Ethereum Confirm Merge Date,Shanghai Included Blockchain in Development Plan, ECB Report and More
ENEDEX DeBrief — Week 3, July 2022
Welcome to ENEDEX Debrief, where we recap 5 major news in the crypto and blockchain industry in bite-size by the end of each week. Let’s get to it!
- Ethereum devs confirm the perpetual date for The Merge
Ethereum network is nearing the merger phase of its crucial transition from proof-of-work (PoW) mining consensus to proof-of-stake (PoS). Ethereum (ETH) devs offered a perpetual merger date during a conference call on Thursday.
The conference call saw core Ethereum developer Tim Beiko, who runs core protocol meetings, propose September 19 as the tentative target date for the merger. The proposed target date didn’t face any objection from the core developers.
Will the merge solve the scaling issue of Ethereum or will it make it worse? Let us know your thought in the comment.
2. Shanghai included blockchain, NFTs and Web3 in its 5-year plan
China’s biggest city Shanghai officially intends to boost the development of innovations such as blockchain, nonfungible tokens (NFTs), the Metaverse and Web3 during its next five-year plan.
On July 13, Shanghai’s Municipal Government published a draft of its “14th Five-Year Plan for the Development of Shanghai’s Digital Economy.” The document sets its mission of “promoting the deep integration of digital technology and the real economy,” with “scientists judging technology prospects” and “entrepreneurs discovering market demand.”
In what way do you think Shanghai implements blockchain? Let us know your thoughts in the comment
3. ECB report likens PoW to fossil fuel cars, PoS to electric vehicles
Amid the soaring inflation, the European Central Bank (ECB) has found time to sum up its concerns about the “significant carbon footprint” of Bitcoin (BTC) and other cryptocurrencies, which require vast amounts of computational power.
ECB published the report titled “Mining the environment — is climate risk priced into crypto-assets?” on July 12. In the report, the ECB research group reinforces the environmental narrative about the battle of protocols, where the proof-of-work (PoW) concept represents a threat to the planet. In contrast, the proof-of-stake (PoS) is the only sustainable crypto option, experts argue.
Which one is best for the environment? Let us know what you think in the comment
4. CoinFLEX resumes withdrawals, limiting users to 10%
Cryptocurrency exchange CoinFLEX is partially reopening user withdrawals, raising cautious optimism that the company was gradually recovering from liquidity constraints that were triggered by a high-profile client default.
Beginning at 5 am UTC on Friday, all CoinFLEX users will be able to withdraw up to 10% of their funds, the company said. All existing withdrawal requests will be canceled and returned to their respective accounts, giving users the ability to initiate new requests in accordance with the 10% limit.
The remaining 90% of user balances will be considered “locked funds,” or funds that appear on their balance but cannot be withdrawn, traded or used as collateral.
Yet one more reason to use DEX instead of CEX
5. Tencent shuts down NFT platform as gov policy makes it impossible to thrive
China’s internet giant Tencent has reportedly shut down one of the two nonfungible token (NFT) platforms owing to declining sales aided by the regressive monetary policies of the Chinese government.
Tencent shut down one of its NFT platforms on July 1, while the other one is struggling to remain afloat. A report from a local daily indicates that the wind-down process for the same began in May. The tech giant transferred key executives responsible for managing the NFT platform in the last week of May and completely removed the digital collectible section from its Tencent News app by the first week of July.
The primary reason for the slow down in sales and ultimate closure of Tencent’s digital collectible platform is being blamed on flawed government policy that prohibits buyers from selling their NFTs in private transactions after purchase, which makes these NFTS not so lucrative. The lack of a secondary market kills any chance of making a profit on these digital collectibles.
Will they be missed?
Those are 5 notable news on the cryptoverse this week! Anything that we missed?
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