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Ethereum and the Merge. Moving to PoS. Everything we know about The Merge by this hour

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ethereum and the merge

The network of the second most capitalized cryptocurrency Ethereum (ETH) has migrated from the extremely energy-consuming Proof-of-Work (PoW) algorithm to the more environmentally friendly Proof-of-Stake (PoS). Community members could watch the migration of ETH with the project’s development team during the online broadcast.

Ethereum, the Merge release date is September 15, 2022. Today, the Ethereum network moved to PoS. The event took place on block 15537394, amid a rise in the network’s terminal complexity to 587500000000000000000000000, as part of The Merge update. The migration to a different algorithm was the most significant event in Ethereum’s history.

Project co-founder Vitalik Buterin congratulated community members on the successful migration of ETH to PoS.

The reward for the first block mined in the PoS network, according to developers, was 45 ETH. Ethereum responded to the migration with a slight increase.

Ethereum and the Merge: How migration to PoS will change Ethereum

Classic PoW mining will replace another way of mining coins – stacking. The Ethereum core network will now be protected by validators. The update will also reduce the power consumption of the network, which will have a positive impact on the environment.

“The Merge will reduce global electricity consumption by 0.2%,” Ethereum researcher Justin Drake believes.

Also, the move to the new algorithm should help the ETH ecosystem cope with the scalability problems that the network has faced amid the growth of the DeFi and NFT markets. This will have a positive impact on Ethereum Merge and price. 

A couple of words about Ethereum’s PoW fork

The migration of ETH to the new algorithm has not made everyone happy. Miners of the traditional version of Ethereum faced the prospect of losing income. This prompted them to create a fork to stay on the old Proof-of-Work mechanism. 

Ethereum’s PoW fork token, ETHPoW (ETHW), was unveiled in August 2022. On the morning of September 15, information appeared on the network that the coin’s mining decided to support the teams of several large pools at once.

Amid the launch of the PoW fork, Ethereum holders will be able to get new tokens in the proportion of 1:1 to their ETH balance. The initiative has been supported by several crypto platforms, including the Binance exchange.

The launch of the main ETHW network should take place soon. Experts doubt the viability of the fork, as almost all leading decentralized ETH applications (dApps) are migrating to PoS.

ETHW won’t be the only PoW-Ethereum. After the migration of ETH to PoS, the first version of the cryptocurrency, Ethereum Classic (ETC), will remain on the market. The project’s network has been running on PoW since its early days.

Ethereum prediction after the Merge: what next?

Next year the developers planned another update – Shanghai. It will allow you to start withdrawing ETH for everyone who previously placed their coins in stacking.

Earlier, we reported that Huobi excluded Dash, Monero, and zcash from the listing.

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Korea begins blocking bitcoin holdings of Terra founder

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Terra founder

The South Korean prosecutor’s office appealed to local cryptocurrency exchanges to block the assets belonging to Terra founder Do Kwon. Bloomberg writes about it citing law enforcement officials.

The prosecutor’s office sent demands to cryptocurrency exchanges KuCoin and OKX to freeze a total of 3,313 BTC worth about $67 million, which are owned by Kwon through Luna Foundation Guard. Representatives of KuCoinand OKX at the time of writing had not officially commented on the reports about the blocking of Kwon’s assets.

According to Bloomberg, citing research firm CryptoQuant, the LFG wallet address was created on September 15. After its creation, a total of 3,310 BTC were moved to KuCoin and OKX. Meanwhile, back on September 14, the South Korean prosecutor’s office announced an arrest warrant for Terra coin.

Meanwhile, Do Kwon continues to assure the cryptocurrency community via Twitter that he is not hiding from law enforcement. Moreover, the founder of Terra even questioned whether he was wanted by Interpol. He noted that he still can’t find himself on the Interpol wanted list.

Earlier we reported that the head of Celsius Network, Alex Mashinsky, had resigned.

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Revolut and cryptocurrency news: Revolut received a license from the UK regulator for cryptocurrency services

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Revolut cryptocurrency wallet

Fintech broker Revolut can now provide cryptocurrency services in the UK thanks to a license from the Financial Conduct Authority (FCA). This is reported on the website of the regulator. Revolut and cryptocurrency were not previously linked. 

In fact, the broker received approval from the regulator back on Monday, September 26, but it has become known only now. Before the license, Revolut provided cryptocurrency services through a temporary permit from the FCA. In addition to Revolut, CEX.IO, Copper Technologies, GlobalBlock and Moneybrain also provided crypto services on a temporary basis.

Revolut has long been exploring the expansion of cryptocurrency-related services. According to Revolut CEO Nikolai Storonsky, the company has been exploring options to introduce new services like Revolut cryptocurrency wallet. Revolut was also looking at integrating cryptocurrency stacking. However, it remains unclear whether the broker still plans to provide such services.

Earlier we reported that the head of FTX wants to buy the assets of the bankrupt Celsius Network.

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U.S. exchange regulator fines Tether auditor company $1.5 million

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Tether full audit

Tether auditor company, Friedman LLP, was fined $1.5 million for improper services from 2017 to 2020. This was reported in a press release from the U.S. Securities and Exchange Commission (SEC).

According to the exchange regulator, the Tether auditing company didn’t properly develop audit procedures in its work for the iFresh product network. The company also didn’t exercise the necessary due diligence in auditing another unnamed company. Although the press release does not explicitly identify Tether, the issuer of the USDTstablecoin, as Tether, Friedman’s firm was Tether’s auditor from just 2017 to 2018.

Tether full audit

Earlier, a New York County court required Tether to disclose the USDT Stablecoin’s collateral and prove the assets linkage to the U.S. dollar. According to the court order, Tether is required to provide the company’s financials, income statements, cash flow statements, and so on. However, the time frame in which Tether must provide the statements is not specified.

The lawsuit is part of a legal battle between investors and Tether’s parent company, iFinex. The plaintiffs believe that Tether manipulated the cryptocurrency market by issuing unsecured USDT with the intention of artificially inflating cryptocurrency prices.

Earlier we reported that Vitalik Buterin announced the release of his book.

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