Top Cryptocurrency News Today (22 July 2022)

Ethereum Massively Scales to 100K Transactions Per Second Post-Merge, What Will Happen to “ETH Killers?”

Ethereum founder Vitalik Buterin addressed at the Ethereum Community Conference in Paris that the network will hit the 55% roadmap completion level after its much-anticipated “Merge” in September. The biggest problem that has been plaguing Ethereum is scalability. In its current state, Ethereum can only process 12 to 25 transactions per second with an average confirmation time of around six minutes. As a result, the network gets congested, leading to extremely high gas fees.

The shift from proof-of-work to proof-of-stake post-merge will enable Ethereum to process 100,000 transactions per second, according to Buterin, which is significantly higher than even centralized financial services like Visa and Mastercard. This will greatly benefit the ecosystem as users can enjoy instant transactions and low gas fees. So the question is, “What will happen to Ethereum Killer coins such as Solana or Avalanche?” If Buterin is able to deliver what he promised, then Ethereum will most certainly be the front-runner of all smart-contract platforms. The whole purpose of Ethereum Killers is to have a competitive advantage over Ethereum in terms of scalability. Will we see the end of Ethereum Killers after September?

Zipmex Suspends Withdrawals, Joins Growing List of Struggling Crypto Exchanges

Zipmex, a cryptocurrency exchange based in Southeast Asia, has frozen withdrawals until further notice due to “volatile market conditions” and the “resulting financial difficulties of key business partners.” Much like the rest of the crypto fallout, the insolvency of Zipmex’s counterparty has caused the company to face liquidity issues. According to their official statement, Zipmex’s current exposure to crypto lender Babel Finance is $48 million, with an additional $5 million to Celsius Network, which filed for bankruptcy last week.

With the series of defaults continuing to haunt the industry, investors should be cautious when dealing with any crypto exchange at the moment. Consider holding your funds in hardware wallets like Ledger Nano X, Ledger Nano S or Trezor Model T.

Coinbase Urges SEC to Begin Regulating Digital Asset Securities after Inside Trading Bust, Desperate Move?

Coinbase has called on the Securities and Exchange Commission (SEC) to develop a viable regulatory framework for digital asset securities following the arrest of a Coinbase ex-manager involved in inside-trading earlier today. With rumours of Coinbase’s insolvency growing, communities are speculating whether this initiative is an attempt to revive the crypto exchange. Coinbase has yet to comment on that matter but explained that the existing rules for traditional securities being inapplicable to crypto assets calls for new rulemaking. However, they also added that the procedure should involve the public’s input rather than behind closed doors. Will we be seeing Coinbase making a comeback or are they just delaying the inevitable?

Binance Unveils Scholarship Program! Future of Crypto Looking Good?

Binance is sponsoring a scholarship program that focuses on improving education that will empower the next generation of blockchain experts. Scholarships will be available for vocational education (currently for 1,000 Ukrainian students), for undergraduate studies and for master’s degrees, providing opportunities for scholars to acquire experience in the blockchain ecosystem.

This is a huge step forward as education in blockchain and cryptocurrency is still limited and inaccessible to most people, not to mention a growing pandemic of student loan debts worldwide. Fostering an environment for new talent means faster development in the space, especially when the future of crypto is at stake.

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Ronal Thapa
Ronal is a Senior China Blockchain Correspondant who has been covering the Chinese blockchain industry since its inception. He has written extensively on the subject, and his work has been featured in some of the world’s leading publications. Ronal is an expert on the Chinese blockchain market and has a deep understanding of the technology and its potential applications.