8/30/2023 0 Comments Binance ceo ethereumAmid all challenges of 2022, blockchain adoption never stopped, with individuals and institutions across the globe continuing to jump into the fray. One of the key metrics with which our industry measures its success is adoption rates. They conveniently leave out the fact that both of those events were cleansing moments for those respective industries and – the last time I checked – both the internet and banking sectors were still alive and well. They are calling this our “Lehman moment” and arguing that this latest bitcoin price pull-back is comparable to the dot-com bubble crash. Right now, FTX’s implosion is the latest issue du jour that they are seeking to capitalize on. Selling books, farming social media engagement, and going on the paid speaker circuit to decry that the sky is falling is quite a profitable endeavor. When crypto was created, it spawned a cottage industry that I often refer to as the “BTC is going to $0” group. In this regard, 2022 gave us many more reasons to be optimistic than any other year on record as both the industry and Binance demonstrated remarkable resilience and tenacity. While this might look like a threatening combination of multiple tough headwinds, our industry is still in its infancy and should not be defined by the challenges it faces, but by how it withstands them. On the surface, it may seem that for our ecosystem, 2022 has been mainly defined by crises and failures: crypto prices’ backslide from the previous year’s all-time highs a chain of major players’ implosions that shook users and regulators’ confidence in the industry intensifying scrutiny of the cryptocurrency space by policymakers, media, and the public. However, there is much to reflect upon both for Binance and the digital asset industry at large following the collapses of Celsius, Voyager, and FTX, among others. “ On a PoS blockchain, transactions that go through consensus are final… Transaction finality on Ethereum will lay the groundwork for future work that will improve Ethereum’s ability to scale (via “layer 2” solutions such as rollups), connect to other blockchains (via cross-chain bridges), and build better abstractions for developers that are easier to use and reason about.By crypto standards, this past year was turbulent but not unprecedented when we look at the data.“ … anyone with 32 ETH can now participate as a validator on Ethereum.“. That allows PoS incentives to be far more granular, further increasing security.“ “ PoS has direct access to each validator’s “stake”, the funds, or skin-in-the-game, that validators deposit to secure the network.After The Merge, energy usage of ETH will be comparable to the datacenters of web2.“ Participating in consensus no longer expends the enormous amount of electricity that PoW does. “ Post-Merge, Ethereum is now 100x+ more energy-efficient than it was before.Yaha then said that were some of the main advantges of Ethereum’s move to PoS consensus: In a blog post published on Merge Day, Ali Yaha, a General Partner at Silicon Valley based venture capital firm Andreessen Horowitz (“a16z”), called the Merge “an insane feat” since this upgrade “involved hot-swapping the most important component of Ethereum’s architecture – its consensus mechanism – *while it was running*.” Yaha noted that “all this occurred while maintaining perfect uptime for millions of users, thousands of decentralized applications (dapps), and hundreds of billions of dollars secured.” The Merge is here □ /WYGEPIbUe7- sassal.eth □□ September 15, 2022 The consensus and execution layers have been merged which means Ethereum is now a full Proof of Stake network!Ī heartfelt thank you to all the people that made this happen – your names will be forever etched in the history books of Ethereum.
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