News
Ethereum Just Completed The Long-Awaited Merge Upgrade
According to a Twitter post from co-founder Vitalik Buterin, The Ethereum blockchain network just completed the most ambitious software upgrade ever to take place in crypto.
Ethereum is probably the most important commercial highway in the crypto landscape, and it has now been “merged” — a process that replaced older, power-sapping network computers with more modern and energy-efficient machines. The upgrade will see Ethereum’s energy expenditure decline by a massive 99%.
This kind of upgrade has never been attempted in crypto until now, which is no surprise, as Ethereum is home to 3,500 apps and handles billions of dollars of crypto transactions. End-users shouldn’t notice the merge, but it will eventually make the network faster and cheaper to run.
Although now completed, Ethereum’s merge could see the network suffering from occasional glitches or hang-ups for at least several weeks. Exchanges like Coinbase paused Ethereum withdrawals and deposits during the event in anticipation of hacking attempts and general instability.
There is some concern that EthereumPOW and other forks may create copies that still run on the older computers, potentially creating confusion and leading to more scams and hacking attempts. USDC stablecoin issuer Circle and oracle provider Chainlink have both announced that they won’t support forked versions of Ethereum, and whether those forked chains remain viable over time is something that isn’t yet known.
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So how will the merge affect crypto mining? Only time will tell, but as profitability has already taken a nosedive this year, the merge will further squeeze those who make a living from crypto mining. Energy costs are rising globally, and now miners are faced with the prospect of changing to new equipment or selling up for good.
So what does the future hold for Ethereum in the wake of these massive changes? So far, the jury is out, but some traders anticipate the network overtaking Bitcoin in the long run and are hedging vast sums of money on their prediction.
News
NASA Forms New Partnership With Saudi Space Agency
The pair will collaborate on the Center for Space Futures, advancing space tech by bringing together public and private stakeholders.
Saudi Arabia’s space industry is on the brink of substantial expansion after generating $400 million in revenue in 2022, according to a report by the Saudi Communications, Space and Technology Commission.
Now, in a new venture with NASA, plans for a “Center for Space Futures” are set to further drive the Kingdom’s aspirations of becoming a leading player in space exploration and technology.
Capturing moments from the joint delegation visit with leaders from the Saudi and American Space Agencies @NASA to @PSU_RUH, along with scenes showcasing the audience's engagement. pic.twitter.com/oB1cFTiRNl
— وكالة الفضاء السعودية (@saudispace) May 14, 2024
The partnership between NASA and Saudi Arabia goes beyond economic advantages. The pair have already cooperated on preliminary work for the Artemis II lunar mission, which is slated for a September 2025 launch and aims to land astronauts near the moon’s South Pole.
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During a visit to the capital, Riyadh, NASA Administrator Bill Nelson emphasized in a TV interview the broader objectives of the collaboration, which encompass “returning to the moon and then [to] Mars” while utilizing space exploration to glean important insights into climate change. The NASA spokesman also reiterated the space agency’s dedication to collaborating with Saudi Arabia on other future ventures.
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