For its part, the specialists They stressed that they are working so that the encrypted data within the Ethereum system can be used to simplify financial operations such as certifying credit scoringwhich gains relevance value according to Sebastian Serrano, CEO of Rubbleespecially for those small investors that they may not be able to take advantage of certain more favorable financing rates from traditional institutions because they cannot access collateral that guarantees their reputation.
With respect to mergewhich would leave the long-awaited wait for run on 15 or 16 Septemberit can be noted that will change the consensus mechanism of Ethereum from Proof of Work (PoW) to Proof of Stake (PoS)establishing a passage from the one in which the miners spend large amounts of computing power to complete complex puzzles to a transaction validation by proof of collaboration which, on the contrary, consists of a verification system that it is based on a network of participants who are willing to “participate”, a part of the Ether tokens.
Skylar Weaver from the heart of the Ethereum Foundation maintained that the Merge has successfully passed its latest public testing update known as “Goerli” released on August 10. “We want a credibly neutral global system, we need that system to be managed by many independent people,” he said. In addition, he was optimistic about the advances of the virtual currency by leaving an unfavorable path such as the one used by the proof of workY He stressed the important progress that Argentina has made in embracing this totally innovative and disruptive technology.
East validation change, will allow savings in gas consumption, promoting cost reduction and efficiency given from the reduction of the harmful environmental impact of Ethereum to the ecosystem. As well as tospeed up the number of transactions that can be carried out. According to estimates, transactions that could be generated with the new system would become 100 thousand per second instead of the current scarce 15. That to contextualize them, they would be much superior to those carried out by companies such as Visa that are around the order of 1,500 transactions per second worldwide either Free market what are you doing 100 interactions in the same period of time.
East scalability benefit turns into a before and after for Ethereumafter the system becomes massive in this new stage known as Web 3which was created by Gavin Wood programmer and Ethereum co-founderand that It will allow users to access thousands of data centers around the world.
Specific, The Web3it’s a new milestone in the history of cryptocurrenciesbecause represents the next phase of the Internet and the organization of society. Basically it refers to the set of applications and services built on a digital platform that is not based on a trusted third party, a company for example, and where users are the true owners of the content.
“This vision of the registration of value in the blockchain is something that empowers the user, takes power from the intermediary. when she told herself website 1 was understood as read, website 2 meant read and write Y website 3 It represents read, write and own, that’s the big key“, said Highlander.
Y regarding the passing of the crypto winter suffered in the first half of the year, lExhibitors agree that the years have shown that the crypto universe has very marked cycles. For this reason, advances of the crypto worldlast year despite the prices having been at maximums, They argued that this year would be difficult. Nevertheless, they unanimously agree that a very optimistic long-term vision persists, and while they continue to develop the correct infrastructure they continue to prepare for the next cycle that they believe will be the largest in the history of cryptocurrencies.
Source: Ambito
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