Selected articles of the week:
According to investment banking giant Goldman Sachs, cryptocurrencies, the Web3, and the metaverse are among the three most important “mega-trends of digitalization” that are set to transform our economies. The bank underscored the relevance of the investment topic by placing the latest analysis prominently on its home page. The U.S. now has a long list of banks actively involved in the crypto space. The major Swiss banks, on the other hand, have been cautious despite a favorable regulatory environment. Are they missing out on the next megatrend?
Goldman Sachs credits the metaverse with great growth and a new ecosystem for diverse industries in a new report.
Bitcoin’s energy consumption is a hotly debated topic. While the network’s elaborate proof of work consensus algorithm guarantees maximum of decentralization and security, it consumes a multiple of energy compared to other consensus algorithms. Crypto asset manager CoinShares analyzed the current power consumption of the Bitcoin network as well as its CO2 emissions and contrasts them with the corresponding benefits.
A detailed analysis of the energy consumption and CO2 emissions of the Bitcoin network in relation to the added benefits of the technology.
The largest smart contract network Ethereum, has been preparing for a consensus change for some time. By changing the algorithm from ” proof of work” to “proof of stake”, the protocol would fulfill the politically required energy efficiency for a sustainable future. In addition, the change is intended to prevent any capacity bottlenecks. The upcoming upgrade, called “Merge”, is one of the most ambitious and demanding challenges in the blockchain industry.
The upcoming Ethereum merge is one of the most ambitious and challenging tasks in the blockchain industry. An overview.
NFTs now represent a significant pillar in the crypto ecosystem. The non-fungible tokens (NFTs) are enjoying increased popularity and are often used as profile pictures in social networks. As such, they also act as a digital status symbol in the metaverse. Does this development signal the market is ready for a Web3-based ownership economy?
NFTs are gaining popularity as profile pictures on social media networks such as Twitter. Are people ready for an ownership economy?
In addition: A serious hack led to the theft of cryptocurrencies worth $620 million this week. Ronin, a sidechain of the popular crypto video game Axie Infinity, is affected. The sore spot was in a bridge connecting Ronin to the Ethereum blockchain. Experts have been calling these connection points between blockchains the biggest vulnerability of the blockchain infrastructure for quite some time.
The Ronin Network bridge was compromised, with the Axie Infinity sidechain stealing over $620 million.
We wish insightful reading and a peaceful weekend
CVJ.CH Editors
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