Dear valued readers,
Now that you're probably getting used to your jackets and preparing to welcome the leather jacket week that's winking at us from afar, we hope you've read our previous newsletter. We really enjoyed it, and if you haven't, we think you can read #TheMerge here in one go.
As you know, ETH mining, because it's done through " Proof of Work ," leads to excessive energy consumption, which we discussed in our previous newsletter. The old system involved a great deal of time and energy waste . Now, everyone will have a say thanks to the Ethereum they own and connect to the system, but there's another detail worth mentioning here.
Shareholders currently cannot withdraw the assets they hold in the system whenever they wish. While they can instantly access the transaction fees they earn and the rewards they are entitled to during block creation, this restriction only applies to the assets they have invested in the system. This disadvantage is planned to be overcome with the upcoming Shanghai version , which will improve the system and transition to a more practical operation that will satisfy shareholders.
https://blockworks.co/what-to-expect-from-ethereum-security-and-privacy-after-the-merge/
Ethereum's innovation leader, Vijay Mehta, also announced that the focus will be on security work for the Beacon Chain, which forms the basis of the #TheMerge update. We may be facing a much more secure network in the future.
Anthony Di Lorio, co-founder of Ethereum, said that the Merge update could bring many problems. He mentioned that in the current proof-of-stake system, verification processes mostly take place between two ETH holders, and this could pose a threat to decentralization .
Given that Lido and Coinbase are Ethereum's two most powerful shareholders, the fact that nearly 50% of transactions after the update come from just these two addresses makes it worth noting that the ETH network has become much more centralized than before, and if this issue is not resolved, it could contradict one of the fundamental purposes of blockchain networks .
We also recently witnessed Dennis Porter, founder of the Satoshi Act Fund, taking an anti-ETH stance. He stated that ETH founder Vitalik Buterin had failed in his role, arguing that he had ample time to prove his worth but didn't make the most of it.
As you know, Bitcoin and Ethereum are often seen as major rivals. Although my personal opinion is that they are more like siblings than rivals , I believe the majority see the price difference as a source of competition. However, this rivalry can no longer continue as before , because after the #TheMerge update we discussed last week, these rivals now operate on completely different principles. Even though Porter argues that Ethereum is lacking in this regard and can never be a rival to Bitcoin, we're presenting this news to you with the understanding that it's time to see them as siblings.
https://bitcoinist.com/satoshi-fund-warns-ethereum-points-vitalik-failure
stated that a more intense battle could erupt between the two sister networks, and that Bitcoin should be on the defensive due to developments in Ethereum.
Regarding price developments, cryptocurrency phenomenon Richard Heart stated that Bitcoin could fall to $11,000 before moving upwards. At the same time, if the US August inflation data doesn't come in as high as we expect, Bitcoin's downward movement could end, bringing joy back to our long-sad faces.
https://coin-turk.com/bitcoin-uzmani-porter-korkutan-btc-analizi-cok-daha-fazla
Interpol has issued an arrest warrant for Terra founder Do Kwon. A red notice was issued for the 31-year-old entrepreneur following the collapse of the company, which had lost over $40 billion. It is known that Do Kwon flew to Singapore before Terra's tragic collapse but was not there afterward.
https://www.bbc.com/news/technology-63033262
Do Kwon responded to the allegations, stating that questioning about his whereabouts on September 17th was a violation of his privacy, that he had not fled, and that he was cooperating with official institutions that wished to contact him.
Uzbekistan recently enacted a regulation concerning licensed cryptocurrency companies. Under this regulation, companies will be required to make monthly payments to the state, the amount of which will depend on the specific business activities of the company. A significant portion of these payments will go to the state budget, and companies that fail to make payments will face penalties including the revocation of their licenses.
That's all from us this week, we hope you have a peaceful and trouble-free day and that it inspires you on your other days. We love you and wish you prudent investments.
As valued readers of our Decentralized Bulletin, if you'd like to connect us with others who might be interested, you can use this link: bit.ly/merkezsizbulten . 😎 And if that's not enough, you can follow our Twitter profile to stay updated on developments throughout the week.
See you again soon! 🫡
Decentralized Bulletin
Originally published on Medium on October 02, 2022. English translation of “Merkezsiz Bülten: Hayır, siz kardeşsiniz. Yarışamazsınız!”.