THE HASH: Ethereum Already Showing Signs of Increased Centralization; El Salvador's Debt Rating Downgraded
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 16 September 2022
⏱️ 23 minutes
🧾️ Download transcript
Summary
The most valuable crypto stories for Friday, Sept. 16, 2022.
"The Hash" hosts talk about the long-awaited Ethereum Merge on Thursday, where over 40% of the network’s blocks were added by just two entities: Coinbase and Lido. Plus, seven months after lowering El Salvador's long-term foreign currency issuer default rating (IDR), Fitch Ratings has downgraded it again.
See also:
How the Ethereum Merge Could Lead to Improved On-Chain Privacy
El Salvador's Debt Rating Cut to CC by Fitch
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This episode has been edited by Michele Musso. Our executive producer is Jared Schwartz. Our theme song is “Neon Beach.”
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Transcript
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| 0:00.0 | This is the hash podcast. |
| 0:10.0 | Stay informed with the latest on Bitcoin, ETH, the Metaverse, Web3, and more, |
| 0:15.0 | with stories that matter to the crypto world, all on the hash for your ears. |
| 0:20.7 | You're listening to the Coin Desk Podcast Network. |
| 0:25.7 | Hello, everyone. Happy Friday. You are watching The Hash on CoinDesk TV, and we're so happy to have |
| 0:32.9 | you here with us. I'm Jen Sanassi. We got Will Foxley and Adam B. Levine on the show today. |
| 0:39.5 | Adam, oh, look at that. Let's throw some hearts up for Friday. |
| 0:44.0 | I can't do that. |
| 0:45.1 | I don't participate. I don't participate. I don't participate. I'm only here for the news. |
| 0:49.4 | Only for the news. This is the worst Friday beginning that we could have expected, but hopefully we can turn it around. |
| 0:55.8 | Adam, what do you got? |
| 0:57.3 | So this time we're kicking things off with Ethereum. |
| 0:59.5 | In the hours following the long-awaited merge, over 40% of the network's transactions were added by just two entities, Coinbase and Lido. |
| 1:06.4 | It's worth noting that this is in a lot of ways analogous to mining pools seen in proof-of-work blockchains like Bitcoin and until recently Ethereum, but there are a couple of important |
| 1:14.2 | differences that I think are worth kind of getting into. |
| 1:17.1 | Mining pools are basically services where miners join together to have many smaller mining |
| 1:20.8 | operations become one larger one, increasing the chances of finding a new block and earning |
| 1:24.9 | the reward, which is then split between the participants based on how much their hardware contributed to the power of the group. |
| 1:30.3 | A smart contract like Lido or a company like Coinbase does essentially the same thing, |
| 1:34.3 | but instead of the power of a miner's hardware, it's the user's number of tokens that matters. |
| 1:39.3 | And here's where that's different. |
| 1:40.3 | A mining pool does not hold a miner's hardware. |
... |
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