THE HASH: Ethereum Already Showing Signs of Increased Centralization; El Salvador's Debt Rating Downgraded

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4.7 • 698 Ratings

🗓️ 16 September 2022

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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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 Vitalik Buterin Says Ethereum Merge Cut Global Energy Usage by 0.2%, One of Biggest Decarbonization Events Ever El Salvador's Debt Rating Cut to CC by Fitch - I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter’s mainstage, capital allocation meeting rooms and sponsor expo floor. Use code HASH20 for 20% off the General Pass. Register now: coindesk.com/ideas - This episode has been edited by Michele Musso. Our executive producer is Jared Schwartz. Our theme song is “Neon Beach.” See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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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