Shapella is the term used by the community to refer to Ethereum's transition from PoW to PoS. This term ties together the "Shanghai" and "Capella" enhancements, which together have opened the door to a new transaction verification mechanism on the ETH mainnet. This hard fork is an important milestone on their roadmap, which has many community members excited about the direction and evolution of the network.
The current trend after the unlock shows that most validators are only pulling in rewards for staking. Only less than 1% of validators in the network have collected the 32 ETH required to continue node operation. The increase in positive sentiment after the upgrade has led to the Ethereum price reaching this year's high of $2,123.
At the Shapella party hosted by the Ethereum Foundation team, Vitalik Buterin, co-founder of Ethereum, said that the network is now in a very good position. He explained that "we are at the stage where the most difficult and important parts of the protocol transition are complete. While there are still a few critical things that need to be looked at, these implementations can be done at a slower pace".
UK sets up organisation to promote Bitcoin adoption and education
The UK has established Bitcoin Policy UK (BPUK), an organisation that aims to support the growing adoption of Bitcoin and provide greater awareness and education about the cryptocurrency. BPUK brings together entrepreneurs, environmentalists and Bitcoin advocates to explore how the use of a decentralised currency could contribute to better economic growth and benefit society as a whole.
The organisation is also focusing on sourcing renewable and untapped energy for Bitcoin mining, which could help increase the hash rate, the level of security of the Bitcoin network, which currently lags behind in the UK compared to the United States and Asia. Given the UK's departure from the European Union, BPUK may develop its own cryptocurrency regulations, independent of MiCA regulations in Europe.
BPUK's goal is not only to support Bitcoin in policy and legislative proposals, but also to ensure its inclusion in government programs and strategies. The organisation plans to fund its activities by raising funds from the community using 'satoshi', which are small amounts of Bitcoin, through the Lightning Network.
China has found 10 new application scenarios of its CBDC in the country
China has had a busy week as its digital yuan expands its application in public resource transactions. Jiangsu province is putting the digital yuan to 10 new uses, while the city of Nanjing has begun using the currency in the housing sector in a big way.
The HPF system in China serves as a support for housing finance. Authorities have issued guidelines for their residents to enable the use of the digital yuan in HPF operations. This allows banks, employees and citizens to use the digital yuan in housing-related HPF accounts. In this case, the currency is used in financial settlement, accounting transactions, receipt of financial support and also other transactions. During their pilot program, the currency could also be used to pay for price appraisals of state projects, transaction fees for state-owned assets, and rental deposits for state-owned assets.
Jiangsu Province reported that the digital yuan was used in more than 5,500 transactions with a total value of approximately $204 million. This development indicates that the adoption of the digital yuan in China is gaining speed.