Inside the Crypto Dimension #9 - The Merge!
The merge! 🫶 | Will energy efficiency of Ethereum increase use of NFTs? 🔋 | BTC mining hash difficulty hits all time high ⛏️ | Cardano upgrade coming 🆙 | Starbucks dives into web3 and NFTs ☕
Merge day is here! The day crypto world has waited for a long time. Ethereum’s energy consumption should drop dramatically and the upgrade enables future scalability for the entire blockchain. Quite likely nothing truly spectacular will happen immediately, but this paves a strong foundation for the future development.
From trading perspective, the crypto winter seems to continue. Beginning of the week saw Bitcoin and Ethereum pumping. Bitcoin rose to over 22 000 USD, but came quickly down to 20 000 USD. Ethereum had similar run to 1 750 USD, but found itself in 1600 USD soon after. Roughly put, cryptos are doing exactly the same as before. Just try to hang on even though the cold breeze is still blowing in the crypto world 🥶.
Will the merge have some kind of impact on the prices or was it already accounted for in the current prices? Only time will tell…
Not much more to mention about the prices. So, let’s dive into the news. Keep on scrolling! 👇
News and Events from the World of Cryptos
The Merge
The Merge is here! If you are not familiar with the concept (have you been living under a rock?), now is the moment to learn more. In short, the merge will change Ethereum to use Proof-of-Stake consensus method instead of the Proof-of-Work. This should immediately have an effect on energy consumption as computers no longer have to compete with computational power. In the long run, the merge will make it possible to upgrade Ethereum to be more scalable and efficient. Check out the video below and read the information from Ethereum’s own website.
Starbucks launches Odyssey - Collectible NFTs
Starbucks, the coffee company, has joined the NFT world. The company announced Starbucks Odyssey, a web3 powered loyalty program. The service will contain series of activities, such as playing interactive games or challenges related to learning more about the coffee of Starbucks. Participating in these activities is rewarded by NFTs. Loyalty program members can also purchase limited-edition stamps (NFTs) through the marketplace. The company revealed that the service is built on Polygon blockchain. Is this something that others companies will follow up with?
Bitcoin mining hash difficulty hits all time high
Bitcoin mining hash difficulty has hit all time high, as is shown in data from BTC.com, despite the low market valuation. Hash difficulty grows as more computational power in the network rises (more powerful computers appear). This suggests that there is increased interest in Bitcoin mining. Are Ethereum miners moving here or is there something else behind this move? So far, we can only speculate…
How the Ethereum Merge Ends the Environmental Debate About NFTs
The Merge! It seems to change everyone’s opinion on everything and change the world for the better. In this article by Decrypt, the author considers the impacts of lowered energy consumption to NFTs. Will people start using NFTs more, as they are less harmful for the environment? What happens to competing chains and their NFTs?
Cardano Firm On New Sept. 22 Upgrade Target
Not to forget, another rather large blockchain, Cardano (ADA), is having their big upgrade soon. The upgrade, called Vasil, is about to be released on September 22nd. There has been some heated discussions and bugs related to the upgrade, which caused it to be postponed. It seems the community is now happy with the situation and the bugs have been squashed. The upgrade is considered to be a major improvement to Cardano. Some testing collaborators have reported 90% of decrease in script sizes, translating to roughly 75% decrease in costs. Application coding thus becomes a lot more efficient and gas fees should drop.