A long-awaited software upgrade to the Ethereum blockchain aimed at slashing its huge energy consumption is under way, a move proponents say may widen the technology's use and support the price of the Ether token.
The upgrade, known as the “Merge,” will mark a radical change in how transactions on the Ethereum blockchain occur and Ether tokens are created.
The new system will consume 99.95 per cent less energy, said the Ethereum Foundation, a body which acts as a representative for the network.
When will the Merge happen?
The Merge has already started. The Ethereum Foundation initially said it would take place between September 10 and 20 and it has since updated that to September 14/15.
"The precise timing depends upon how the network hash rate develops and it can be monitored at bordel.wtf. The Merge will be triggered when the network passes a threshold accumulated difficulty, known as the TTD (terminal total difficulty)," the foundation said.
What does the Merge entail?
If successful, Ethereum will move from a “proof-of-work” system — in which energy-hungry computers validate transactions by solving complex mathematical problems — to a “proof-of-stake” protocol. This involves people and companies acting as validators and using their Ether as collateral, in an attempt to win fresh tokens.
Ether is the second-largest cryptocurrency after Bitcoin with a market capitalisation of about $200 billion, data site CoinGecko said. There are about one million to 1.5 million transactions a day on the Ethereum blockchain, compared with Bitcoin's 200,000 to 300,000, CoinMetrics data showed.
Cryptocurrency prices plunged earlier this year as a broader downturn in financial markets prompted investors to ditch risky assets. Ether has risen by about 80 per cent since a mid-June low, while Bitcoin has had little change.
“This is a very material development in the overall evolution plan for Ethereum,” said James Malcolm, head of FX strategy at UBS.
Energy-saving step forward …
The high energy use of cryptocurrency and blockchain technology has drawn criticism from some investors and environmentalists.
A single transaction on Ethereum currently requires as much power as an average US household uses in a week, researcher Digiconomist said.
To proponents, the energy-saving upgrade represents a major step forward in the race to become the world's top blockchain.
“The energy expenditure of Ethereum will be roughly equal to the cost of running a modest laptop for each node on the network,” the Ethereum Foundation said.
Ethereum has become the blockchain of choice for various functions in the world of decentralised finance, including smart contracts and projects involving tokens representing traditional assets such as stocks and bonds.
Ethereum backers say the technology will form the basis of a new financial system, in which money and assets can be traded in the form of cryptocurrency tokens without the need for providers of traditional financial services.
Others see it as a cornerstone of Web3, a hyped but still unrealised iteration of the internet where blockchain and cryptocurrency assets take centre stage.
Still, Ether has, so far, had limited mainstream adoption as a means of payment, with trading by far the most popular use.
Will the Merge reduce gas fees?
No. "The Merge is a change of consensus mechanism, not an expansion of network capacity, and will not result in lower gas fees," the Ethereum Foundation said.
How is the Ether price faring now the Merge is happening?
Ether made modest gains to hover around $1,605 as of 11.21am in Tokyo on Thursday, while Bitcoin edged up to about $20,000.
“The market is pricing in a virtually successful Merge to happen,” Teong Hng, co-founder at digital-asset platform Satori Research, said on Bloomberg TV. “For institutional investors, ones who are ESG conscious, they will use this as an opportunity to dip their toes into blockchain, into tokens, into Ethereum.”
The medium and longer term Ether outlook is brighter, said Stefan Rust, chief executive of blockchain development house Laguna Labs.
He said Ether could top $3,000 by the end of this year and possibly achieve the so-called “flippening” in time, referring to the idea that its market value might overtake Bitcoin’s.
* with agencies
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
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Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
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“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
How to tell if your child is being bullied at school
Sudden change in behaviour or displays higher levels of stress or anxiety
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Ability to sleep well diminishes
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UAE currency: the story behind the money in your pockets
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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Jeronim Perovic, Hurst
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The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
UAE currency: the story behind the money in your pockets
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
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Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
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Lord Browne, former BP chief executive
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Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
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- Wear hamdania for work, always wear a ghutra and agal
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- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
