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on the VERGE to SPLURGE on ETH pre-SURGE, post MERGE

Vitalik reveals the ETH master plan, this $13b gaming behemoth is launching NFTs, and insider training @ Coinbase

Author

Lili (QueenBao)
July 25, 2022

GM Baos.

Today is a beautiful day to be alive, because the King has blessed us with the plan to make Ethereum more scalable.

There are a lot of new terms here which we’ve defined. DW, we’re learning too ✌️

Today we cover:

  • Vitalik reveals ETHs master plan at ETHCC

  • $13b gaming behemoth says YES to NFTs

  • Insider trading NGMI

How ETH will process 100,000 transactions per second

Here’s the master plan. It has five key stages.

(1) THE MERGE // September 19 2022

Merging mainnet with the Beacon Chain – new proof-of-stake (PoS) layer.

Currently, ETH uses proof-of-work. Here, validators solve cryptographic algorithms to validate transactions on the blockchain. In PoS, each block of transactions is awarded to a random validator depending on how much ETH they have staked. This will:

  • Cut power usage by 99% 😱

  • Reduce issuance of ETH (making it deflationary)

(2) THE SURGE

Allows for sharding.

This means splitting the blockchain’s into smaller partitions, or “shards”, allowing the workload of the network to be spread out. This will:

  • Reduce latency

  • Increase throughput (more transactions can be processed at a time)

  • Attract lower transaction fees on shard chains

(3) THE VERGE

You still here? Ok, good.

Because we’re now introducing this thing called a Verkle Tree. Currently, smart contract developers rely on Merkle proofs for actions like “check if your wallet address is on the allowlist”.

The Verkle Tree is an upgrade. To simplify, it allows for smaller proof sizes!

This will optimise storage on ETH by reducing node sizes

(4) THE PURGE

Validators need a buttload of hard drive space to solve algorithms to validate a transaction. This phase will purge historical data and bad debt to streamline storage.

This will reduce network congestion and streamline storage.

(5) THE SPLURGE

Some miscellaneous upgrades so the first four stages don’t eff up.

A great summary here.

TLDR; all these Ethereum “XXXrges” will improve ETH’s network scalability.

If you’re an engineer (BaoBoy, Baostronaut…) I’m sorry for this layman explanation 😆 But for us normies, this is good enough info for us to know that ETH has some big plans to keep it relevant for years to come.

Final Fantasy NFTs Dropping in 2023

On more important news 😉 Final Fantasy is dropping a NFT collection.

HOLY SH*T.

NFT Company Enjin secures a deal with leading game developer – Square Enix - the creators of Final Fantasy (FF). They’re bringing FF tokens to the masses on the Efinity Network!

A few days ago, Square Enix invested in Zebedee – a fintech that launched a platform allowing developers to add crypto functionality into games.

Why is this huge?

Since its 1987 release, FF has sold 150 million copies across 16 games and generated $13b. 😳

Square Enix committing to blockchain & play-to-earn in their monetisation strategy means there is another big gaming company leading the mass onboard of users into web3. But this is not a happy signal for the gaming community…

It’s an interesting problem. Surveys show around 58% of developers in the U.S. and UK are beginning to use blockchain elements into their games, with 48% already incorporating NFTs in games.

Mojang Studio may have said no to NFTs, but I’m taking a guess this is to safeguard their future launch of web3 integrations rather than relying on third party developers.

But for now, it’s full steam ahead for Square Enjin! We can’t wait to buy physical FF products – these will have codes to redeem digital versions on Efnity (run by Enjin).

Let the games begin!

🚨 FIRST CHARGES on Insider Trading in Cryptocurrency

This is the FIRST-EVER insider trading case involving cryptocurrency markets.

…and we’re likely going to see more and more of this.

But it wasn’t just the DOJ that came down, Securities and Exchange Commission (SEC) also brought the same charges.

What happened?

  1. Ishan Wahi shared information about 14 listings at Coinbase

  2. They used the asset listing post from Coinbase before the exchange published it

  3. The 3 defendants used burner wallets & accounts in other people’s names to buy 25 different cryptocurrencies ($1.1-1.5m)

  4. They traded TRIBE, ALCX, XYO, GALA, ENS, and POWR

  5. Officials stopped Ishan Wahi from boarding a plane to India in mid-May

  6. Ishan Wahi was arrested on Thursday

  7. Coinbase escaped unscathed

They say knowledge is power - but with great power, comes great responsibilities. Practice ethical trading, the web3 mentality is to win it together.

Say “NO” to insider trading 🙅, unless you want the DOJ & SEC to knock on your door. Then, by all means - have at it! 🤣🚨

Bao-sized news

Interesting Stuff

Some more Crypto chart stuff in regards to ETH/USDT. Over the last week or so, we are seeing ETH trying to re-enter the supply/demand zone shown below. On the daily, the zone has been well tested plenty of times.

“Looks like its going to go crazy, I’ll buy now!!!” - said top signal person

–KangarWu

Giveaways

Things that made us laugh

Sharing Asian creator work

Happy sharing. Did that title make you laugh? It made me giggle 😆

–Lili