CoinSmart Crypto Recap April 13, 2023

crypto recap

Welcome to the CoinSmart crypto recap. Let’s look at the hottest stories that came up this past week. Here is an overview:

  • Ethereum Shapella goes live.
  • Ripple to help Montenegro build CBDC.

Ethereum Shapella goes live

Ethereum’s Shapella upgrade went live at block height (or slot number) 6209536. The upgrade allows users and validators to withdraw their staked ether (ETH) on the network. The developers will monitor for any potential issues with the upgrade’s completion. In addition to the withdrawal mechanism, developers have optimized the network’s gas fees for certain transactions.

This event marks a significant change for Ethereum due to its potential impact on the ecosystem, including the unlocking of previously inaccessible funds. Now that withdrawals have been enabled, the network has completed the proof-of-stake transition cycle.

The Shapella upgrade has introduced two types of withdrawals for staked ETH: partial and full. Partial withdrawals will automatically distribute ETH to validators, ensuring their balance remains at the necessary 32 ETH to maintain validator status. Full withdrawals involve shutting down the validator and withdrawing the entire staked balance.

Ripple to help Montenegro build CBDC

The Central Bank of Montenegro (CBCG) has finalized the deal with Ripple to launch a CBDC pilot program in the European country to test the viability of such a payment channel. The partnership, announced earlier in January, has been legally finalized. Since Ripple is known as the go-to for institutions and governments looking to adopt blockchain-powered payment services, the banking institution partnered up with the blockchain firm to develop this pilot program which will test the country’s first-ever digital currency. 

The program will test and identify different avenues of practical applications for a CBDC. It will also consider any risks posed to users’ rights to privacy by using CBDCs or national stablecoins. The pilot program will also help the central bank to design a method of circulation for the CBDC. Other factors to be tested are electronic payment availability, efficiency, and regulation compliance. 

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