Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Breaking: Historic day for crypto as Ethereum Merge to proof-of-stake occurs
Ethereum’s highly anticipated conversion to a proof-of-stake (PoS) consensus algorithm, dubbed “the Merge,” took place at 6:42:42 am UTC on Sept. 15. The move is a key part of an overarching multi-year transition for the Ethereum blockchain. “It starts a chain reaction of changes,” Eli Ben-Sasson, co-founder and president of StarkWare, told Cointelegraph regarding the Merge. The Merge will reportedly help the Ethereum blockchain reduce its energy consumption by around 99%.
During a viewing party before the network’s shift from proof-of-work (PoW) to PoS, Ethereum co-founder Vitalik Buterin said: “[It] has obviously been a dream for the Ethereum ecosystem since pretty much the beginning. We started the proof-of-stake research with that blog post on Slosher back in January 2014.”
One party known as ETHW Core disagrees with the transition, however, aiming to maintain a PoW version of Ethereum via a fork in the 24 hours following the Merge. Multiple crypto exchanges plan on listing the forked chain’s related asset, ETHPoW (ETHW).
Abra announces plans for US bank supporting digital assets
Digital asset trading platform Abra announced that it was establishing two financial institutions: a United States bank and an international crypto business. Aimed to open in 2023, the U.S. state-chartered bank will operate under the name Abra Bank and will be compatible with digital assets in a format similar to money at traditional banks, or so it appears. Stationed beyond U.S. borders, a branch known as Abra International is also in the plans. The firm is looking to check all the appropriate boxes for Abra Bank and Abra International in terms of regulation.
Norwegian central bank uses Ethereum to build national digital currency
Norway’s central bank, Norges Bank, is using the Ethereum blockchain’s structure to construct its central bank digital currency (CBDC). The bank is still in the early stages of building its CBDC, but has unveiled the open-source code for the asset’s testnet via a sandbox. Many countries have expressed interest in or have started working on a CBDC, though the…
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