Kiffmeister’s #Fintech Daily Digest (20220915)

Ethereum Merge Complete, $195 Billion Cryptocurrency Begins New Era

On September 15, 2022 the Ethereum blockchain merged with a special-purpose decentralized ledger called the Beacon Chain, concluding its transition to near-carbon neutrality. Since its inception, Ethereum has been based on the energy-intensive proof-of-work (PoW) system. Now it will run on a proof-of-stake (PoS) system in which miners have been replaced with validators, who pledge, or stake, ether tokens as collateral to verify transactions and accrue interest on the staked assets as a reward. As a result, the network’s energy usage should drop by more than 99%, according to the Ethereum Foundation. [Read more on Forbes]

The Ethereum Merge is completed: Here’s what’s next

Ethereum’s co-founder Vitalik Buterin has outlined a five-step process that will bring the smart contract blockchain to the ‘Endgame’ of Ethereum’s development. The end goal would see the network capable of high block frequency and block size as well as the ability to process thousands of transactions per second while remaining sufficiently trustless and censorship-resistant. For example, the plan is to implement sharding to increase the scalability of the blockchain’s ability to store and access data. [Read more at CoinTelegraph]

While Ethereum’s merge was largely considered a success, the event so far failed to produce any meaningful bullish moves for the asset. In fact, it spiked down today in sympathy with the rest of the crypto market, as its near 100% correlation with equity markets continues.

Discounted tickets available for CBDC Think Tank masterclass

The CBDC Think Tank, in partnership with the IMF and George Washington University, is hosting a full-day in-person CBDC Masterclass on October 12 in Washington DC for “official sector” staff and academics active in the CBDC / digital currency space only. The sessions are designed as instructional deep dives with full presentations and Q&A components.  Tickets are $99. [Register here]

Also, the CBDC Think Tank, in partnership with Georgetown University and the DC FinTech Week, is hosting a FREE (also in-person) Digital Currency Lecture Series, a set of digital currency lightning talks delivered by subject matter experts, on October 14 in Washington DC. [Request an invite here]

Kiffmeister’s Global Central Bank Digital Currency Monthly Monitor

Just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So for any of you out there who work for a central bank, ministry of finance or international financial institution who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at chronicles@kiffmeister.com.

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