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Ethereum Developers Prepare to Deploy Shanghai Public Testnet, Focus on Staked Ether Withdrawals

Ethereum Developers Prepare to Deploy Shanghai Public Testnet, Focus on Staked Ether WithdrawalsAccording to the Jan. 5, 2023 All Core Devs (ACD) meeting, Ethereum developers are preparing to deploy a public testnet for the highly anticipated Shanghai hard fork in February 2023, with the mainnet implementation tentatively scheduled for March. Ethereum’s core developers emphasized that staked withdrawals are a priority and code related to EVM Object Format […]

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Russia’s Largest Digital Asset Deal Denominated in Chinese Yuan

Russia’s Largest Digital Asset Deal Denominated in Chinese YuanA Russian company has announced the country’s first authorized transaction with digital financial assets (DFAs) involving a foreign currency, China’s yuan. The deal, reportedly the largest made to date under the current Russian DFA law, covers the issuance of tokens secured by commercial debt. Digital Financial Assets for 58 Million Yuan Issued by Russian Platform […]

Wall Street Pepe Presale Goes Viral, Raises $31M – Next 100x Gem?

Financial Companies Report First Deal With Digital Assets Under Russian Law

Financial Companies Report First Deal With Digital Assets Under Russian LawTwo companies have carried out Russia’s first transactions with digital financial assets as defined by the country’s current legislation. The deal involved the tokenization of debt issued by a third party and its subsequent acquisition. Russian Companies Conduct Issue and Placement of Digital Financial Assets VTB Factoring, a subsidiary of Russian majority state-owned Vneshtorgbank (VTB), […]

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99.98% less power: Lighthouse’s first Ethereum and Eth2 merge transaction

It is one of the first steps towards Phase 1.5 that will ‘dock’ Eth1 with Eth2.

Blockchain security provider Sigma Prime has announced its first merge transaction between the two Ethereum networks.

The transaction was made by its Lighthouse client using only Proof of Stake validators, it stated in a March 25 tweet. It added that this was a step towards a 99.98% drop in Ethereum energy consumption, deriving that figure from calculations that compare the current Proof of Work Eth1 with the much more efficient Proof of Stake Eth2.

Sigma Prime stated that it is an exciting achievement but still far from production as it is still a prototype with much more work to do, adding:

“Primarily, you should take this is a signal that Eth1 and Eth2 developers are actively working together on the merge.”

This is not the first time such a feat has been managed, with Sigma Prime pointing out that in August last year the Teku Ethereum client had also demoed a prototype capable of performing any Eth1 transaction in an Eth2 environment.

The transaction is part of the initial steps towards Phase 1.5 in the Ethereum 2.0 upgrade roadmap when a “docking” process will merge Eth1 mainnet with the Eth2 Beacon Chain and sharding system.

The move to Proof of Stake will eliminate the energy-hungry mining operations that currently power Eth1, though the blockchain will still run as a shard of Eth2 once Phase 1.5 is complete.

A discussion on mining, and its power consumption, was spawned on Reddit in response to the Lighthouse development.

Citing the increasing costs of electricity, and graphics processors at the moment due to the global chip shortage, Redditor HighlightAccording98 stated that it’s simpler to profit from staking than mining.

“If I were a miner I would be sitting on a pile of staked ETH from selling my equipment collecting APY and waiting for the merge.”

Currently, staking on Beacon Chain is yielding an APY of 8.2% with 3.6 million ETH already deposited according to the Eth2 Launchpad.

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