Bump MSRV to 1.79.0 to support bounds in associated type position

[v1gnesh]

Please feel free to rename the issue as appropriate.
I only have a hazy understanding of this topic, so may not be explaining this properly.
So, just pointing to the links instead 😅

https://blog.rust-lang.org/2024/06/13/Rust-1.79.0.html#bounds-in-associated-type-position
rust-lang/rust#122055

Can't quite put my finger on it, but I believe this'll help simplify the source a bit.

[mbrobbel]

MSRV was bumped in #269. There are more bounds that can be moved to the associated type position, but I don't think we need this task to track that work.