Crypto Market Overview September 15th | Dex-Trade
Long Live PoW!: Ethereum 2.0 Successfully Launched
As promised by Vitalik Buterin, a large-scale update of the Ethereum blockchain was launched today, as a result of which crypto-silver switched from the Proof-of-Work (PoW) consensus model to Proof-of-Stake (PoS). Thanks to this, the power consumption of the coin network decreased by 99.9%, eliminating the use of energy-intensive processors for mining. Note that the transition itself is not unplanned and was caused by the fact that the Ethereum main network reached the “limiting total complexity” — a predetermined point at which ETH mining became virtually impossible. As a result of carefully considered accompanying changes, the cryptocurrency network began to switch to PoS automatically. By the way, it is already rumored that the Ethereum 2.0 update will also have a significant impact on the inflation rate of the coin. The Ethereum Foundation says the amount of new ETH entering the market will drop significantly. So, before the merger, about 13,000 ETH per day were issued, and now this number will drop to about 1,600 ETH per day. However, do not expect fantastically fast changes. The current update will not yet make the cost of doing business on the Ethereum network more affordable. At least until the next update. The speed of the network, by the way, will also practically not change. Vitalik Buterin said at the Ethereum Foundation party that with the current upgrade, the network is a big step closer to realizing the vision of its founders.
Michael Saylor Defends BTC Against "Inevitable Obsolescence"
The transition of Ethereum to PoS was a serious blow to Bitcoin evangelists, who undertook to protect their favorite even more than ever, despite the fact that BTC is obviously becoming technologically obsolete. One of the brightest Bitcoin maximalists, MicroStrategy executive chairman Michael Saylor, even before the ETH upgrade, wrote a long tweet in which he spoke out against what he calls “misinformation and propaganda” about the impact of Pro-of-Work (PoW) on the environment . Sailor tweeted out seven of his "high-level thoughts" on BTC mining and its impact on the environment. He criticizes opponents who believe that bitcoin mining is not energy efficient. As an argument, he cites the Global Bitcoin Data Mining Review report for the second quarter, published in July by the Bitcoin Mining Council: “Our metrics show ~59.5% of energy for bitcoin mining comes from sustainable sources and energy efficiency improved 46% YoY.” Saylor's argument is that the BTC mining industry has come under intense pressure due to its perceived environmental impact. This has even led some US states to take steps to ban cryptocurrency mining. The businessman claims that the continuous improvement of the network and the "relentless improvement of semiconductors" make mining much more energy efficient. But only in comparison with how it was before...
That's Why Anatoly Yakovenko's Solana Is Trying to "Overtake" Ethereum
In a new interview with Scott Melker, Solana (SOL) co-founder Anatoly Yakovenko said that Solana’s high-performance blockchain could one day become a benchmark, allowing the coin ecosystem to eliminate market inefficiencies. Actually, in this Yakovenko sees the superiority of SOL over ETH. In addition, the businessman and crypto engineer states that the key task is to prepare the Solana blockchain to become the reference system for all global financial data: “This is like my science fiction end goal for Solana is that when news travels around the world, state transitions travel at the same speed as news, by the time that news hits a Bloomberg terminal in New York, the price of whatever that thing was reflecting is already being propagated through Solana. So when a trader looks at a market at NYSE (New York Stock Exchange) or Solana it’s the same price. It means there’s no real arbitrage allowed. That will require a lot of work. We joke that if we have to do it, we will build a neutrino-based communication between nodes to cut through the center of the earth to reduce latency.” The idea about neutrinos is interesting, but with the entanglement of microparticles on quantum computers, it seems that it should come out faster. In any case, the founders of Ethereum were definitely not prepared to compete in this sport…
