🌠 ETH's new upgrade

GM everyone. This is 2036, the crypto newsletter that pays you.

Last week was ETH Denver - the one week a year crypto guys actually leave their homes and are reminded of what the sun looks like.

It's also the time when the ETH community releases cool updates, including the highly anticipated - but horrendously named ERC-4337.

The update has huge implications for ETH. Here's the breakdown for muggles:

If you've been using crypto for a while, you know how clunky it can get.

You have to write down 12-word passwords on paper, store your long-term holdings on what looks like a USB stick, and then make sure no one steals it from you.

Yet if she opens the right drawer, your ex might run away with all your funds and party it up in Dubai with the greatest-comeback-of-the-last-decade-actor Penn Badgley.

The process is messy (including getting your ex back from Dubai).

That's why tons of OGs lose their keys and crypto every day, something we talked about last week:

But that's all about to change.

Ethereum is introducing smart wallets, which allow you to:

• easily recover a lost wallet with social recovery

• multi-sign transactions with multiple people

• set a spending limit (for all my YOLO gamblers)

• bundle and auto-approve transactions (e.g. for crypto games)

• enable 2FA

In short, it gives you the same features a bank would without having to trust a bank.

It's one of the biggest User Experience (UX) updates to crypto, and Prince Vitalik wants it to help onboard the next billion people into crypto.

Like the ETH Foundation says, normal people don't write down 12-word passwords. We agree.

All hail Vitalik.

✅ Task: earn $15 for learning about Smart Accounts

In the ETH community, these new wallets are called smart accounts. In fact, the technical term for the upgrade is account abstraction.

Yeah I also don't know why they always have to make it sound so complicated.

Your mission for today, should you choose to accept it, will be to learn about smart accounts by summarizing a short article on the topic.

So Step #1: Read the following article:

Step #2: Summarize it in your own words and send it to us by filling in this form:

We'll pick two submissions at random and give them $15 each.

And that's it for today folks.

Smart wallets are just around the corner. It's easy to forget how fast crypto is moving forward when prices go mehh for a little too long.

Tomorrow is Wallet Wednesday, our favorite task of the week. We hope you're as excited about it as we are.

Speak to you then,

Alex.

P.S: if you want the 20/80 of smart wallets, you can also read this: