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The Merge is Coming – What are The Green Benefits? – Blockchain News, Opinion, TV and Jobs

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The Merge, which will see Ethereum move into a new era, leaving behind one consensus mechanism and beginning another, could not have come at a better time. Energy prices are soaring, the news about a warming earth is alarming, and the calls for energy reduction and greener solutions are growing louder each day. The stakes for the planet and its inhabitants are huge.

Ethereum was an energy inefficient network from day one, due to the old security system called proof-of-work, a system in which so called ”miners” gain the right to update the next block of transactions. This right is given by providing proof through solving challenging computational puzzles, after which miners earn new tokens in return. But there was a catch, in order to avoid too many new tokens from flooding the market, the puzzle solving got harder over time and subsequently also required more energy.

Digiconomist estimates that Ethereum miners have consumed 44.49 TWh per year which works out to 5.13 gigawatt on a continuing basis. This means that PoS (Proof-of-Stake), the meganism Ethereum will be running on after the Merge, is ~2000x more energy efficient based on the estimates above – and this number might still be on the conservative side.

After the Merge a reduction of at least 99.95% in total energy use is expected. Proof of stake only requires appointed validators to agree that a transaction is accurate, and once enough nodes verify the transaction, it simply goes through. There is no more need for solving challenging and energy consuming computational puzzles.

Junnu Salovaara, Head of Platform Development at regenerative finance (ReFi) company Likvidi, commented,

“The merge to proof of stake dramatically reduces Ethereum’s power consumption by 99.95%. In terms of energy consumption, it will now sit alongside other protocols that are considered sustainable, such as Tezos, Solana and Algorand. Given it’s still the second biggest blockchain in the world by a big margin, it presents an opportunity for sustainable blockchain projects looking for a home.

Previously, a single transaction consumed enough energy to power an average US household for a whole week. Post-merge, it will be closer to boiling a kettle.”

So, after Ethereum will be transitioning to a new process for validating transactions, which should be done around the end of September, the environmental footprint should shrink significantly. No more puzzle solving altogether, and therefore eliminating the need for powerful hardware and massive amounts of electricity to keep the blockchain going. That is, if it all goes well. So, what could possibly go wrong?

Developers say there’s nothing to worry about—they’re confident the merge will have no impact on asset security or app functionality.

But there is always a but. Digital assets currently built on Ethereum could be duplicated during the Merge onto a forked proof-of work network. While the real versions of NFTs and stablecoins will exist on the post-merge, proof-of-stake network, copies could therefore exist. Owners of these assets could sell these surplus tokens to make a buck.

But overal, the Merge should become a possitive transition. The new Ethereum network will appeal to institutions that have concerns with the current environmental impact of proof-of-work. Smaller computers requiring less power will be able to use the new network. Ethereum’s security will also improve. An attack on the network will become a much more costly matter. But the planet will be the biggest winner with the 99,95% reduction of energy use.

 



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WhalesNight AfterParty 2024 – Blockchain News, Opinion, TV and Jobs

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Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH 96960, MH 96960, April 26th, 2024, Chainwire

A Glittering Moment: BloFin Shines at TOKEN2049 

BloFin, a fastest-growing exchange platform, proudly announces its platinum sponsorship of TOKEN2049 Dubai and its exclusive SideEvent: WhalesNight AfterParty 2024. Following our previous role as the Gold Sponsor at TOKEN2049 Singapore, the BloFin team, now the Platinum Sponsor of TOKEN2049, continues to shine on this stage with its enthusiasm and original dedication to contributing to the cryptocurrency industry. 

BloFin successfully sponsored TOKEN2049 Dubai, which witnessed an extraordinary gathering of industry leaders, enthusiasts, KOLs, and innovators. Blofin’s participation in this prestigious event not only reaffirmed its commitment to fostering innovation within the blockchain ecosystem but also demonstrated its dedication to driving industry development forward. 

An Unforgettable Night: WhalesNight AfterParty 2024

As part of the conference, BloFin hosted the highly anticipated WhalesNight AfterParty 2024, promising an unforgettable evening of networking and celebration. 

Gratitude in Spotlight: Heartfelt Thanks to Valued Partners and Media

BloFin extends its gratitude to its esteemed media partners, including U.Today, BeInCrypto, CoinTelegraph MENA, Crypto.news and Chainwire, whose support has been instrumental in promoting this event. Additionally, BloFin appreciates the steadfast support and participation of its significant partners, KOLs, and attendees.

The Dubai Whales Night offers the BloFin team a valuable opportunity to meet with users and friends.

Matt, CEO of BloFin, shared his insights and expressed his excitement at the WhalesNight AfterParty. He stated “We understand the importance of trust. We will continue to provide our users with safe, reliable, and fast services.”

As we continue to expand our reach and enhance our offerings, Blofin remains steadfast in its mission to empower individuals and institutions to unlock the full potential of blockchain technology.

About BloFin:

As the fastest-growing crypto exchange, BloFin offers premium perps & futures trading services with over 320 USDT-M trading pairs and 100X trading volume. Now, it provides more high-quality products including spot trading, copy trading, earning, API access, and more. Ensuring utmost user fund security, BloFin has partnered with Fireblocks to safeguard users’ assets.

Contact

Head of Marketing and Public Relations
Annio Wu
BloFin
annio@blofin.io



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The AI-Based Smart Contract Audit Firm “Bunzz Audit” Has Officially Launched – Blockchain News, Opinion, TV and Jobs

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Singapore, Singapre, April 9th, 2024, Chainwire

  • Comprehensive security checks are now possible at only 10% of the traditional cost
  • The price and report creation is 10 times faster and cheaper than traditional firms
  • This firm optimized for projects that “want to audit contracts but have limited budgets” or “wish to conduct an initial audit during the development stage”

Bunzz, a Singapore-based web3×AI tech startup launches “Bunzz Audit,” an AI-driven smart contract auditing service offering fast, cost-effective audits with actionable insights for security improvements, scanning contracts from over 100 perspectives using AI and an extensive database.

Overcoming the Challenges of Traditional Smart Contract Audits in Blockchain Projects

Blockchain-related projects trade users’ assets on-chain, and the smart contracts governing this logic are at risk of being attacked. As a measure, “smart contract audits (Audit)” are conducted, but users of existing major audit firms face the following challenges:

  • The cost of traditional audit firms is very high (from 10K to 1M of USD).
  • Emphasis is placed on the “seal of approval” from major audit firms, making the original goal of “improving security” a mere formality.
  • Engaging an audit firm can delay product launches or token listings due to the time taken for audits.
  • The accuracy of reports and the cost of communication can be unstable depending on the audit firm’s personnel.

As an approach to solve these issues, Bunzz, the smart contract development infrastructure, has researched and developed an AI-based audit service, “Bunzz Audit.”

In the open beta version in January this year, Bunzz received a lot of positive feedback, and it has now officially launched “Bunzz Audit” as a formal version.

Product page: https://www.bunzz.dev/audit

The Significance of Using AI for Smart Contract Audits

The tasks performed by audit firms can broadly be classified as follows:

  1. Comparing clients’ contracts with previously identified vulnerability patterns to detect vulnerabilities.
  2. Detecting vulnerabilities derived from project-specific logic or operational inconsistencies.

For the first task, vulnerabilities in smart contracts are normally checked by humans reviewing the source code. However, due to variations in auditors’ knowledge of vulnerability patterns and their detection capabilities, oversights due to human error are a current issue.

In this regard, Bunzz Audit owns a database of previously discovered vulnerability patterns and adopts an auditing method that scans code from over 100 perspectives. This approach allows for comprehensive coverage and accurate, omission-free vulnerability identification, which is physically impossible for humans.

From the results obtained through research and development, Bunzz believes that for detecting vulnerability patterns as in the first task, a database + AI approach is more suitable than a human approach.

Regarding the second task of detecting vulnerabilities specific to a project’s logic, this is not addressed by the above approach but rather by professional auditors from the Bunzz Audit team (as an option). Clients can choose between two types of audits: one that only reviews the code and another comprehensive audit that includes both the code and the project-specific logic.

Bunzz are currently distributing a promotion code for Bunzz Audit

Currently, Bunzz is distributing a 10% discount promotion code for free. Using this code, audits are available for 1,791 USD. The fee remains constant regardless of the amount of source code or the level of vulnerabilities found, allowing for the highest level of ROI in the industry. Please give it a try.

Users can get their promotion code here: https://www.bunzz.dev/audit

About Bunzz

Bunzz is a leading company in Web3×LLM, operating Asia’s largest DApps development infrastructure. We develop and provide various Web3 infrastructures and services aimed at realizing “smart contracts as a public good.”

Shareholders: Arriba Studio, Coincheck Labs, DG Daiwa Ventures, gmjp, East Ventures, GMO AI &Web3, GREE Ventures, Hyperithm, Kotaro Tamura, Kazutaka Mori, mint, SPIRAL VENTURES, 01Booster Capital, Ceres

For more information: Bunzz Blog | Twitter(X) | Discord | Youtube | Linkedin | Luma

Bunzz Projects

Contact

Devrel Manager
Trust Oyafemi
Bunzz
info@bunzz.dev





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Successful Beta Service launch of SOMESING, ‘My Hand-Carry Studio Karaoke App’

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By&nbspClark

  • Packed TOKEN2049 Dubai conference proves the resilience of the global crypto community, with attendees overcoming travel disruptions to participate
  • Going from strength to strength, TOKEN2049 Singapore will return in September 2024 as the industry’s largest international gathering of the year, with 20,000 attendees 

Photo caption: ‘Pavel Durov, CEO of Telegram, onstage at TOKEN2049 Dubai’

Dubai, UAE — April 23, 2024 — TOKEN2049, the premier crypto event, saw record-breaking success for its inaugural Dubai conference, which took place from April 18-19, during TOKEN2049 Week.

Throughout the event, attendees experienced an impressive range of panel discussions, keynotes, workshops, and exclusive networking opportunities, overcoming torrential rain to show up in force. Tickets for TOKEN2049 Dubai sold out nearly three weeks prior to the event, with 10,000 attendees expected. Despite the UAE’s heaviest rainfall in 75 years, the conference opened to a full-house. 

Alex Fiskum, Co-Founder of TOKEN2049 said: “This week we witnessed the determination of the crypto industry first hand. Our team worked around the clock to ensure that the conference proceeded without any disruptions, maintaining the highest standards of hospitality for our attendees. Our programme proceeded and our doors opened as planned, welcoming attendees to a comfortable, immersive, and action-packed event. We are immensely proud of everyone who contributed to making TOKEN2049 Dubai an overwhelming success.”

TOKEN2049 Dubai was host to 90% international attendees hailing from over 160 countries worldwide. The global crypto community came out in full strength to participate, showcasing the growing reputation of Dubai as a hub for crypto innovation. The global representation also cemented TOKEN2049 as the marquee industry event in the crypto calendar, not to be missed. 

Travel disruptions early in the week saw large numbers of speakers and attendees diverted across the Middle East, all of whom surmounted significant obstacles to attend and participate at TOKEN2049 Dubai. Amongst the 200+ leading industry voices who took to the stage to share their insights, discuss the most prevalent topics in Web3, and unveil exciting news announcements were Pavel Durov, the visionary CEO of Telegram; Richard Teng, CEO of Binance; Paolo Ardoino, CEO of Tether; and Arthur Hayes, Co-Founder of BitMEX. 

Some standouts include a joint announcement onstage by Tether and Telegram that USDT will launch on The Open Network (TON) and Telegram wallet; Polkadot’s Gavin Wood introduced a new JAM chain graypaper; Berachain announced a collaboration with Google Cloud; and Telos unveiled a partnership with Ponos Technology to develop a hardware-accelerated Ethereum L2 zkEVM network, amongst many more ground-breaking announcements.

Fiskum continued: “We have received overwhelmingly positive feedback from all participants across TOKEN2049 Dubai. Energized by this success, we now shift focus to prepare for the industry’s largest event of the year — TOKEN2049 Singapore, taking place on September 18-19 before the Formula 1 Grand Prix weekend. TOKEN2049 Singapore will welcome 20,000 attendees to the iconic Marina Bay Sands, continuing to set new standards for the industry.”

TOKEN2049 Dubai will return in 2025, promising an even more immersive experience for prolific industry leaders, Web3 builders, global entrepreneurs, and tens of thousands of crypto enthusiasts. 

TOKEN2049 is hosted annually in Dubai and Singapore. For more information and updates on TOKEN2049, please visit: https://www.token2049.com

###

About TOKEN2049

TOKEN2049 is a global conference series, where decision-makers in the global crypto ecosystem connect to exchange ideas, network, and shape the industry. TOKEN2049 is a global meeting place for entrepreneurs, institutions, industry insiders, investors, builders, and those with a strong interest in the crypto and Web3 industry. TOKEN2049 is hosted annually in Dubai and Singapore.

Media Contact

E: [email protected]

Clark

Head of the technology.

#Press Release

This is a paid press release. Btcwires does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company.





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