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Chainlink to move from PoW forks to PoS after merge

Chainlink is settling itself with the decision of the Ethereum Foundation and its community. Therefore forked versions of the Ethereum blockchain, which includes PoW forks, will no longer be supported by the Chainlink protocol post Merge.

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Chainlink is settling itself with the decision of the Ethereum Foundation and its community. Therefore forked versions of the Ethereum blockchain, which includes PoW forks, will no longer be supported by the Chainlink protocol post Merge.

In an announcement, the Chainlink protocol revealed its services will remain on the Ethereum blockchain post the long-awaited Merge. The Ethereum blockchain anticipates the Merge in September 2022, which will merge its mainnet with the Beacon Chain. 

This will transition all of Ethereum operations from Proof-of-Work to Proof-of-Stake . The Merge has been pushed back from mid-2021 to September 2022 before. If it goes according to the timeline of developers, Phase 1 will initiate the transition of the ecosystem’s transaction history and smart contracts on the PoS network.

This transition will affect all smart contracts on the Ethereum blockchain, which in Q1 of 2022 totaled 1.45 million. Chainlink’s role in providing hybrid smart contract services is no exception. Therefore, in the latest announcement, Chainlink urged its users to prepare their smart contract operations accordingly to avoid future mishaps during and after the implementation of PoS.

The Ethereum Merge is a major milestone in the crypto industry. The transition from PoW to PoS has been a key talking point in the community as a solution toward sustainability, scalability and enhanced decentralization.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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