After a long-running upward swing, 2022 has been a volatile year for cryptocurrencies. In addition to extreme swings in value that have surely churned the stomachs of even the staunchest proponents of decentralized finance, crypto continues to attract bad press for its impact on the environment. But in a move that could address crypto's emissions, if not the volatility, leading blockchain platform Ethereum is planning what it calls “the merge” this week.

While it sounds slightly ominous, in fact, the merge could reduce power consumption on the blockchain by 99%, as Sheffield Hallam University’s Jean Philippe Serbera explains. He also examines whether this change could help to repair crypto’s battered reputation.

And if you’re keen to delve further into how solving math problems (also known as mining in the crypto world – go figure) is set to be replaced by this new way to verify ownership of blockchain assets, look no further. The University of Tennessee’s Scott Ruoti has even more to say about how the merge will affect crypto, NFTs and metaverse transactions.

Pauline McCallion

Senior Business Editor, The Conversation UK

What is proof-of-stake? A computer scientist explains a new way to make cryptocurrencies, NFTs and metaverse transactions

Scott Ruoti, University of Tennessee

Ethereum, one of the world’s largest blockchains and host of decentralized finance, NFTs and billions of dollars’ worth of cryptocurrency, is poised to dramatically reduce its energy consumption.

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Quote of the week 💬

  • “Over the past seven decades, Queen Elizabeth has arguably been one of the world’s most familiar female icons. Her image has adorned coins, banknotes, stamps and portraiture the world over. Importantly, however, it was the queen’s inimitable brand values that also helped to sustain this international interest.”

    – John M.T. Balmer of Brunel University, from his article How Queen Elizabeth II made the British monarchy into a global brand

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