Welcome to our February newsletter!
It's hard to believe how quickly the month has passed, isn't it?
Let's take a moment to catch up on all the highlights and exciting events that have unfolded over the past few weeks
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Impact DAO of the Month: ReFi DAO
ReFi DAO is a community-driven organization using blockchain technology to promote regenerative finance principles worldwide. They empower communities through knowledge sharing, fundraising support, and fostering opportunities aligned with their mission.
Central to their efforts are ReFi Local Nodes, acting as community hubs for grassroots regenerative initiatives. Through supporting projects and building an online community, ReFi DAO showcases the transformative potential of regenerative economics in addressing global challenges.
Our Magic
We've been on a mission to conduct more UX audits this month, and you can find them in our GitHub repository. Stay tuned for an upcoming article where we'll delve deeper into our findings! Speaking of missions, it's been a busy time as we've submitted mission applications for Optimism Season 5.
Plus, we're currently hard at work on several exciting projects that we can't reveal just yet.
Stay tuned for updates - trust us, they'll be worth the wait!
🙏High Praise: Krati
It's that time again when we come together in our #Praise channel to celebrate the amazing accomplishments of our team members.
This month, we're giving a big shoutout to Krati for her outstanding contributions to our community. Serving as our CTO and leading our dev team, Krati skillfully manages and supervises our development projects.
We're truly thankful for Krati's efforts in making General Magic thrive.
Deep Dives: Account Abstraction
Account abstraction refers to a concept aimed at simplifying user interactions with the blockchain by redefining how accounts are managed and operated. It seeks to hide technical complexities from users, allowing them to benefit from advanced features and functionalities without needing to understand the underlying technical processes. Essentially, it abstracts away the intricacies of account management to provide a more user-friendly and intuitive experience.
Now, let's dig into the basics of account abstraction
Understanding Ethereum Accounts: Ethereum primarily operates with two types of accounts - Externally Owned Accounts (EOAs) and Contract Accounts (CAs). EOAs are controlled by private keys and are used by regular users to interact with the Ethereum network, while CAs, also known as smart contracts, are deployed on the network and execute predefined code when triggered by transactions.
Limitations of EOAs: EOAs have limitations in terms of user-friendliness and functionality. Users need to manage their private keys securely, and losing access to the private key can result in a complete loss of funds. Additionally, EOAs are required to initiate all actions on the network, including transactions and interactions with smart contracts, which can be cumbersome and limit certain functionalities like batch transactions.
Smart Contract Wallets: Account abstraction seeks to address these limitations by effectively turning EOAs into smart contracts. This enables the creation of smart contract wallets, where users can benefit from enhanced security features and improved user experience. Smart contract wallets can incorporate advanced security measures such as biometric verification or social recovery mechanisms, reducing the reliance on private keys and mitigating the risks associated with key management.
Flexible Functionality: Smart contract wallets offer greater flexibility in terms of functionality compared to traditional EOAs. They can facilitate features like paying transaction fees in various tokens, automating payments, batching transactions for improved efficiency, and setting session-based interactions for specific use cases like gaming or social networking.
Progress and Adoption: While the concept of account abstraction has been under discussion for some time, recent developments, such as the authorization of EIP 4337, indicate progress towards its implementation on the Ethereum network. Additionally, Layer 2 solutions like StarkNet and ZK Sync have embraced account abstraction, showcasing its potential to enhance scalability and usability beyond the Ethereum mainnet.
If you're eager to explore further, there's a fantastic workshop centered around the topic of account abstraction.
Show Your Support for Impact DAO Projects with our Merch Shop!
TEC, short for Token Engineering Commons, is on a mission to become the go-to hub for the token engineering community. Their goal? To fund projects, develop best practices, and unite the token engineering field around ethical principles and standards.
And here's how you can support them: Every purchase from our swag shop directly contributes to TEC's mission. So, by snagging some TEC merch, you're not just adding cool items to your wardrobe — you're also helping TEC continue their important work in shaping the future of tokenized economies.
Join us in supporting TEC and their efforts to create a more sustainable and ethical world through token engineering.
Logs from the Giveth Galaxy:
🔄Pairwise is taking part in the Glo Dollar x Arbitrum QF Round, and your support would mean the world to us!
💜 Giveth It's been another incredibly eventful month for Giveth! They recently wrapped up a successful QF round with Meta Pool for projects in the APAC region. Plus, they've just announced a new QF round with ENS DAO, happening very soon. Also Giveth just announced that Arbitrum is now live on their platform for all projects and donors.
🙏 Praise has just published a new article to help you master the art of giving Praise. Take a moment to give it a read and discover valuable insights on how to make Praise a regular habit.
🌞Our fundraising team started Office Hours for anyone interested in delving into public goods grants and expanding their knowledge through open discussions.
Thanks for joining us on this journey, and we'll see you next time with more exciting updates!
Best,
The General Magic Team 🪄✨
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