With the multi-year transition dubbed the "merge" finally completed, it's hard to overestimate how much buzz has surrounded this highly anticipated conversion to a proof-of-stake (PoS) consensus algorithm in the crypto sphere.
Can't say enough about all of the builders, researchers, coordinators and more that made this all happen.
— eric.eth (@econoar) September 15, 2022
It's an absolutely incredible feat to transition a globally used blockchain to PoS without most end users even noticing or having to do anything.
Truly incredible. Cheers.
Many people are hoping it would help restore crypto's reputation among skeptics while also improving the efficiency of Ethereum's massive ecosystem of businesses and developers. Speaking of businesses and ecosystems, Terra's founder is said to be on a run from the police ?!
*Do Kwon: I’m not on the run*
— Kenneth Dredd (@KennethDredd) September 18, 2022
steps outside- pic.twitter.com/EQdyMyQMQj
With no further ado, here is the top crypto news of last week!
The Merge is Completed Successfully: Ethereum has Switched to Proof of Stake
After a six-year buildup, "The Merge," a major upgrade to the Ethereum cryptocurrency network, was finally completed. According to Buterin, the Merge might be viewed as revising the laws of physics. Ethereum is officially using proof of stake, a method of approving new transactions that claim to reduce the blockchain's energy requirements by 99.9% while ushering in a new era for the second-largest cryptocurrency.
And we finalized!
— vitalik.eth (@VitalikButerin) September 15, 2022
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
Terra’s Founder is On The Run
Do Kwon, the South Korean founder of the bankrupt cryptocurrency Terra, has denied being on the run after Singapore detectives indicated he was not in the city-state as previously assumed.
Dear CT - I will tell you what i am doing and where i am if:
— Do Kwon ? (@stablekwon) September 17, 2022
1) we are friends
2) we have plans to meet
3) we are involved in a gps based web3 game
Otherwise you have no business knowing my gps coordinates
A report reveals that the news came after a South Korean court issued an arrest warrant for the 31-year-old crypto guru and five other people on allegations that included 'violations of capital-markets law.'
University of Sharjah Teams Up with BSV Blockchain’s Association to Develop a Blockchain-based Metaverse System
The BSV Blockchain Association (Switzerland) and the University of Sharjah (UAE) have initiated a collaborative research effort to create a blockchain-based Metaverse system to conserve UAE culture and history while preserving ownership as a digital asset.
The agreement calls for the University of Sharjah to embark on a multi-phased research and development program, beginning with the development of a novel solution for preserving heritage and modern belongings and offering a cutting-edge trading platform that leverages cutting-edge technologies such as blockchain and the virtual reality environment "Metaverse." Following this, a proof-of-concept application arising from the R&D phase will be developed and commercially deployed at a university startup to operate trade in the metaverse for the public and serve the community.
