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Ethereum switched to proof-of-stake

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

Ethereum switches to proof-of-stake

The Beacon Chain’s consensus layer and the Ethereum mainnet execution layer were merged on September 15 at 06:42:42 UTC at block 15537393, resulting in the long-awaited Merge. As a result, the network will no longer rely on a proof-of-work (PoW) consensus method.

Following the Merge, hourly indicators for Ethereum (ETH) show a modest increase, with the price now hovering around $1,635, according to data from TradingView.

According to the Ethereum Foundation, the Merge will increase the energy efficiency of the Ethereum network by 99.95% and pave the way for sharding and other potential scaling solutions in the future.

Mere moments after the momentous change, Ethereum co-founder Vitalik Buterin tweeted to celebrate the Merge.

The Ethereum Foundation put in a lot of effort over a long period of time leading up to The Merge.

The “Surge,” “Verge,” “Purge,” and “Splurge” are the last steps on the Ethereum technical roadmap once the “Merge” is finished.

The Purge will eliminate old data and technical debt, the Surge will boost scalability for rollups through sharding, the Verge will accomplish statelessness with Verkle trees, and the Splurge will feature a variety of modest random improvements.

BNB Chain and Google Cloud will collaborate to support Web3 and blockchain companies

To support Web3 and blockchain entrepreneurs, Google Cloud has teamed with Binance’s smart contract blockchain platform BNB Chain.

The scalable, secure, and open-source infrastructure of Google Cloud will be available to startups actively developing goods and services on the BNB Chain blockchain.

The storagewould grant access to the resources and infrastructure offered by both platforms to more than 1,300 active, BNB Chain-based decentralized apps (DApps) from the worlds of blockchain gaming, nonfungible currencies, and decentralized finance (DeFi).

Additionally, these initiatives will be able to leverage Google Cloud for real-time on-chain data analysis and data encryption. A major takeaway is a platform enabling developers and projects to use carbon-neutral cloud infrastructure to grow offerings.

To assist in the development of digital wallets, Linux will form a foundation

The OpenWallet Foundation (OWF) will be established according to plans made public by the Linux Foundation, a nonprofit organization operating on a worldwide scale that promotes innovation within the blockchain ecosystem.

The OWF is an initiative to build open-source software to promote the interoperability of digital wallets, software meant to transfer, receive, store, and monitor digital assets. It involves businesses in the technological and public sectors and players in the blockchain ecosystem.

The main objective of the OWF, according to a news release from September 13, is to provide a multi-purpose open-source engine that anybody with technical knowledge can use to create interoperable wallets that are safe, secure, and privacy-protected. Furthermore, the organization wants to develop industry standards for electronic wallets.

The foundation will concentrate on developing an open-source software engine that other businesses, organizations, and developers may use to construct their own multi-use digital wallets rather than producing a digital wallet itself.

The launch of the Tether USDT stablecoin on Near Protocol will increase DeFi’s awareness

Tether formally stated on Monday that Tether USDT is now operational on the Near Network, a decentralized blockchain platform that supports smart contracts.

According to the company, integrating Tether into the Near blockchain is a significant step in increasing the company’s position in decentralized finance (DeFi) ecosystems. “It will alleviate the potential adverse effects associated with market volatility and accelerate scalability for its users,” the statement extended.

The Near Network is presently Tether USDT’s eleventh supported blockchain. In addition, the stablecoin is currently operational on several other chains, including Polygon, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, and Bitcoin Cash’s SLP.

A Complete Exemplified Guide for Bollinger Bands

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Bollinger Bands produce a range that traders can use effectively across various timeframes.  However, this technique of trading, also known as scalping, is often only employed for quick trades.

The Bollinger Bands, which indicate an upper edge and a lower edge, produce an accessible range during scalping. Therefore, you can purchase or sell when the price reaches an edge.

Instead of waiting for the exact opposite edge, many skilled traders who scalp for modest returns advise taking profits when the price has reached the Simple Moving Averages (SMA).

Below the volume, the Bollinger Bands Width indicator shows how a  trader may use the range using Bollinger Bands.

Notice that you should avoid using this strategy if you cannot determine if a market is trending or in a range.

Find more about Bollinger Bands, its indicators, strategies, and more in this Article!

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Top Crypto Meme of the Week

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We hope this digest was valuable and informative for you! If you want to be the first one to receive new crypto insights and stay up-to-date with the market, follow us on Twitter or Telegram. Become a better trader with the Good Crypto App!

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September 15, 2022

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