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July 17, according to Russian media and officials, Ukrainian drones have appeared in many parts of Russia. On the night of July 17, the Ukrainian military launched a larger drone attack on western Russia, including Moscow. Moscow Mayor Sobyanin claimed that the air defense system shot down three drones approaching the Russian capital between 2:03 a.m. local time, but did not mention casualties or losses. In St. Petersburg, Pulkovo Airport suspended operations at 5 a.m. local time, possibly due to the approach of drones. The governor of Belgorod Oblast said that Ukrainian drones launched an attack in the city of Belgorod, killing one person and injuring six people. In the city of Voronezh, a drone attacked a residential building, injuring three children.Johnson, speaker of the U.S. House of Representatives, said that the vote on the GENIUS bill will take place tomorrow and the CLARITY bill may take place next week. He also added that the House of Representatives will include anti-CBDC (central bank digital currency) legislation in the National Defense Authorization Act (NDAA).On July 17, Citi Research reported that Baidus (09888.HK) advertising revenue may continue to be under pressure in the second half of the year. With the tech giant rapidly improving its AI search capabilities and low sentiment for advertising spending, the drag on advertising revenue may be greater than Citi previously expected. The bank lowered Baidus core advertising revenue forecasts for the second and third quarters by 6.1% and 8.9%, respectively. Given the greater negative impact of higher-margin advertising revenue, Citi analysts also lowered Baidus core operating profit forecasts for the second and third quarters by 21% and 24%, respectively. Citi maintained its buy rating on Baidu and raised its ADR target price from $138 to $140.The Hang Seng Index turned to decline during the session, having previously risen by more than 0.6%.Kazuhiko Aoki, Deputy Chief Cabinet Secretary of Japan: We will create a stable market environment to ensure the smooth issuance of Japanese government bonds.

Cryptoverse: Electric ether leaps on verge of Merge

Jimmy Khan

Aug 16, 2022 14:40

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The "Merge" is very probable to occur in September after years of delays, with the blockchain's underlying encryption undergoing a major change to a system where the production of new ether tokens becomes far less energy-intensive.


The ethereum ecosystem is experiencing exciting times, according to Omar Syed, co-founder of the smart contract platform Shardeum. Although I anticipate some controversy around the Merge, I don't anticipate any technical difficulties.


According to investors, ether is outperforming big brother bitcoin.


Even though it's far off its November 2021 record of $4,868.79, Ether has witnessed increases for six straight weeks, taking it up from a 1-1/2-year low of $880 in mid-June to values around $2,000 at this point.


Comparatively speaking, Bitcoin has been insignificant, rising 37% from its June low to $24,116.


Ether is eroding giant bitcoin's market share: according to CoinMarketCap, it now represents almost a fifth, or 19.7%, of the overall cryptocurrency market value of $1.14 trillion, up from less than 14.9% two months ago. The percentage of bitcoin has decreased during the same time period, from 44.9% to 40.2%.


According to Alex Miller, CEO of Hiro, which develops developer tools to create apps for bitcoin, "Crypto is still extremely closely tied, and I believe when the Merge successfully completes it might push up the price of bitcoin as well."


If Ethereum's developers are successful, as is widely anticipated, it might revolutionize the blockchain by making it easier to use and more affordable to mine for fintech and other cryptocurrency businesses.


Of course, there are many uncertainties surrounding the illusive shift, which has been postponed multiple times. Most recently, engineers abandoned plans to activate the switch in June, which alarmed investors who started to worry that it would never happen.


The Merge is also risky, and should it fail, the fate of the about 122 million ether in circulation, valued at nearly $232 billion, might be at jeopardy.


According to Miller of Hiro, if the update fails, it would "reset the whole crypto industry back five or ten years."

Intricate bomb

The proof-of-work (PoW) technique of verifying blocks is presently used by the Ethereum blockchain. Miners employ enormous amounts of power to swiftly solve challenging computational challenges in order to earn freshly generated currency.


A proof-of-stake (PoS) system, which only needs miners to "stake" their currencies to confirm transactions and produce new blocks, has been tested by Ethereum on a separate chain. It guarantees a 99.99% decrease in the energy used by the blockchain and primes it for quicker transactions.


The impending merging of the two networks hasn't gone down well with everyone, especially ether miners whose pricey mining equipment will become outdated and useless for mining bitcoin.


Mining ether has historically been more lucrative than mining bitcoin. According to Arcane Research, ethereum miners earned $18 billion in 2021 compared to bitcoin miners' $17 billion.


Some miners have made the decision to switch to mining the tokens ethereum classic or ravencoin, which are currently the best alternative.


The possibility that some individuals would continue to operate the PoW chain after the merging in order to compete with the upgraded blockchain is raised by the announcement by at least one miner that they want to resist and continue mining Ethereum.


That choice, however, has drawbacks.


The "difficulty bomb" that Ethereum's developers have created would dramatically raise mining difficulty, discouraging the PoW parallel chain after the Merge.


The chance of a greater acceptance of the parallel PoW chain is further decreased since the two biggest stablecoins, Tether and USDC, have backed the Merge.

Bubble futures

According to Alex Thorn, head of firmwide research at Galaxy Digital, "the chances of Ethereum experiencing a long-lasting chain split after the Merge remain remote."


However, positioning in the futures market suggests that at least some investors are planning for a hard fork or a rival PoW chain.


According to Matthew Sigel, head of digital assets research at investment firm VanEck, ether futures were also trading at a premium of $1,905 on the CME platform, "indicating predictions about a proof of work fork."


He said, "But that disparity is not so great as to suggest there is tremendous froth.