Discover more from Token Dispatch
Ethereum Merge goes live - Beginning of the Proof-of-Stake era
Ethereum is now more energy efficient, secure, scalable and much cheaper. Yes, finally, the Merge is done! Sorry, "Miners."
Ethereum's journey from Proof-of-Work consensus to Proof-of-stake mechanism has been long and one of the most anticipated events in the crypto space.
Well, it was all smooth, and it's good to see the sceptics and onlookers recognize the accomplishment of such a significant event in the cryptosphere. One hell of a flex!
Ethereum should now consume 99.9% or so less energy. People concerned about Environmental issues can finally take a breath.
According to the Crypto Carbon Ratings Institute, the network reduces climate pollution from approximately 11 million tons of CO2 emissions per year to approximately 870 tons, slightly less than the amount of energy used by 100 US homes in a year.
Ethereum's historic switch to proof of stake on Thursday morning went off without a hitch, and Validators have taken the place of Miners.
This means all transactions on the Ethereum network will be validated by individuals and organizations which have deposited, or staked, sizable amounts of ETH, which will reward them with new ETH.
Currently, one can only deposit ETH into Ethereum's staking mechanism. Ethereum's developers have yet to implement a withdrawal feature, which is high on their priority list.
There was even an "Ethereum Mainnet Merge Viewing Party." More than 41,000 people tuned in to watch the party on YouTube. The Merge was officially completed after about 15 minutes, and the price of ETH was largely flat after the Merge.
The Ethereum Network's transition to proof of stake has had no detrimental effect on any digital assets, apps, or decentralized finance (DeFi) systems it supports.
What's next for ETH? Of course, the post-Merge "Shanghai" upgrade. The Shanghai update, which is scheduled for next year, will enable Ethereum holders to withdraw their deposited ETH.
Coinbase will now inform crypto positions held by political leaders on the app
One of the cryptocurrency companies attempting to lead the way in establishing the regulatory framework for the digital asset market for digital assets is Coinbase. The company plans to start incorporating crypto policy work into its app.
The CEO, Brian Armstrong, claims that by doing this, the 103 million verified users of the company will be better able to understand the positions that their local government leaders and representatives have on cryptocurrencies.
Coinbase will use a scorecard created by the Crypto Action Network, which assigns a grade to each member of Congress based on their position on cryptocurrencies and publicly available statements and actions regarding crypto policy. The scale of grades is "A" to "F." The CEO said this would "help pro-crypto candidates solicit donations from the crypto community (in crypto)".
Thai SEC intends to ban crypto lending in the country.
According to a news release on Thursday, Thailand's Securities and Exchange Commission (SEC) prohibited cryptocurrency companies from providing staking and lending services.
Operators will be prohibited from accepting deposits of digital assets with the promise to return deposits to depositors, even if the returns originate from marketing budgets rather than the assets' increasing value.
The ailing Zipmex exchange, which has affiliates in Singapore, Thailand, Australia, and Indonesia, is one of the exchanges that has stopped accepting withdrawals.
Starting in October, the SEC will also enact strict advertising regulations for cryptocurrency companies doing business nationwide, including social media influencers and bloggers.