As one of the leading cryptocurrency exchanges, Coinbase is always at the forefront of innovation. Recently, the company announced its exploration of a new Ethereum execution client, aiming to enhance diversity in the Ethereum ecosystem. This move is expected to bring about significant changes in the cryptocurrency landscape.

Understanding Ethereum Execution Clients

Ethereum execution clients, also known as Ethereum nodes, are software applications that connect with the Ethereum network to validate transactions and smart contracts. They play a crucial role in maintaining the security and integrity of the Ethereum blockchain.

Currently, the Ethereum ecosystem is dominated by two major clients, Geth and OpenEthereum. However, the dominance of these two clients poses a risk to the network. If one of them fails or encounters a bug, a significant portion of the network could be affected, leading to potential security issues.

The Need for Client Diversity

Client diversity is essential for the robustness and security of the Ethereum network. It reduces the risk of network failure and enhances the overall resilience of the system. By introducing a new Ethereum execution client, Coinbase aims to diversify the ecosystem and mitigate potential risks.

• Reduced Risk: With more clients, the risk of network failure is significantly reduced. If one client encounters a problem, others can continue to operate, ensuring the smooth functioning of the network.
• Increased Security: A diverse client base enhances the security of the network. It makes it harder for attackers to exploit vulnerabilities, as they would need to find and exploit vulnerabilities in multiple clients.
• Improved Innovation: Client diversity also fosters innovation. Different clients can experiment with new features and improvements, leading to the overall advancement of the Ethereum ecosystem.

Coinbase’s Exploration of a New Ethereum Client

Coinbase has announced its exploration of a new Ethereum execution client, known as Erigon. Erigon, formerly known as Turbo-Geth, is an Ethereum client designed to be lightweight and efficient. It offers faster sync times and lower resource usage compared to other clients, making it an attractive option for the Ethereum ecosystem.

By exploring the integration of Erigon, Coinbase aims to contribute to the diversity and resilience of the Ethereum network. This move aligns with the company’s commitment to supporting the Ethereum community and its ongoing efforts to improve the security and performance of the network.

Implications for the Ethereum Ecosystem

The exploration of a new Ethereum client by Coinbase could have significant implications for the Ethereum ecosystem. It could lead to increased client diversity, improved network resilience, and enhanced security. Moreover, it could stimulate innovation and competition among Ethereum clients, leading to the development of new features and improvements.

Furthermore, Coinbase’s move could encourage other exchanges and companies to contribute to the Ethereum ecosystem. This could lead to a more diverse and robust Ethereum network, benefiting all participants in the ecosystem.

Conclusion

In conclusion, Coinbase’s exploration of a new Ethereum execution client is a significant step towards enhancing the diversity and resilience of the Ethereum ecosystem. By introducing a new client, the company aims to reduce the risk of network failure, improve security, and foster innovation. This move could have far-reaching implications for the Ethereum ecosystem, leading to a more diverse, robust, and innovative network.

As the Ethereum ecosystem continues to evolve, it is crucial for participants to contribute to its diversity and resilience. Coinbase’s exploration of a new Ethereum client is a testament to this, demonstrating the company’s commitment to supporting the Ethereum community and its ongoing efforts to improve the network.

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At Bitcoin 2023 in Miami Beach, global bitcoin payments service Strike announced that their service is now available in 65 more countries spread across six continents. This coincides with the introduction of the ability to receive funds in U.S. dollar equivalents, namely USDT. In addition, the app received a major facelift and overhaul that has made the UI cleaner, the UX friendlier and also includes a new logo.

Many of the countries that have been requested by users of Bitcoin Twitter are now able to instantly send and receive money utilizing the Lightning Network. In an interview with Strike’s VP of Product, Manuela Rios, she explained that the app now has an effective reach of 3 billion people.

“With Send Globally, the value prop is that you send dollars and receive as a local currency directly in a bank account on the other side … this one’s different — what we found through user research that people on the other side in jurisdictions with weak currencies would say ‘Hey this experience is amazing, but can I have a dollar equivalent?’”

In regards to purchasing Bitcoin, Rios said that “globally, you don’t see a seamless experience.” So the new Strike app also functions as a Lightning wallet where you can buy and sell bitcoin via dollar equivalent rails.

At his speech at Bitcoin 2023, Strike CEO Jack Mallers explained the wider vision of the updates, saying “We’re delivering a cash balance that the global south can rely on, and an awesome beautiful punk unconventional black and white brand, as the Fed is driving our own banks insolvent.”

He also highlighted the company’s response to feedback, displaying a set of tweets asking for LNURL support, shortly after announcing that the new app has LNURL support — all [email protected] function as a LNURL as of the launch.

“We made a lot of product changes to support what we hope to become an amazing global money app,” Mallers said. “As a company, we know what we’re fighting for, we know who we are, we changed the way we looked, but we never changed the way we felt.”

In addition to the new features and access, the app includes a simplified sign-up process in order to make signing up easier. “The end goal for us is to serve 7-8 billion people, and we’ll be stepping our way to make it to the countries that didn’t make it in this MVP,” Rios explained.

Rios explained the impact of the launch and additional features, saying that “For the Bitcoiners, you can expect a beautiful Lightning wallet and a cost effective way to buy bitcoin, and for the people not yet so familiar with bitcoin, but are familiar with 109% inflation, giving them access to a U.S. dollar equivalent stablecoin is massive — now you can save in something that won’t be so quickly devalued.” 

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On Monday, Wasabi Wallet and the open-source bitcoin payment processor Btcpay announced a new plugin for the Btcpay server. The plugin implements Wasabi’s Wabisabi coinjoin coordination protocol, allowing merchants to benefit from privacy enhancement. By activating the newly launched plugin, all the funds that merchants receive and send will be coinjoined, or mixed together with other bitcoin transactions.

New Btcpay Server Plugin Aims to Bolster Bitcoin Privacy

According to an announcement from the privacy-centric bitcoin wallet platform Wasabi Wallet and the bitcoin payment processor Btcpay, merchants now have the ability to obfuscate their incoming and outgoing bitcoin (BTC) transactions.

The technology comes in the form of a new plugin for Btcpay, which was developed by Andrew Camilleri and based on Wasabi Wallet’s Wabisabi coinjoin coordination protocol. The Btcpay plugin’s scheme “protects the privacy of all their incoming and outgoing transactions by preventing sensitive information about their store’s payment history from leaking to unconcerned parties,” Wasabi explained in a summary sent to Bitcoin.com News.

“Btcpay Server was created to empower individuals and businesses to regain their financial sovereignty,” said Kukks, the developer of the Btcpay Coinjoin Plugin, in a statement. “The Wasabi Wallet team and I are proud to offer even more privacy protection with this new coinjoin feature. I believe that financial privacy is a fundamental human right, this feature is my contribution to that cause.”

The announcement details that all Btcpay Server merchants can utilize the coinjoin process with a liquid coordinator provided by Zksnacks, the firm behind Wasabi Wallet. Moreover, Btcpay Server administrators can start their own coinjoin coordinators on their own terms if they choose not to use the Zksnacks coordinator. The two firms further mentioned that the new coinjoin service also provides a payment batching feature that saves block space.

“It only made sense that it would include an optional coinjoin plugin with the most sophisticated privacy-enhancing tool for bitcoin,” Max Hillebrand, Wasabi Wallet contributor and the CEO at Zksnacks said. “As a coinjoin protocol, Wabisabi has been designed with merchants in mind, enabling payments inside coinjoin and optimizing block space usage to save on fees.”

Btcpay is not the only company that has collaborated with Wasabi and introduced the privacy-enhancing coinjoin technology. In September 2022, Trezor announced that it was adding a coinjoin implementation into the firm’s hardware wallet.

What do you think about the new Btcpay Server plugin and its potential impact on enhancing bitcoin privacy for merchants? Let us know your thoughts in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.