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Canadian Trade Minister LeBlanc: We will extend the temporary suspension of the federal fuel tax until January 31, 2027.U.S. Central Command: As of September 2, it has forced 86 merchant ships to change course, rendered 3 ships inoperable, and boarded and inspected 2 ships to ensure they comply with relevant requirements.U.S. Energy Secretary Wright: The United States will impose very strict controls on the flow of funds under the NABEP agreement with Venezuela.On September 3, U.S. Treasury Secretary Matt Bessen stated that the Ukrainian drone attacks on Russian energy facilities are one of the reasons for rising global energy prices. When asked about the high cost of living in the U.S., he first mentioned the attacks before addressing the war with Iran. Bessen said on Fox News Wednesday, "We are currently experiencing an energy shock stemming from both the conflict in Ukraine—because Ukraine decided to bomb Russian energy assets and refined petroleum products, which is putting upward pressure on global prices—and the conflict with Iran." These attacks by Ukraine forced Moscow to extend its diesel export ban until the end of the month. This development, coupled with the relatively smaller volume of fuel shipments passing through the Strait of Hormuz compared to crude oil, has led to a tightening of global supply. Bessen had previously stated that oil pipelines would eventually help energy suppliers bypass the Strait of Hormuz, and that the strait would become irrelevant in the coming years as suppliers develop other energy routes.On September 3rd, Meta released the Muse Spark 1.3 model update, claiming significant performance improvements in coding and intelligent agent tasks. Alexandr Wang, head of Meta AI, stated that the new model is "competitive with state-of-the-art models" and will pave the way for future personal AI agent products, helping users create AI assistants that can work on their behalf around the clock. The price of Muse Spark 1.3 remains consistent with the previous version, a pricing strategy Wang described as "aggressive." Meta also stated that its "contributor tier" option has been well-received by developers. This program significantly reduces the cost of coding products by allowing Meta to use developers work to improve the model, and a "meaning double-digit percentage" of developers have already chosen this option. Wang stated that as model capabilities improve, security has become a crucial issue within Meta, and the company is increasing its investment in security and alignment. Muse Spark 1.3 will be available on Muse Code and the Meta API on the same day, with the highest inference version to be released after additional security testing.

Ethereum Development 55% Complete After Merge: Vitalik Buterin

Alice Wang

Jul 25, 2022 15:13



Vitalik Buterin discussed the long-term viability of the network on July 21 at the annual Ethereum Community Conference (EthCC) in Paris.


With just two months before Ethereum (ETH) switches from energy-intensive proof-of-work mining to proof-of-stake consensus, the highly anticipated Merge was a hot subject.


To an audience of developers, Buterin said, "After the merging, you will be able to construct an Ethereum client that does not even know the proof-of-work phase has occurred."


He continued by saying that developers still had a lot of work to do since the network as a whole will only be "55 percent complete until we conclude the Merge." Although there may be delays, September 19 has been set aside for The Merge, which will connect the current Ethereum chain with the fresh Beacon Chain.

Massive Planned Ethereum Scaling

The transaction costs associated with Ethereum, which soar when the network is overloaded, are one of the most often voiced grievances. As a consensus change, The Merge won't resolve this problem, therefore transaction fees will continue to vary and become more costly during periods of high block space demand.


As the network grows, this problem will be addressed by upgrades scheduled for the next year.


 Ethereum "will be a far more scalable system by the conclusion of this road plan," said Buterin, adding that it "will be able to perform 100,000 transactions per second" by then. The network can only handle 15-20 transactions per second at the moment, which makes wider adoption impractical.


Buterin suggested more improvements with the rhymes "surge," "verge," "purge," and "splurge" in addition to the present one. These are a component of the network's cleaning phase and scale development, which are anticipated to be implemented in the next years.


He continued by saying that there will be significant adjustments to the security model, token supply, and monetary policy of Ethereum. Currently, around 5.5 million ETH are still being issued annually for Ethereum. Once the Merge takes place, the EIP-1559 upgrade's transaction fee burning procedure will render issuance deflationary, causing the supply to gradually decline.


More than 2.5 million ETH have been burned or lost when the update was introduced in August 2021. This is worth almost $4 billion at the present pricing.

Merge momentum is still present

Asset values are still rising as a result of these monetary characteristics, which are the exact opposite of inflationary fiat currencies. As interest in Merge rises, ETH has gained 33% over the previous week.


Following a monthly gain of 40%, ETH was up 2.5 percent on the day and trading at $1,578 at the time of writing. It is driving the current crypto market rise, but next week's macroeconomic data and worries about a recession may swiftly send everything spiraling downward.

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