Cryptal Bits #07: Sep 16
The Merge is done, what's next?
The most important part of the Ethereum upgrade, The Merge, has successfully been executed and the Ethereum blockchain now runs as a proof-of-stake consensus. Along with reducing energy consumption significantly, Ethereum is also better positioned to be more scalable, secure, and sustainable. The next step in its vision will be to implement “sharding," which is a database technology that improves efficiency and capacity by dividing the workload. This step will be a multi-phase process and should allow for lower transaction fees as a further benefit. The sharding phase is expected to begin in 2023.
Next up: Cardano's big upgrade
In less than a week, Cardano is scheduled to undergo an upgrade, named the Vasil hard fork. Since Cardano is already a proof-of-stake consensus network, the upgrade won't bring drastic changes like Ethereum's, but it should improve a number of technical aspects, such as the handling of on-chain scripts to boost throughput and reduce user costs. Interestingly, in the last two weeks transactions have risen notably, with an average of more than 50,000 per day, and recently hitting the 50 million transaction milestone.
Starbucks launches NFTs on Polygon
Starbucks is creating one of the first NFT-based loyalty programs for a major corporation. Starbucks Odyssey will be a Web3 experience that allows customers to engage in its digital community with games and challenges surrounding the world of coffee. Member rewards will be given as digital collectable “journey stamps” – limited edition NFTs featuring iconic Starbucks artwork released for the first time. Owners of these NFTs will be able to access additional unique benefits, such as merchandise, exclusive events, and possibly trips to the Starbucks Hacienda Alsacia coffee farm in Costa Rica. As part of its commitment to sustainability, the Starbucks marketplace will be built on a Polygon-based blockchain, which runs on a proof-of-stake model and uses less energy than proof-of-work type blockchains, such as Bitcoin.
Read the press release and join the waitlist here
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