Ethereum is a smart contract platform that enables developers to build tokens and decentralized applications (dapps). ETH is the native currency for the Ethereum platform and also works as the transaction fees to miners on the Ethereum network. Ethereum is the pioneer for blockchain based smart contracts.
According to various reports, these two directorates have validated an estimated 293 blocks since the implementation of the The Merge in the network a network refers to all nodes in the operation of a blockchain at any given moment in time. of Ethereum. This reinforces the thesis that the network has sacrificed decentralisation in favour of operational aspects.
- Two addresses control 46.15% of the nodes. PoS en Ethereum a decentralized open-source blockchain with smart contracts functionality.
- The Merge was officially activated this September 15
- Critics say decentralization the handover of control from a central authority to several different custodians. sacrificed in favor of other operational issues
All eyes are on the 15th of September on Ethereum, since with the arrival ofThe Mergethe network has just taken one of the most important steps in its history, with which it exchanges the algorithm a process or set of rules to be followed in problem-solving or calculation operations, usually by a computer. of consensus consensus is achieved when all participants of the network agree on the order and content of the blocks in the blockchain. Proof-of-Work poW is a type of consensus algorithm that rewards validators according to the amount of computational power they have expended. (PoW) por Proof-of-Stake poS is a type of consensus algorithm that rewards validators according to the amount of crypto they have staked. (PoS), the latter being a guarantee fund system that reduces the electricity consumption associated with the project by more than 95%.
Although this change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. translates mainly into improvements in scalability and transaction costs, a recently published article, “The change in the way we do business has been a major driver of the change. through the middle Finbold reflects that approximately 46.15% of the nodes PoS currently operating in the network of Ethereum are controlled by a pair trade between one cryptocurrency and another, for example, the trading pair BTC/ETH. of addresses, which brings into focus the values associated with network decentralization.
Two addresses control more than 46% of the validated blocks
The report in question cites data published by analyst firm Blockchain, Santiment , which indicate that the first address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. has already validated an estimated 188 blocks representing 28.97%, while the other has processed about 105 blocks, or 16.18% of those already uploaded to the network.
According to Santiment, these two directions are dominating at the time of editing the processing of transactions in the network, as well as the storage of data and the addition of new blocks to the Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. de Ethereum.
The remarks go hand in hand with one of the main criticisms voiced by analysts and enthusiasts who didn’t fully support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. the new update, which suggests that Ethereum would be sacrificing the decentralization of the network in order to favour even more the operational aspects associated with its functioning. In practice, this means that the Blockchain optimizes block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. processing and brings with it greater scalability, but leaves the important work in the hands of a few, who can exercise their power either out of self-interest or due to external pressures.
As we indicated in a previous edition a calculation submitted by a user of Twitter after what happened with Tornado Cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. made it clear that Binance, Kraken y Coinbase is an American company that operates a cryptocurrency exchange platform. respectively occupy the first positions as the entities with the largest number of operational nodes in the network of Ethereum. He went further and assured that at least 66% of the validators are under the control of institutions directly regulated regulation is when something is controlled by a specific set of rules. by theOFAC,so this does not make them independent of measures taken by governments and/or financial institutions at least in the US.
Ethereum, The Mergeand a lower environmental impact
Despite concerns about the decentralization of the Ethereum are gaining notoriety, the narrative of those backing this change focuses on the environmental improvements it brings, as reducing electricity consumption is an issue that is gaining a lot of traction among key regulators around the world.
Recently the White House in the US published a new report urging several agencies to evaluate the environmental impact of PoW mining, in order to generate new standards to regulate the industry that operates under this system. In this regard, the main developer of Cardano and CEO of IOG, Charles Hoskinson, warned that this can be interpreted as “a declaration of war” against projects like Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and others in the crypto market.
In this regard, Hoskinson noted:
“The White House is now basically hiding on page seven a report that no one will ever see or ever read: ‘Hey…good thing you got there with proof of work, but, you know, global warming is bad. So we should ban it. And we’ll gently ban it by having the EPA and DoE come in and basically create standards that you can’t adhere to.”
And then, when you can’t, create some sort of executive order or legislation to basically prevent you from being able to do that? Or destroy its profit margins so that it is no longer profitable for the U.S. mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. industry.”
- The Merge finally arrived, but Ethereum price drops to USD $1,500 this September 15
- The Merge goes live ushering in a new era for Ethereum: PoS
- Binance Resumes Ethereum Trading as FTX Launches ETHW Trading
Article by Angel Di Matteo / DiarioBitcoin
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