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The Crypto Market News And Updates: What Will Happen In 2022

Ethereum’s The Merge, which is slated to take place in September, has been the main focus of the crypto market since its first announcement. However, that’s only one of the major changes that’s expected to revolutionize the crypto market. We all have witnessed the market’s several changes and developments over the past couple of months, and are sure that there’s more to come. 

biexm has compiled major news updates and occasions that happened in the first half of 2022, as well as intel on events worth watching over the next couple of months.

 Read through this article to stay updated. 

The Merge’s update is reportedly successful 
Short definition: The Merge is the major Ethereum upgrade that will change the network’s consensus mechanism to Proof-of-Stake. Click here to learn more!

As reported by Crypto Potato, Tim Beiko, Ethereum’s development Team Lead announced the deployment of The Merge’s testnet on 28 July 2022. The upgrade’s purpose is to improve the Ethereum network with few major changes. Changes include the consensus mechanism switch to Proof-of-Stake (PoS) from Proof-of-Work (PoW) of the network and Goerli testnet or Prater, which is the Ethereum mainnet’s simulator. 

The testnet called Paris, has been operating from 6 – 12 August 2022, in addition to the Bellarix upgrade on 4 August.
According to the original announcement, The Merge will occur on 19 September 2022. The node operators will upgrade the consensus mechanism layers, meaning there’s no action required on ETH holders and stakers’ end. 

However, keep in mind that the release date can be delayed in case of unexpected incidents. 

Node operator: The node operator runs transactions across the network as blockchain validators.

Furthermore, announcements surrounding The Merge increased ETH price by 15%: The asset was traded at US$ 1,372 on 27 July 2022 and hiked to US$ 1,667 on 28 July.

Cardano’s Vasil Hard Fork upgrade successful
Cardano’s Vasil Hard Fork
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Short definition: Vasil Hard Fork is an upgrade to the Cardano blockchain that focuses on the network’s stability and connectivity. Read more about Vasil Hard Fork here.

Chales Hoshinson, Cardano’s co-founder, revealed that the Vasil hard fork’s upgrade was successful, thanks to the great effort of over 700 staff members. 

Hoskinson also mentioned that the Cardano’s testnet deployed the hard fork in order to upgrade version 1.35 Vasil in the beginning of August. Hoskinson was a software upgrade that applied a decentralized application test before utilizing the new software on the main blockchain.

The hard fork also upgraded many other things on the network such as the smart contract’s consensus mechanism, and testnet’s dApps. 

Short definition: Smart contracts manage to execute transactions based on terms and conditions that are stipulated on the blockchain.
Keet platform: An encrypted application with file sharing, voice and video call features.bangladesh

CoinTelegraph reported that Tether has partnered with Bitfinex and Hypercore to develop and launch an encrypted platform called Holepunch to expand P2P or peer-to-peer applications.

The three musketeers – Tether, Bitfinex, and Hypercore – have launched Keet, an encrypted application that enables many functions such as voice and video calls, chats, as well as file sharing.

More importantly, the app is developed mainly for more effective information control and to reduce the likelihood of technology monopoly. 

Technology monopoly: When a firm takes full control of the way technology products should be manufactured.

The developers believe that freedom of choice, communication, and finance is the future, which they have fully dedicated themselves to developing.

Holepunch currently operates as a closed protocol because it is under the modeling stage, which is similar to a testing version. It will switch to an open-source platform by the end of 2022. The transition will not use blockchain as a core technology but will implement APIs under the Lightning network. 

More importantly, to enhance access security, the passcode feature will be deployed on the app. Cardano will launch the new passcode and crypto lab at Stanford university, in the end of August. The lab’s main goal is to be the hub of decentralized financial protocol, consensus mechanisms, and more, according to Hoskinson’s statement.