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According to EuroPravda, the Czech president stated that the goal of supplying Ukraine with 1.8 million rounds of large-caliber ammunition this year has been achieved.Iranian media reported that 18 crew members of a foreign oil tanker seized in the Gulf of Oman have been detained on suspicion of transporting "smuggled fuel."On December 13th, Han Wenxiu, Deputy Director of the Central Financial and Economic Affairs Commission and Director of the Central Rural Work Leading Group Office, stated that to ensure the success of next years economic work, it is essential to adhere to the principle of seeking progress while maintaining stability, improving quality and efficiency, strengthening counter-cyclical and cross-cyclical adjustments, and effectively enhancing the efficiency of macroeconomic governance. Since the Politburo meeting on September 26th last year, a series of policies and measures have been introduced and implemented, and additional policies will be introduced and implemented next year based on changes in the situation. It is crucial to leverage the integrated effect of existing and new policies to promote steady and positive economic growth. The market economy is largely an expectation economy; therefore, it is necessary to improve the expectation management mechanism, conduct effective economic publicity and public opinion guidance, respond promptly to market concerns, and effectively boost social confidence.On December 13th, it was reported that an EU official stated on the 12th that Ukraines accession to the EU before 2027 is "absolutely impossible." According to reports, a European diplomat said that Ukraines accession to the EU before 2027 is "extremely difficult," and it is unclear whether EU leaders support this plan. Hungarian Prime Minister Viktor Orbán stated on the 8th that the EUs admission of Ukraine would be tantamount to declaring war on Russia, and that the EU is preparing for war with 2030 as the target date.On December 13, Venezuelan President Maduro stated that the United States usual tactics of lying, coercion, extortion, and threats are "completely ineffective" and "will never work" against Venezuela, following the recent seizure of an oil tanker in waters near Venezuela and the announcement of new sanctions.

Ethereum blockchain slashes energy use with ‘Merge’ software upgrade

Skylar Shaw

Sep 16, 2022 14:35

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The Ethereum blockchain has undergone a significant software update aimed at dramatically lowering its energy consumption, co-founder and creator Vitalik Buterin tweeted on Thursday. The "Merge" update will alter how transactions on the Ethereum blockchain work.


The co-founder and creator of Ethereum tweeted on Thursday that the blockchain has undergone a significant software update that significantly reduced its energy consumption.


The Ethereum Foundation estimates that the new system will consume 99.95% less energy than the old one. The update, which modifies how ether tokens are produced and transactions are processed, might offer Ethereum a significant edge over competitor blockchain bitcoin.


Richard Usher, head of over-the-counter trading at London-based cryptocurrency company BCB Group, stated, "We feel this is a key event that will lead to ETH outperforming the larger crypto market for some time."


The majority of blockchains use a lot of energy and have drawn criticism from investors and environmentalists. According to researcher Digiconomist, before the software update known as the Merge, a single Ethereum transaction used as much energy as the typical American family consumes in a week.


A "proof of stake" system, in which individuals and organizations act as validators and use their ether as collateral to win newly created tokens, has replaced Ethereum's previous "proof of work" system, which required energy-guzzling computers to validate transactions by solving difficult math problems.


Vitalik Buterin, an inventor, wished everyone a "happy merging" in a tweet. "The Ethereum ecosystem is at a pivotal point at this time."


In 2013, Ethereum was created. Many aspects of the much-hyped but as-yet-unrealized "Web3" vision of the internet, where crypto technology dominates apps and commerce, are said to be supported by it.


It drives blockchain-based covenants known as "smart contracts," which are thought to have applications in conventional banking and other sectors, as well as platforms for cryptocurrency offshoots like decentralized finance and non-fungible tokens.


Ether, a cryptocurrency, dropped as much as 4% to $1,571, which experts attributed to a generalized reluctance to invest in risky assets.


Investors predicted that the update will increase the value of the ether token before Merge. Since its June lows, Ether has increased by nearly 85%, outpacing bitcoin's 15% growth. However, as a whole, cryptocurrencies have struggled this year, with ether and bitcoin both falling by over 55%.


Before the Merge, Ether surpassed Bitcoin in market share, and it currently makes up roughly 5% of the $1 trillion cryptocurrency market. The percentage of bitcoin has decreased from this year's high of 47.5% in mid-June to 39.1% now.


The Ethereum network has a number of problems, including high fees and sluggish transaction times in addition to energy usage. Merge won't solve these issues right away, but some experts believe it will pave the way for Ethereum's growth.


Marc Arjoon, an ethereum research analyst at digital asset management CoinShares, stated that the improvement of Ethereum's environmental, social, and corporate governance (ESG) credentials "would be helpful for regulatory-driven organizations who wish to start to investigate the Ethereum ecosystem."

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