Tech TLDR: 😃 Goodbye to Losing Wallet Access, Hello to ERC-4337

Web 360: The AI, Crypto, Web3 and Tech Newsletter

This weeks Tech, Web3, Crypto and AI news

🤖 OpenAI's API is here
🦾 The Terminators have arrived.
😃 Goodbye to Losing Wallet Access, Hello to ERC-4337

AND NOW THE NEWS

OpenAI's API is here!

OpenAI has recently announced that third-party developers can now integrate their ChatGPT into their apps and services through an API, making it cheaper than their existing language models. They have also released Whisper, their AI-powered speech-to-text model, for use through an API and have made significant changes to their developer terms of service.

Although OpenAI's ChatGPT API can be utilized for more than just creating an AI-powered chat interface, they highlighted several companies that have been using it for that purpose, including Snap's My AI feature. OpenAI has introduced a new model family called gpt-3.5-turbo, which they believe is the best model for many non-chat use cases. It is important to note that the model Microsoft's Bing uses is not the same as ChatGPT, and Microsoft claims their model is faster, more accurate, and more capable.

OpenAI has stated that they are offering 1,000 tokens for $0.002, which is 10x cheaper than their existing GPT-3.5 models, thanks to a series of system-wide optimizations. However, it's important to note that one snippet of text sent to the API could cost several tokens. Tokens are the blocks of text that the system breaks sentences and words into in order to predict what text should come next.

Written by: VimalV5Final

The Terminators have arrived.

The recent announcement of Tesla's Optimus prototype has reignited the discussion about the potential of humanoid robots. It has also opened up the debate about whether building robots in our image is the right approach. Figure, a startup that just came out of stealth, is betting on humanoid robots being the future. The startup, which is backed by Archer co-founder Brett Adcock, has a 40-person team with experience from companies like Boston Dynamics, Tesla, and Apple SPG. Their goal is to build a general-purpose bipedal humanoid robot that can be commercialized.

The alpha build of the robot, called Figure 01, was completed in December and is currently being tested in Figure's Sunnyvale offices. The company believes that their humanoid robot is at the forefront of any electromechanical humanoid in history. They are also working on their second-generation humanoid robot, which they claim will be feature-complete for commercial operations. The team believes that validation of the humanoid in commercial operations is the critical milestone for the company.

While the idea of humanoid robots has been around for decades, no one has yet managed to crack the code. Figure believes that with their team's expertise and a lot of time and money, they can finally commercialize a general-purpose bipedal humanoid robot. However, as Playground Global partner Peter Barrett pointed out, our bodies are not necessarily the hallmark of efficiency or product design. The debate about whether building robots in our image is the right approach continues.

Written by: VimalV5Final

This Issue Sponsored by...

Every day, the team at Web3 Daily writes an email to your mom.

(Yeah. That’s right, your mom.)

The email is full of the latest Web3 news, but it’s translated into plain English, which means everyone can understand it.

So if you’re sick of pretending to know what a ‘layer 2 cross-chain protocol’ is and want to learn about Web3, without your eyes glazing over:

AND BACK TO THE NEWS

Goodbye to Losing Wallet Access, Hello to ERC-4337

I know some of you are nodding off after reading “ERC-4337” in the headline, but I promise this is news that everyone *should* get excited about.

Imagine this:

You’re a fresh-faced, newcomer to the crypto world, eager to start making millions within the first hour of learning about what a token is. All guides point to creating a wallet first, to house your potentially massive token gains. So you start with MetaMask and create your first wallet address, and eagerly write down your 12 or 24-word seed phrase. Then you come across a DeFi protocol with huge staking potentials, but they require you to use a specific wallet in order to use their service. “No biggie” and create another wallet. Then you come across another wallet provider stating you can get a free ENS domain if you sign up with them. “I like free stuff” and you move forward there. So forth and so on. Eventually you have 15 wallets, but you became a bit lazy in writing down seed phrases for each and tracking what tokens you have in what wallet. Then you notice that one protocol you had put in $1000 worth of staked tokens is now worth 100x that much, and for some reason you can’t find the wallet provider you used, nor the address, and much less the private key/seed phrase to access it.

If this sounds ridiculous, it really isn’t. There are MANY stories of people losing access to their wallets, which were filled with BTC, ETH and other tokens that are worth quite a bit today. And they certainly won’t be the last either. This has been a problem for a long time, and although the process around wallet security has improved, it is far from perfect.
Enter in ERC-4337, the standard for “account abstraction” or smart accounts, in laymen terms. This new feature will allow 2FA, phone linking which will essentially provide a hardware wallet solution, social recovery (friends can verify it’s you) and much more.

This is a big step towards bringing crypto to the masses. It’s been a long time in the making, 2015 to be exact:

Written by: nikethereum.eth / Medium / Mirror

One Last Thing...

Everything is fine...

Buy, sell, or send it to 0?
— The Nifty (@niftyportal)
Mar 3, 2023

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