista and the country that leads the Cryptoasset awareness, according to ConsenSys.
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