Following the successful merger of Ropsten with the Beacon Chain, the main testnet of the Ethereum ecosystem has become a Proof of Stake network, the developers indicated. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Ropsten on the Ethereum Beacon Chain
📍The Ropsten testnet has been merged with the Beacon Chain into the Ethereum consensus layer. Ropsten is now a Proof of Stake testnet, as reported by the Ethereum community on cryptotwitter.
The merger has migrated the Ropsten testnet from Ethereum's Proof of Work (PoW)-based execution layer to the consensus layer, commonly known as Ethereum 2.0, on Wednesday.
Although the process was not without its flaws, it was successfully completed, marking the final stage of the long-awaited migration of the Ethereum Mainnet to PoS.
Ethereum enthusiast Parithosh Jayanthi indicated on his Twitter account that the network will be monitored over the next few weeks to keep an eye on its performance and ensure that no client falls out of sync with it. The developers asked the user community and creators to report any dapps or Smart contract may not function properly for the next few days.
Bored Ape and Solana correct their mistakes
📍A bug in Bored Ape is fixed after a year. Bored Ape Yacht Club (BAYC) co-founder “EmperorTomatoKetchup” has noted that the NFT project’s bug, which allowed Bored Ape NFTs to be minted infinitely, has been fixed.
However, the announcement comes a year after the bug was first reported. According to EmperorTomatoKetchup, the developers of Bored Ape had not fixed the software error much earlier out of sheer caution.
Dan Kelly, CEO of NonFungible, reported the bug in June last year. While there are no reports of the bug being exploited, its fix is reassuring to the crypto community, as the project has been the target of several exploits and phishing attacks in recent months.
📍Solana developers also fix bugs in the network. The latest bug in Solana left the network out of service for more than 4 hours. But now the developers are taking steps to fix their errors, provide security to users, and move forward with their construction.
Solana uses a consensus mechanism that is rarely adopted in the industry: a combination of Proof of History (PoH) and Proof of Stake (PoS)Although this union allows the network to process up to 400.000 transactions per second, the blockchain has crashed five times so far this year, stopping producing blocks and stalling transactions.
In her post mortem report Regarding the latest Solana outage, which occurred earlier this month, the developers indicated that they are fixing the bug found in the nonce durable transactions feature and that nonce durable transactions will not be processed until a fix has been provided. Nonce durable transactions have been temporarily disabled.
On the energy consumption of cryptocurrencies
📍The CFTC supports the transition of cryptocurrencies to more sustainable consensus mechanisms. U.S. Commodity Futures Trading Commission (CFTC) Commissioner Rostin Benham noted that changing the technology of cryptocurrencies, or transitioning them to proof-of-stake (PoS)-based protocols, are viable alternatives that can help reduce the energy consumption of cryptocurrencies and minimize the impact of the significant energy dislocation that lies ahead.
Benham's statements, made at the event's audience Evolution of Money, follow a proposal by Senators Cynthia Lummis and Kirsten Gillibrand that the CFTC conduct a study on current energy consumption in the crypto industry. She noted that the disclosure of actual figures will also help crypto industry participants improve their energy consumption mechanisms and practices to move away from unnecessary spending.
The draft law filtered out Lummis and Gillibrand's policy labels most cryptocurrencies as commodities and leaves much of the regulation and oversight of them in the hands of the CFTC.
DFS publishes guidance on stablecoins
📍New York Department of Financial Services (DFS) guidance on stablecoins released. New York State's financial regulator has published the first guide which addresses stablecoin issuers in the state. It sheds light on the requirements that stablecoin issuers must comply with, such as redeemability, reserves, and reserve certifications, among other things.
The guidance, recently published by the DFS, is applicable to issuers of US dollar-backed stablecoins.
Continue reading: PayPal now allows you to transfer and withdraw Bitcoin or Ethereum to external exchanges
