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The Philippine peso fell to 63.552 against the US dollar, hitting a record low.Canadian Prime Minister Carney: Negotiations regarding Canadas participation in Türkiyes nuclear power project have progressed significantly, and we may see a decision by the end of the year, but this depends on Ankaras intentions.Volkswagens head of labor affairs: The idea of freezing wages across the company until 2030 is absurd.October 23 – A preliminary business survey released on Friday showed that German private sector growth slowed in October, with new business inflows increasing only moderately. Germanys preliminary S&P Global Composite PMI fell to 52.8 in October from 53.8 in September, but remained in expansion territory for the fourth consecutive month. Economists had predicted a reading of 53.3. Phil Smith, deputy director of economics at S&P Global Market Intelligence, said, "The preliminary PMI reading for October is encouraging, showing continued improvement in business activity across Germany; however, the slowdown also highlights the continued fragility of Germanys recovery as the eurozones largest economy." German manufacturing output continued its strong expansion, with the manufacturing PMI rising to 54.2 from 53.9 in September, a two-month high. Meanwhile, service sector activity expanded for the second consecutive month, but at a moderate pace; the services PMI fell to 51.7 from 52.9 last month.Germanys preliminary composite PMI for October was 52.8, below the expected 53.3 and the previous reading of 53.8.

Ethereum Development 55% Complete After Merge: Vitalik Buterin

Alice Wang

Jul 25, 2022 15:13



Vitalik Buterin discussed the long-term viability of the network on July 21 at the annual Ethereum Community Conference (EthCC) in Paris.


With just two months before Ethereum (ETH) switches from energy-intensive proof-of-work mining to proof-of-stake consensus, the highly anticipated Merge was a hot subject.


To an audience of developers, Buterin said, "After the merging, you will be able to construct an Ethereum client that does not even know the proof-of-work phase has occurred."


He continued by saying that developers still had a lot of work to do since the network as a whole will only be "55 percent complete until we conclude the Merge." Although there may be delays, September 19 has been set aside for The Merge, which will connect the current Ethereum chain with the fresh Beacon Chain.

Massive Planned Ethereum Scaling

The transaction costs associated with Ethereum, which soar when the network is overloaded, are one of the most often voiced grievances. As a consensus change, The Merge won't resolve this problem, therefore transaction fees will continue to vary and become more costly during periods of high block space demand.


As the network grows, this problem will be addressed by upgrades scheduled for the next year.


 Ethereum "will be a far more scalable system by the conclusion of this road plan," said Buterin, adding that it "will be able to perform 100,000 transactions per second" by then. The network can only handle 15-20 transactions per second at the moment, which makes wider adoption impractical.


Buterin suggested more improvements with the rhymes "surge," "verge," "purge," and "splurge" in addition to the present one. These are a component of the network's cleaning phase and scale development, which are anticipated to be implemented in the next years.


He continued by saying that there will be significant adjustments to the security model, token supply, and monetary policy of Ethereum. Currently, around 5.5 million ETH are still being issued annually for Ethereum. Once the Merge takes place, the EIP-1559 upgrade's transaction fee burning procedure will render issuance deflationary, causing the supply to gradually decline.


More than 2.5 million ETH have been burned or lost when the update was introduced in August 2021. This is worth almost $4 billion at the present pricing.

Merge momentum is still present

Asset values are still rising as a result of these monetary characteristics, which are the exact opposite of inflationary fiat currencies. As interest in Merge rises, ETH has gained 33% over the previous week.


Following a monthly gain of 40%, ETH was up 2.5 percent on the day and trading at $1,578 at the time of writing. It is driving the current crypto market rise, but next week's macroeconomic data and worries about a recession may swiftly send everything spiraling downward.

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