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Coinbase Lists 4 Possible Risks Of Ethereum Merge

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Coinbase Lists 4 Possible Risks Of Ethereum Merge

The Ethereum Merge remains one of the most anticipated events in the crypto space. The upgrade was scheduled to happen on September 15, 2022. It was a long-awaited blockchain transition as it moved from PoW to PoS. The change will merge the Beacon Chain and the Ethereum mainnet to become a single blockchain.

As an event in the industry, several reactions and discussions have occurred concerning the Merge. The Ethereum community is in high hope for the success of the transition. On its part, the Ethereum developing team has completed all the necessary checks and steps that will finally activate the Merge.

Following the recent flow of activities on the preparation and waiting for the Merge, reactions are getting intense. One of the global top crypto exchanges, Coinbase, has made some shocking disclosure.

Coinbase Cloud had identified four possible risks with the Ethereum Merge. The risks are operational, technical, lack of client diversity, and economic.

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Potential Risks Of Ethereum Merge

Based on its highlighted points, Coinbase also offered some details on the risks.

Operational Risks: Recall that during the Bellatrix, there was a drop in the participation of node operators and validators. Some of the operators didn’t complete the upgrade for their clients. Also, there are some behind-the-scene activities such as testnets, client releases, last-minute releases, and others.

According to a recent developer report, just 85% of nodes have completed the necessary and latest client releases. In addition, there are records of about 25% to 30% of validators that couldn’t complete the Sepolia upgrade. They were thrown offline due to issues as per configuration.

Technical Risk: The Merge involves the merger of two different blockchains, the Ethereum mainnet and the Beacon Chain. While the first is based on PoW, the second is based on PoS. This makes the Merge to be one of the most complex upgrades technically in the crypto space. Hence, it is highly prone to bug attacks and other technical hitches.

An instance of the bugs was experienced with the upgrade of execution layer clients Nethermind and Go Ethereum (geth). However, the developers’ team provided a handy fix and possible guidelines to avoid a repeat.

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Risk of Lack of Client Diversity: Once a client lacks diversity, it could hike the risk of a consensus client being dominant among others. Such a client may violate consensus or even use its terms to propose blocks.

Economic Risk: With the Merge, miners will become irrelevant on the Ethereum blockchain as validators take over block production. Also, the type of GPUs for mining Ether differs from that for BTC. So, they can even switch to Bitcoin mining. Their alternatives will be on any available mineable coins.

Bitcoin falls on the chart l BTCUSDT on Tradingview.com

Additionally, the Ethereum PoW fork may create significant issues with protocols and dApps on the blockchain.

Featured image from Pixabay, chart from TradingView.com

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Japanese Gaming Giant Sega To Launch First Blockchain Game

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Japanese Gaming Giant Sega To Launch First Blockchain Game

Sega, one of the largest Japanese gaming companies, has announced that it will launch its first blockchain game in collaboration with Double Jump Tokyo, another Japanese development company. The game, which is based on Sega’s Sangokushi Taisen franchise, will be built using Oasys, a Japanese scaling-focused project, to support its blockchain elements.

Sega to Launch First Blockchain Gaming Project

Sega, one of the most influential Japan-based gaming companies, has announced that it will build its first blockchain-based game. The project, which will be built by another gaming company, Double Jump Tokyo, will be based on the Sangokushi Taisen franchise, a popular arcade game in Japan.

The Sangokushi Taisen franchise is comprised of a series of strategy games that allows its players to use of virtual cards in the virtual field. The structure of the game lends itself to the implementation of blockchain elements, like the tokenization of some of the assets of the game and the trading aspect of the cards. However, none of the companies have announced how these blockchain elements will be included as part of the game mechanics.

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No tentative release date for the game has been announced yet, but Sega has not announced the development of any similar project.

Oasys Blockchain and Blockchain Gaming

Double Jump Tokyo also announced that the blockchain part of the game will use Oasys, a Japanese gaming project, as its vehicle. Oasys is a blockchain initiative that aims to be scalable enough to support a big number of concurrent players using its services. The company hopes to make its entrance into the AAA gaming circle with this and other planned releases.

Oasys has the support of traditional entertainment powerhouses and crypto companies, such as Bandai Namco, Sega, Jump Crypto, and even Square Enix, which became a validator of the chain and is currently exploring the launch of blockchain games using this tech.

Sega’s stance on non-fungible tokens (NFTs) and blockchain games has been ambiguous. In January, the company stated it could abandon the implementation of these technologies in its games if these are considered a money grab by its customers. However, more recently, in April, Sega hinted at the possibility of including NFTs and metaverse elements as part of its “Super Game” development strategy.

Other AAA gaming companies like Ubisoft have been more clear, launching their own NFT markets and including NFT elements in games from leading franchises. Square Enix has also included blockchain as a key part of its business plan for the future.

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What do you think about Sega’s first blockchain game launch? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Ned Snowman, Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Despite The Crypto Market Downturn, DAO Treasuries Grew By $700 Million Since January

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Despite The Crypto Market Downturn, DAO Treasuries Grew By $700 Million Since January

Since January 2022, the entire crypto economy has shed $1.36 trillion in value, as the market capitalization dropped from $2.34 trillion to today’s $979 billion. While the crypto economy is down in value, trade volumes are lower, and the value locked in decentralized finance (defi) has shed billions, treasuries held by decentralized autonomous organizations (DAOs) have increased by 7.69% in value since January, as roughly $700 million was added to the projects’ caches in eight months.

DAO Treasuries Jump 7.6% Higher in USD Value, Since 2016 the Value Held by Decentralized Autonomous Organizations Grew by 6,025%

On June 10, 2022, the total amount of funds held by decentralized autonomous organization (DAO) treasuries reached the $10 billion range for the first time in history. While the crypto industry is dealing with lower prices and bearish sentiment, the value held by DAO treasuries has managed to weather the storm.

Presently, across 4,830 organizations, DAOs hold $9.8 billion, which is only $200 million less than the aggregate value held by DAOs 112 days ago. While it is $200 million less than it was three months ago, DAO treasury values have increased by $700 million since January, according to stats aggregated by deepdao.io.

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On January 22, deepdao.io metrics recorded by archive.org indicate there were 4,227 organizations at that time, and collectively, $9.1 billion was held in DAO treasuries. With $9.8 billion today, that’s a 7.69% increase in USD value held by DAO treasuries over the last 251 days.

At the time, Bitdao held $2.4 billion in its treasury and it was the largest DAO treasury in January. Uniswap was the second largest at the time, with $2.1 billion. Both Bitdao and Uniswap are still the top two DAOs in terms of treasury size, but Uniswap is now the largest.

On October 1, Uniswap has $2.8 billion, while Bitdao’s cache has shrunk to $1.3 billion from the $2.4 billion held at the beginning of the year. Bitdao’s $1.3 billion makes it the second largest DAO treasury and it’s followed by ENS which holds roughly $1.2 billion.

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251 days ago, ENS was the 14th largest and at the time, the third largest was Lido Finance. The liquid staking protocol’s DAO is now the fifth largest, with $283 million held in the Lido DAO today. The top ten DAO treasuries include Uniswap, Bitdao, ENS, Gnosis, Lido, Olympus DAO, Mango DAO, Merit Circle, Compound, and Aragon Network.

Out of the entire $9.8 billion, there are 3.9 million governance token holders, and 698,400 active voters and proposal makers. 109 DAOs hold $1 million or more, while only three DAOs have more than a billion in funds.

While Uniswap has $2.7 billion, 98.7% of the project’s treasury funds are held in uniswap (UNI) tokens, and Bitdao has a treasury comprised of a bunch of different crypto assets which include tokens like BIT, ETH, USDC, and USDT.

As the crypto economy continues to deal with tumultuous times, decentralized autonomous organization treasuries have seen steadfast growth since the start of the year. Since the first DAO was created in 2016, DAO treasuries have increased 6,025% in USD value during the last six years.

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$700 million, $9.8 billion, 2016, 2022, Aragon Network, Bitdao, Blockchain, Compound, Crypto, crypto downturn, DAO, DAO Treasuries, DAO Treasury, DAOs, decentralized autonomous organization, decentralized finance, DeFi, ENS, ETH, Gnosis, governance tokens, Lido, Mango DAO, Markets, Merit Circle, Olympus DAO, UNI, uniswap

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What do you think about the thousands of DAOs today and the $9.8 billion held by DAO treasuries? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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PUBG Creator Is Up For A Metaverse And NFT Twist! Artemis On The Way

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PUBG Creator Is Up For A Metaverse And NFT Twist! Artemis On The Way

‘PUBG’ creator’s next project Artemis is an open source metaverse and NFT for everyone

PUBG creator Brendan Greene is working on a new game called Artemis. It will be a blend of blockchain technology, NFTs, and the metaverse. Using a virtual universe the size of Earth, gamers of the upcoming game Artemis may create and play anything they wish. The introduction of gaming infrastructure by blockchain businesses has sped up the expansion of the blockchain, metaverse, and NFTs sectors. In an interview published on September 27, PUBG creator in Metaverse is his ambitions to include blockchain technology, the metaverse, and non-fungible tokens (NFTs) into his next Earth-sized virtual and open world game Artemis.

 

PUBG creator in Metaverse now said:

“We’re building a digital place. That has to have an economy, and it has to have systems at work. And I do believe you should be able to extract value from a digital place; it has to be like the internet, where you can do stuff that will earn you money.”

Companies in the tech world have expressed their ambitions to build the metaverse, the hypothetical next iteration of the internet that technologist’s surmise will be less like the text-based internet we have now, and closer to a digitized version of the real world. And Greene’s vision of the metaverse is a world owned and shared by everybody.

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It’s a big vision that requires skilled management, which is why Greene brought on former Ubisoft Massive managing director David Polfeldt to the PlayerUnknown team as a senior adviser.

The Metaverse is a system that integrates social networking, online gaming, VR, AR, and cryptocurrency to allow users to engage digitally. Players who were earlier interested in other genres of online games, such as multiplayer games, are frequently shifting their interest to the Metaverse. The Metaverse is quite likely to facilitate corporate meetings, trainings, online entertainment, and perhaps web-based learning in the future.

The metaverse has attracted significant investments from gaming companies, tech giants, and VCs alike. Decentraland is among the first companies to explicitly try and build a metaverse for multiplayer gaming. Sandbox is a metaverse-native video game to play, create, own, and govern a virtual space. And Epics Games is best known for Fortnite, a VR game and event destination bundled into one.

The metaverse gaming sector does not only let you play games but also gives you a way to earn money. There are a number of games to play in Metaverse games that have been launched by different gaming giants that pay you in NFTs. Axis Infinity became the major source of income for the gamers, it is an RPG game that allows the players to trade the NFTs on its platform while others are Alien Worlds, Splinterlands, Farmers World, etc. Apart from following linear storytelling and rules, players can engage in profitable activities.

Online game platform and game creation system, Roblox allows people to create their own worlds and games within its wider metaverse. Gaming in the metaverse could incorporate mixed reality, where users move from group text in augmented reality to mixed reality board games. Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms. The entertainment industry in the metaverse is going to span from immersive experiences and fantasy worlds to bringing simple games into our everyday lives.

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The post PUBG Creator is up for a Metaverse and NFT twist! Artemis on the Way appeared first on Analytics Insight.

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