FOREWORD
DEFI DISRUPTION AND A MARKET IN TURMOIL With rampant inflation and cryptocurrencies still in mid-winter , it ' s a challenging time for fintech
“ Ethereum is now almost entirely net zero , having cut its energy consumption by the equivalent of Finland ’ s power grid ”
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Recently , the crypto space was rocked by a brand new disruption that threatens to destabilise an already challenged space . Ethereum , the second largest cryptocurrency , did a ‘ thing ’.
That thing , called The Merge , saw the open source currency swap from its original ‘ proof-of-work ’ blockchain to the more sustainable ‘ proof-of-stake ’ blockchain .
The move was described by the team as being so complicated , that it was like swapping out the engine of a moving car . Even after years of research , they were not sure it would work - and even now , after a seemingly successful manoeuvre , the fallout is yet to be realised .
One thing is for sure though , by bypassing the mining process , Ethereum is now almost entirely net zero , having cut its energy consumption by the equivalent of Finland ’ s power grid .
Will this signal a new start for digital currencies ? Will the SEC crack down on Ethereum now it is considered fair game ? And how will other digital currencies react ?
It ’ s an exciting time in fintech , despite all the unanswered questions . Check out our selection of digital currency features in this month ’ s issue to find out more . Let us know your thoughts , and of course , enjoy the issue .