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The Ethereum network will be more secure after the Merge, says Vitalik Buterin

The Ethereum network will be more secure after the Merge, says Vitalik Buterin

The Ethereum network’s Merge is set to take place by next month, and Vitalik…

The post The Ethereum network will be more secure after the Merge, says Vitalik Buterin appeared first on CoinJournal.

The Ethereum network will be more secure after the Merge, says Vitalik Buterin

The Ethereum network’s Merge is set to take place by next month, and Vitalik Buterin is confident it will improve the network.

Vitalik Buterin, the co-founder of the Ethereum blockchain, believes that the Merge will make the Ethereum network more secure. Buterin said this while speaking at the Blockchain Futurist Conference in Toronto.

The Ethereum Merge will see the Ethereum blockchain finally migrate to a proof of stake mechanism. Earlier this week, the Ethereum proof-of-stake test Merge went live on Goerli.

This latest development meant that the Ethereum mainnet would migrate to a proof of stake on September 15/16. Commenting on this latest development, Buterin said;

“Ethereum’s energy consumption [after the merge] will be reduced by more than 99.9%, so it’s a big improvement. It’s also an opportunity to kind of take some of the ideas that we’ve learned over the last eight years or so, and use that to really redefine what the different parts of the Ethereum chain [can do].”

After the switch, Buterin is confident that the Ethereum network could be made more secure, transaction speed would increase, and costs would be lowered.

The Merge would also open up Ethereum up to more upgrades in the future, Buterin said. He added that once the Merge is completed, the biggest focus will be on the scalability of the Ethereum network. 

Ether, the native coin of the Ethereum network, has performed excellently over the past few weeks. ETH declined towards the $1,000 mark a few months ago as the bear market affected the performances of numerous cryptocurrencies.

However, ETH is currently trading at around $1,900 per coin, up by more than 50% over the past four weeks. 

ETH could rally higher over the coming weeks as the Merge will take place on September 15/16.

The post The Ethereum network will be more secure after the Merge, says Vitalik Buterin appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Telco giant Deutsche Telekom launches Ethereum validator

Deutsche Telekom will run an Ethereum validator node via its subsidiary T-Systems Multimedia Solutions…

The post Telco giant Deutsche Telekom launches Ethereum validator appeared first on CoinJournal.

  • Deutsche Telekom will run an Ethereum validator node via its subsidiary T-Systems Multimedia Solutions and has also partnered liquid staking pools provider StakeWise.

German telecom giant Deutsche Telekom has announced support for the Ethereum network, revealing plans to run a validator node on the world’s largest proof-of-stake (PoS) blockchain.

An announcement from the telecommunications giant on Thursday stated that the company move is part of its wider objective of expanding its activities across the blockchain technology and crypto ecosystem.

Deutsche Telekom joins Ethereum staking

According to Deutsche Telekom, its validation infrastructure will be handled by its subsidiary, T-Systems Multimedia Solutions (T-Systems MMS). T-Systems MMS will thus operate a validator node on Ethereum, taking part in the network’s staking mechanism.

Deutsche Telekom also announced that its subsidiary would be partnering liquid staking pools provider Stake Wise, this marking the telco’s entry into liquid staking. 

The StakeWise app allows ETH holders to participate in network validation without having to operate a validator node themselves. This in turn lowers the entry barrier for anyone looking to invest in the cryptocurrency.

After collaborating with Flow, Celo and Polkadot, we are now taking the next decisive step in the blockchain world and are doing pioneering work here with Ethereum. As a node operator, our entry into liquid staking and the close collaboration with a DAO is a novelty for Deutsche Telekom,” said Dirk Röder, Head of Blockchain Solutions Center at T-Systems MMS.

The German telco behemoth’s move comes a few weeks after Ethereum successfully transitioned from the proof-of-work mechanism used on the Bitcoin network.

The Merge, as the Ethereum software upgrade that ushered in the PoS mechanism was called, is set to see energy consumption for Ethereum fall by 99.95% – making the blockchain a more eco-friendly network.

The post Telco giant Deutsche Telekom launches Ethereum validator appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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