Nearly five months ago, the Ethereum blockchain successfully completed what was — at the time — a very complicated and years-in-the-making update. Called The Merge (https://www.bloomberg.com/news/newsletters/2022-09-19/ethereum-s-merge-was-a-success-crypto-still-has-problems), it allowed the blockchain to move from validating transactions using computers, that took a lot of energy to run, to a proof-of-stake model. The switch cut Etherium’s power consumption by more than 99 percent. After The Merge, the price of Eth rallied a bit, but has since fallen about 15 percent.
Now, software developers who work on Ethereum are gearing (https://www.bloomberg.com/news/articles/2022-12-08/ethereum-eth-developers-are-targeting-march-for-shanghai-upgrade) up for a new upgrade called Shanghai (https://www.bloomberg.com/news/articles/2023-01-05/ethereum-developers-push-ahead-with-update-enabling-withdrawals). It will allow the tokens being used to order transactions on the blockchain to be withdrawn. Right now all those tokens are tied up in staking wallets.
To talk more about what’s entailed in the Shanghai upgrade, Bloomberg reporter Olga Kharif (https://www.bloomberg.com/authors/APyzq5YvgSE/olga-kharif) joins this episode.
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Crypto is the world’s hottest financial trend. Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it’s another financial house of cards. No newsroom on the planet is better equipped than Bloomberg to cut through all the noise and provide clarity, context and authority.
In this new daily podcast, Bloomberg’s reporting team will tease out what’s actually important in the crypto conversation. Led by crypto expert Stacy-Marie Ishmael, the podcast will draw on reporters in every region and credible voices in the industry to cover everything from regulation to alt coins to DeFi, and even the environmental impact of the currency that promises to change the finance landscape indefinitely.
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