Connect with us

Business

Ethereum testnet Beacon Chain launched

Ethereum’s Sepolia testnet Beacon Chain went live, setting the stage for its merge dress rehearsal to give Ethereum network developers valuable technical insights.

Published

on

Ethereum’s Sepolia testnet Beacon Chain went live, setting the stage for its merge dress rehearsal to give Ethereum network developers valuable technical insights.

Upon merging with its dedicated Beacon Chain, the Sepolia testnet will begin reaching consensus using proof of stake rather than proof of work  which will provide data on what may happen when the Ethereum mainnet performs its merge.

Testnet merges are vital for Ethereum developers and independent project developers using the Ethereum network to understand what they can expect when the actual merge takes place. Just like on the testnets, the Ethereum mainnet merge will see the entire network transition to PoS consensus and should reduce the energy consumption of Ethereum by 99.9%.

Sepolia was launched in October 2021. Core Ethereum developer Tim Beiko confirmed that the Ropsten testnet would be phased out over time and replaced by Sepolia. Projects running apps on Ropsten have been urged to trasnfer their work over to Sepolia to avoid complications.

Public testnets like Sepolia and Ropsten are designed to duplicate the operating conditions of their respective mainnets without affecting the live mainnet. Ropsten is the longest lasting testnet launched in 2016. It experienced its merge on June 8, which was the first instance of a merge trial run for Ethereum.

The official merge date on the Ethereum mainnet has been pushed back several times. It is now slated for completion by August 2022, but that date could be delayed further.

Business

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

Published

on

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.

Continue Reading

Business

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

Published

on

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.

Continue Reading

Business

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

Published

on

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.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk