Launchpool Celebrates Ethereum’s Merge With A Community Giveaway
Since its inception in 2015, Ethereum has received harsh criticism from environmental activists because of the negative impact on the environment brought on through mining. Ethereum currently uses a Proof-of-Work (PoW) consensus mechanism to record transactions on its network: same as Bitcoin.
The PoW system requires miners to use large amounts of computational power to solve a complex puzzle. This process requires large amounts of energy to be consumed and it is estimated that the total energy consumption of Ethereum’s PoW system is equivalent to that of Finland.
Faced with many other challenges, Ethereum's developers have been focused on transitioning from PoW to a Proof-of-Stake (PoS) system. As part of this effort, the Beacon Chain was first created on December 1, 2020 and has since existed as a separate blockchain to Mainnet with the plan being to eventually merge both blockchains and improve the overall network performance.
This long awaited “Merge” is scheduled to happen in a few weeks time. This will officially make the Beacon Chain the consensus engine for all network data; including the execution layer, transactions, and account balances. Following the Merge, it is expected that Ethereum's carbon footprint will be reduced dramatically. The network's energy consumption is expected to reduce by approximately a staggering 99.95% of its current value.
Once the merge is complete, Ethereum will be one step closer to achieving the full scale security and sustainability that its developers have always envisioned as this was not previously possible with the PoW system.
To celebrate this milestone achievement, Launchpool is giving away five (5) Bronze Labs NFTs and a cash prize to the first 5 people that can accurately guess the price of ETH on September 1st, 2020 at 10 AM UTC.
The entry rules are simple:
This competition will run from August 12th and close on August 31st at 23:59 hrs UTC. To be eligible to enter into this competition, follow the entry rules listed above and reply to the Twitter thread with your best guess as to what the price of $ETH will be on September 1st at 10am UTC.
The five (5) participants closest to the correct ETH price, will each receive a Bronze level Labs NFT and an equal share of the $500 BUSD prize pot.
NOTE: ONLY one (1) entry allowed per participant and ONLY one (1) NFT per person (KYC required)
Winners will be selected and announced via a post to our official Twitter page on September 5th 2022.
Good luck to all participants !
🗞️ In other Crypto news….. 📰
Samsung To Create A Galaxy NFT Ecosystem, Interlay launches BTC Cross-Chain Bridge On Polkadot, and Phantom Wallet Hack.
💡Samsung To Create A Galaxy NFT Ecosystem🌌
Samsung, the world famous electronic device manufacturer, has signed a memorandum of understanding (MOU) with six other businesses to create the "Galaxy NFT [non-fungible token] ecosystem," according to a report. The agreement opens the door for Samsung Electronics to begin work on bridging the real and virtual worlds through the use of NFTs.
The six businesses are Alllink, Digital Plaza, e-Cruise, Shilla Duty Free, Show Golf, and Theta Labs. Samsung intends to offer incentives, such as discounts, to new Galaxy NFT users and owners who successfully complete the certification procedure. The report states that four of the businesses- Digital Plaza, e-Cruise, Shilla Duty Free, and Show Golf—will carry out the NFT certification process.
🪙 Interlay launches BTC Cross-Chain Bridge On Polkadot ⛓️
Interlay, a London-based blockchain firm, established a Bitcoin cross-chain bridge on the Polkadot (DOT) Ecosystem. The bridge, known as interBTC (iBTC), enables the usage of Bitcoin on non-native blockchains for decentralized financing (DeFi), cross-chain transactions, and non-fungible tokens (NFTs), among other things.
This program will be supported by a $1 million liquidity package provided by Interlay’s treasury and partner projects. The iBTC integration roadmap also includes other major DeFi networks such as Ethereum, Cosmos, Solana, and Avalanche.
🧑💻 Phantom Wallet Hack 👝
Following a targeted attack on the Solana ecosystem, wallet provider Phantom, based in Solana, claimed that its systems were unaffected by the exploit that allowed hackers to steal $4 million from over 9,000 wallets.
Although some Phantom users were impacted, it was discovered that they had imported their seed phrases or private keys to or from a wallet that wasn't Phantom in each case that was looked at.
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