Better Ingredients, Better Crypto
Meet the new and improved Ethereum.
How do you mean?
Yesterday Ethereum – the second largest cryptocurrency in the world – completed its major software upgrade. All sorts of benefits are attributed to cryptocurrency. Although volatile, some hoped it would prove a good hedge against inflation. Turns out, maybe not. But many still see it as an attractive investment… except for the whole mining thing.
Crypto miners use computer systems to compete and solve puzzles. Not really. This process helps verify transactions or create new cryptos. But it requires a lot of energy. Think: A single Ethereum transaction can require as much electricity as the average US household uses in a week.
How does the Ethereum update play a role in this?
The Merger uses “Proof-of-Stake” instead of “Proof-of-Work”. Goodbye miners, hello validators. You basically enter a lottery to sign off on new transactions and get new tokens. It’s much more energy efficient than computers that run for hours solving puzzles.
Hence the upgrade.
Right. For years, dozens of developers worked on building the new system. Ethereum says the switch will reduce its power consumption by a whopping 99.95%. And could make its transactions more secure. However, crypto experts worry that any glitches in the new system could allow scammers to steal tokens.
Many have branded cryptocurrency as the future of finance. But it’s been a tough year. If other crypto companies consider sustainability, it could make them more attractive to investors.
And also… that
Where laws have people’s attention…
Indiana. The almost total ban on abortion went into effect yesterday. The law, passed last month, does not allow elective abortions at any stage of pregnancy. Instead, there are exceptions for rape and incest (before 10 weeks), fatal fetal abnormalities (before 20 weeks), and medical emergencies. Doctors who perform illegal abortions lose their medical license. Gov. Eric Holcomb (R) says new law “achieves” goal of protecting lives. Others are concerned about how the ban could affect a state with one of the worst child and maternal mortality rates in the country. The ACLU – which won a case in Ohio earlier this week – is challenging the ban in court.
Montana. Yesterday a judge blocked health officials from enforcing a state rule that would bar transgender people from changing the gender on their birth certificates. Last year, state legislatures passed a similar law restricting the updating of birth certificates. It required “surgery” from transgender people before they could make a change. But the language of the law was vague, so it didn’t stand up in court. Now the judge says, “If this law didn’t stand, then this rule can’t stand either.” And has instructed the state health department to return to a simplified procedure. Restrictions also apply in Tennessee, Oklahoma and West Virginia.
Anyone trying to stop what’s happening in the US, in the US…
President Biden. Yesterday he signed an executive order expanding a Treasury Department committee’s review process for foreign investments in the US. The nearly 50-year-old committee focused primarily on making sure foreign investors didn’t buy US firms or companies that could harm national security (like military contractors). But under Biden’s new order, the government can now examine whether an upcoming deal would disclose Americans’ data. And whether a foreign government or company would exploit this information. The White House isn’t pointing fingers and Treasury Secretary Janet Yellen says, “This is all about national security.” But it comes as lawmakers have raised concerns about China’s involvement in the technology.
What gave Saturn a ring…
a moon. Yesterday, a new study revealed Saturn may have gotten its ring after a moon got too close and was shattered. Scientists say the pieces of the moon orbited Saturn and eventually flattened out into the ring we see today. TBD whether that was a suggestion or the moon was trying to dissipate. Ba you boom
Who made the tennis world riot…
Roger Federer. Yesterday, the 20-time Grand Slam champion announced that he is retiring from playing professional tennis. The 41-year-old, who has been suffering from injuries and surgery, says his final event will be at the Laver Cup in London next week. Federer called it a “bittersweet decision” and thanked the world for “making the dreams of a young Swiss ball kid come true”.
As Mortgage Rates Soar…
Viola Davis’ performance in The Woman King hits the right note.