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On May 28, Iranian Supreme Leader Mojtaba Khamenei said in a statement that the United States and Israel launched a war against Iran, exerted economic pressure, carried out a propaganda offensive, and imposed a political siege in order to "create division, disintegrate Iran, make up for military defeats, and bring the country to its knees."The European Central Bank will release the minutes of its April monetary policy meeting in ten minutes.On May 28th, the State Council issued the "15th Five-Year Plan for Urban Renewal." The plan proposes exploring effective measures to support the independent renewal and reconstruction of old urban housing through financial means. It also aims to actively attract private capital participation. The plan promotes the issuance of infrastructure real estate investment trusts (REITs) and asset securitization products for eligible urban renewal projects. It supports eligible urban renewal enterprises in issuing corporate bonds and medium-term notes. Following the principle of "whoever benefits, invests," the plan emphasizes fully leveraging market mechanisms to build a reasonable cost-sharing mechanism among the government, the market, and residents. It also standardizes the implementation of new mechanisms for public-private partnerships and encourages private enterprises to actively participate in the construction and operation of urban infrastructure. Finally, it calls for the steady and prudent advancement of public utility pricing reforms.The Ukrainian Presidential Office announced that Sweden will purchase up to 20 Griffin E/F fighter jets for Kyiv for €2.5 billion.On May 28th, the State Council issued the "15th Five-Year Plan for Urban Renewal." The plan proposes to promote smarter and more refined urban governance. It calls for advancing the digital transformation of the entire city, building a City Information Modeling (CIM) platform, and creating a unified, data-integrated, and highly collaborative digital foundation for the city. It also aims to improve the CIM basic database and standards system, and enrich and expand the application scenarios of "CIM+" in urban renewal. Furthermore, it promotes the coding of buildings and municipal facilities, and establishes a national database of basic information on buildings and municipal facilities. The plan also promotes the use of blockchain technology in housing transactions and property registration. Finally, it aims to improve the national, provincial, and city-level three-tiered urban operation management and service platform system, promoting unified management of urban operations through a single network.

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."