Blockchain
The Merge is Coming – What are The Green Benefits? – Blockchain News, Opinion, TV and Jobs
Published
2 years agoon
By
adminThe 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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Blockchain
Sui and Revolut Launch Global Partnership to Accelerate Blockchain Education and Adoption – Blockchain News, Opinion, TV and Jobs
Published
13 hours agoon
March 27, 2024By
adminGrand Cayman, Cayman Islands, March 27th, 2024, Chainwire
Sui, the Layer 1 blockchain that offers industry-leading performance and infinite scaling, proudly announced a landmark collaboration with Revolut, a leading global fintech with over 40 million customers worldwide. The strategic partnership will bolster awareness and adoption of blockchain technology among Revolut’s expansive user base while opening new avenues for Sui’s growth, particularly across Europe.
Revolut’s Learn program will serve as an invaluable tool for Sui to educate a relatively untapped global audience of future crypto users at scale about Sui’s underlying technology and rapidly ascending ecosystem. Through engaging educational content integrated into the program, Revolut’s users will have the opportunity to deepen their understanding of blockchain technology.
“This landmark partnership with Revolut represents a significant milestone in the mission to bring Sui’s innovative Web3 technologies to bear solving real world challenges for new audiences,” said Greg Siourounis, Managing Director of the Sui Foundation. “By joining forces with Revolut, we have a chance to introduce millions of users to Sui, the fastest growing ecosystem in crypto, and one which is providing the technological underpinnings that will enable businesses to build working solutions and empowering individuals to access those products and services seamlessly.”
The integration of Sui’s educational content into Revolut’s Learn program is expected to attract a new wave of users who are eager to explore the possibilities of blockchain technology and join the growing Sui community. This initiative closely aligns with the Sui community’s objective to continue its blistering growth trajectory, which has seen its Total Value Locked (TVL) surpass $500M and places Sui within the top echelon of DeFi ecosystems.
“Our collaboration with Sui underscores Revolut’s commitment to providing our users with access to the latest advancements in financial technology,” said Kotryna Baldovskaja, Crypto Global Business Development Manager at Revolut. “By integrating Sui’s educational content into our Learn program, we aim to equip our users with knowledge about one of the most impressive technological breakthroughs we’ve seen in crypto and the countless opportunities that lie within the Sui ecosystem.”
For more information about the partnership between Sui and Revolut that is poised to accelerate global crypto adoption, users can visit https://revolut.com/app/learn/crypto/courses/sui-476.
Revolut Ltd, a company established in the United Kingdom, offers a wide range of financial products through its financial super app, and crypto is an increasingly popular feature. There are several ways to buy and sell crypto on Revolut. Customers can set up a stop or limit order so they don’t have to time the market or use the Recurring Buy feature to average out volatility. Don’t invest unless you’re prepared to lose all the money you invest.
As part of our goal to be the safest place to trade, use and learn about crypto, Revolut regularly communicates with customers that crypto tokens are volatile assets and prices can change quickly. Revolut believes in widening access to crypto and also recognises that it may not be appropriate for everyone, so the company encourages its customers to research the various cryptocurrencies and the risks and opportunities before buying or selling. Customers should review independent sources and learn the differences between tokens as well as considering their personal circumstances when buying or selling crypto. Cryptocurrencies are unregulated and funds are not protected by investor compensation schemes. Tax could be payable on trading gains.
More information can be found here: https://www.revolut.com/legal/cryptocurrency-terms/
This is a high‑risk investment and users should not expect to be protected if something goes wrong. Users can learn more here.
Contact
Sui Foundation
media@sui.io
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Blockchain
XCAD Announces Multiple Governments’ Backing for New Initiative to Expand Web3 Education – Blockchain News, Opinion, TV and Jobs
Published
14 hours agoon
March 27, 2024By
adminUAE, UAE, March 27th, 2024, Chainwire
XCAD Network – a tokenisation platform for YouTubers to connect and reward their viewers with crypto tokens – today announced it has signed MOUs (Memorandum of Understanding) with multiple governments to expand incentivised Web3 education to millions of people across the globe.
By securing the support of several governments, XCAD aims to bridge the gap between Web2 and Web3, and enable more people to partake in the Web3 Space. XCAD Network has announced the first government agreement, which is with Pakistan. Under this partnership, XCAD will distribute and incentivise the consumption of educational media among Pakistani citizens.
Education is the first step in bringing new people into the Web3 space. As part of the MOUs, XCAD Network will work with governments to launch pilot campaigns to educate their citizens on Web3. These campaigns will be joint campaigns launched by governments and the XCAD team alongside select content creators from that country’s jurisdiction.
Users will have to download the XCAD Network application to watch interactive educational content on various Web3 topics. Upon completing the modules and consuming content, users are rewarded with tokens.
Blockchain, cryptocurrency and the Web3 world will be the key focus areas. However, governments can also focus education on other subjects, such as financial literacy.
Oliver Bell, the Chief Executive Officer of XCAD Network, commented, “Working directly with Government entities is incredibly exciting for the XCAD project and the Web3 Space as a whole. What we’re doing aligns with the government’s vision towards digitisation and global blockchain adoption”
Another way that XCAD plans to work with Government entities, is by leveraging the XCAD platform to boost travel and tourism engagement in their country. They want to partner with creators and citizens to create engaging educational content around tourism in their country. Those who consume the content are then rewarded.
XCAD Network has already onboarded some of the biggest YouTubers in the world to issue creator tokens on its platform. However, getting governments involved gives the project more credibility. This allows XCAD Network to attract even bigger names to issue creator tokens, stay on top of regulatory requirements and drive more users to the XCAD platform.
About XCAD Network
XCAD Network allows YouTube creators to launch personalised tokens and generate dedicated economies around their loyal fan-base It also offers new upstart creators a way to earn tokens and generate income even before the creator generates traction on YouTube itself.
In addition to helping generate new revenue, XCAD Network fosters deeper engagement through gamification and rewards. Fans benefit monetarily from the growth of their favourite creators, thus strengthening the bonds between creators and their followers.
The platform is backed by famous YouTubers such as KSI and Mr Beast, and is home to 100+ celebrity influencers globally with a combined audience of over 800M.
The XCAD ecosystem consists of DEXs, a governance portal, a browser plugin with Youtube integration, cross-chain bridges, staking pools, and creator swap, which lets users exchange creator tokens.
For more information, please visit: https://xcadnetwork.com/
Contact
Roelien Vd Westhuizen
Dverse
roelien@d-verse.io
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Blockchain
Zircuit Launches Build to Earn Program to Reward Ecosystem Contributors – Blockchain News, Opinion, TV and Jobs
Published
15 hours agoon
March 27, 2024By
adminGeorge Town, Grand Cayman, March 27th, 2024, Chainwire
Zircuit, a fully EVM-compatible ZK rollup with parallelized circuits and AI-enabled security, today launched its Build to Earn program to incentivize builders, founders, and community members who contribute to the Zircuit ecosystem. Backed by Pantera Capital, Dragonfly Capital, and Maelstrom, Zircuit currently has over $800M staked.
Zircuit is a playground for new applications and open experimentation, and projects that launch on Zircuit will benefit from higher security guarantees and protection from hacks through its groundbreaking AI-enabled security features. Zircuit launched its Build to Earn program that supercharges the developer experience for new builders onboarding onto the Zircuit Network. Developers and ecosystem contributors who participate in Zircuit’s Build to Earn program stand to receive rewards for approved contributions.
Developers and ecosystem contributors can participate in Build to Earn in the following ways:
- Building a Mainnet Day 1 Launch project
- Developing ecosystem tools
- Deploying critical infrastructure
- Referring Zircuit to builders
Zircuit is scaling its ecosystem with applications in fast-growing categories including restaking applications, AI, and DeFi. Projects that join Zircuit through Build to Earn will join the growing list of top-tier launch partners including Ethena, Ether.fi, KelpDAO, Renzo, Hashflow, API3, Galxe, Elixir, Blocto, Eigenpie, and many others.
The Build to Earn program follows the successful launch of Zircuit’s staking program. Zircuit Staking allows users to pre-commit assets to the network that will be migrated upon Zircuit mainnet launch. Users can deposit ETH, liquid staking tokens (LSTs), liquid restaking tokens (LRTs), USDe (Ethena USD) to earn Zircuit Points. Zircuit most recently partnered with Pendle to bring even more yield to Renzo Protocol’s ezETH.
To participate in Build to Earn, users can visit: https://build.zircuit.com/
To participate in Zircuit Staking, users can visit: https://stake.zircuit.com/
About Zircuit
Zircuit is a fully EVM-compatible ZK rollup with parallelized circuits and AI-enabled security at the sequencer level. Built by a team of web3 security veterans and PhDs in computer science, algorithms, and cryptography, Zircuit is backed by Pantera Capital, Dragonfly Capital, and Maelstrom. To learn more visit zircuit.com or follow us on Twitter/X @ZircuitL2
Contact
Jessica Graber
Zircuit
jessica@zircuit.com
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