Ethereum completes its highly-anticipated merge
Major cryptocurrency Ethereum is cutting its energy consumption by 99.99 per cent
The Ethereum network will drop its megawatt hours from 23 million to to 2,600 per year.
The major cryptocurrency dropped its proof of work concept, which uses extra computing power to validate new transactions.
The energy-intensive process allows miners to validate new blocks on the chain and earn tokens.
But the highly-anticipated merge is expected to cut the crypto’s greenhouse gas emissions altogether.
It means people using the network will not need expensive and complex mining computers to use Ethereum.
“The successful Ethereum merge is an audacious feat of technical innovation,” said Caroline Bowler, who is the Chief Executive at BTC Markets.
The merge has been years in the making but executives believe there are more technical changes ahead.
Ethereum’s co-founder, Vitalik Buterin is reportedly seeking to make the network more resistant to quantum attacks.
“Vitalik Buterin was clear, this is another step forward for the network, but not the final destination,” Ms Bowler said.
Meanwhile, the Chief Executive from the deVere Group, Nigel Green said the merge is a major overhaul for the entire sector.
“This is far-reaching overhaul of the most commercially important blockchain in the digital asset ecosystem is probably the most important, landmark event in crypto history, since the launch of Bitcoin,” he said.
Following the merge, the price surged before quickly falling. It is currently sitting at USD1,478.98.
Is the metaverse the future of social network?
U.S. firms like Meta, the parent company of Facebook and Microsoft are going all in on the metaverse. Meanwhile, Chinese companies appear to be taking a more cautious approach amid tighter regulation.
#metaverse #china #unitedstates #tech #veronicadudo #ozsultan #crypto
Who will win the global metaverse race?
China is looking to invest in the metaverse market as numerous cities rollout policy proposals.
Technology continues to change our lives forever.
As new advancements are released to the public—safety continues to be a major concern.
People are interacting with computers in a different way, with the word Metaverse becoming a buzzword in both the tech and business industries.
While the term, “metaverse” is broad, it refers to a set of digital spaces online—including 3D—that allows people to do many things from socializing and learning to interacting and collaborating.
Analysts say it’s the next evolution in social connection and the successor to the mobile internet.
According to Morgan Stanley, the metaverse market could be worth $8 trillion in the future.
China’s technology giants are investing in the metavese and recently, numerous Chinese cities have announced policy proposals to attract and support metaverse companies.
This comes after tense year of regulatory scrutiny on the countries tech sector.
The Chinese city of Zhengzhou recently announced a series of policy proposals to support metaverse companies operating in the region.
The initiative involves the municipal government establishing a nearly $1.5 billion dedicated fund in an effort to foster growth and development in the industry.
So, is the metaverse taking the world by storm?
Oz Sultan from the Sultan Interactive Group joins us to discuss. #china #metaverse #veronicadudo #ozsultan #regulation #crypto #tech
North Korean hacker groups steal billions in crypto assets
G7 finance ministers are supporting measures to counter growing threats in the crypto space
Hacker groups associated with North Korea have stolen over $700 million worth of crypto assets since 2017 from Japanese firms and businesses.
The amount equates to 30 per cent of the total of such losses globally.
This comes on the back of G7 finance ministers supporting measures to counter growing threats.
In total, hackers has stolen a total of $2.3 billion in cryptocurrency from businesses between 2017 and 2022.
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