Ethereum 2 to set green future; Koreans demand regulator steps down | The Daily Forkast

welcome to the daily forecast may 27 2021 i'm angelo editor-in-chief of forecast news let's get you up to speed from asia to the world ethereum creator vitalik buterin making waves in asia saying the big story for the protocol at the moment is its transition to ethereum 2.0 key to that he says is a move from using a proof-of-work consensus mechanism as bitcoin does to proof of stake now proof of stake is much less computational consuming than proof of work which is version one blockchain technology that bitcoin also runs on but with greater computational demand like proof of work also means latency or lag in other words slower those comments made thursday at the virtual fintech fair part of the start me up hong kong festival come amid concerns over the environmental cost of cryptocurrencies estimates suggest the upgrade could offer a huge improvement reducing energy consumption of eath by up to 99.95 percent now speaking at the hong kong event budarin also explained how important it is to get things right for the future i think recently like especially with just the riot the good of rapid rise of like everything crypto this was bubble like i've definitely been feeling more of this kind of sense of responsibility that you know this thing that we're building isn't just a game anymore like it's actually a you know it's a significant part of the new era there is an opportunity and therefore a responsibility to kind of take this up opportunity and actually use it to turn into something that provides a lot of positive value for people so how does buterin feel about d-phi well the evolution of that space he says is very exciting but excitement was not what we saw in ethereum today it ended the day in the red falling by almost 5.6 percent that theme pretty much continued across the board with bitcoin ending below the key 40 000 us dollar mark it also dropped just over five and a half percent by the close of trading hours in hong kong and in the top 10 for cryptocurrencies the biggest loser was internet computer which fell just under 10 percent over in china more fallout from the crypto crackdown the latest to make a move is bitdeer one of china's top mining companies spun off from crypto mining brake company bitmain now bit dear announced on wednesday night that it will block users with mainline chinese ip addresses from accessing its system to quote cooperate with the regulatory requirements in related countries and regions it caused a chain reaction across china's crypto mining industry with other smaller miners including bitmain invested bit fufu and okx invested m clouds also following suit meanwhile in south korea democracy reigns after receiving more than 200 000 signatures from furious crypto investors the government now has to respond to a national petition the petition demands that unsu the chairman of the financial services regulator stepped down petitioners flooded in after oon said crypto investors should not be protected but now the fsc chair has changed his stance speaking at korea fintech week 2021 earlier this week he said the fsc will help protect investors and their money to be covered in the crypto exchange law taking effect in september however he's still holding firm that the government can't bail people out from extreme losses in a volatile crypto market will this be enough to appease the petitioning crowd well the korean government has 30 days to respond finally i want to leave you with this getting paid in crypto to game in the philippines that's right axi infinity a blockchain game that has provided filipinos a source of income throughout the covet pandemic is still going strong users can earn crypto by winning battles or selling their characters as nfts but to get started in the game you need to purchase a team of three axes or pokemon inspired characters and that can be costly more than 400 us dollars it's an amount many people who have lost jobs due to the pandemic simply can't afford but that's where a real-life coveted medical responder who goes by the name of porky the virtual world comes in he's often a scholarship program that allows people to use his axes in exchange for a cut of the profits i decided to make a scholarship program to help more peoples in here here in philippines i'm giving food in their table some filipinos had bought their computer some people bought their tricycle and even they bought some houses because of accident with over 23 million dollars worth of trading volume in the axiworld during the past month it is now the most popular nft collection ahead of crypto punks and nba top shots and it's generating wealth for a lot of people who don't have any other option and that's the daily forecast from our vantage point right here in asia for more visit forecast.news i'm editor-in-chief angie lau until next [Music] time

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