. The column decodes important stories from the previous week—and offers unparalleled insight into the inner workings of the art industry in the process.If you’ve done your best to learn only what you absolutely need to know about NFTs and crypto, I regret to inform you that it’s time to update your priors in a big way. Within roughly the next six weeks, Ethereum, the busiest blockchain in existence, will make a long-fabled switch to its technological DNA.
Essentially, as a cryptocurrency-powered lottery. Instead of trying to validate new entries by competitively mining the solution to a cryptographic puzzle, collaborators in a proof-of-stake blockchain ante up cryptocurrency as collateral for the opportunity to validate new entries. To extend my analogy, the more cryptocurrency someone “stakes,” the more lottery tickets they get back in return, and the higher their probability of winning more ETH for their service.
In fact, considering that it took roughly eight years just to reach the Merge, I’d advise everyone to keep their expectations in check for how quickly the network will reach the rest of the roadmap.Well, let’s talk about the Purge, the penultimate destination on the current roadmap. Buterin envisions the Purge as a pruning of the huge number of entries validated on the Ethereum blockchain.
“People were obsessed with the idea of immutability and the ability to look back at historical transactions going all the way back to the artist, and to know it’s all validated by the node operators. That’s what was supposed to make it better than a typical certificate of authenticity. I’m not saying that I ever thought it was or is better, but that was the rhetoric,” time-based-media specialist Regina Harsanyi said.
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