Ethereum Makes Groundbreaking Progress With the Merge: But Challenges Remain

• In 2022, Ethereum completed its radical shift to a new, energy-friendly system for powering its network.
• This event, known as the Merge, marked a massive reduction to the network’s energy footprint and put Ethereum on a path to becoming a deflationary asset.
• However, the Merge was not without its problems, including concerns around centralization and a lack of a long-hoped-for bump to the price of ether (ETH).

In 2022, Ethereum made significant progress towards creating a global computer and decentralized financial system when it completed its radical shift to a new, far more energy-efficient system for powering its network. This event, known as the Merge, marked a key moment in the blockchain’s history and was years in the making.

The Merge saw Ethereum transition from a proof-of-work system, which is notoriously power-hungry and consumes vast amounts of energy, to a proof-of-stake system. This new system requires validators to “stake” ether (ETH) with the chain in order to write transactions to its ledger, and is estimated to have cut the network’s energy consumption by around 99%. Furthermore, the Merge put Ethereum on a path to becoming a deflationary asset, as the number of coins in circulation will gradually decrease over time.

Unfortunately, the Merge was not without its problems. Its new power structure has led to charges that Ethereum is becoming overly centralized, with a small group of stakeholders controlling the majority of the network’s resources. Furthermore, the Merge failed to spark a long-hoped-for bump to the price of ether (ETH), which has sunk more than 20% since the event. Additionally, the Merge did not address Ethereum’s relatively high transaction costs and slow network speeds.

Finally, Ethereum’s year was also marked with problems stemming from external sources. There have been record-shattering hacks on Ethereum-linked infrastructure and concerns around censorship, which have raised questions about the security of the network.

The Merge was a monumental moment for Ethereum, but it also highlighted areas that need to be improved. Going forward, Ethereum must continue to innovate and build on the progress made in 2022 in order to create a secure, efficient, and accessible global computer and decentralized financial system.

Kraken Exits Japan, Users Have Until End of Jan. to Withdraw Funds

• Kraken announced it will exit Japan and deregister from the Financial Services Agency as of Jan. 31.
• Kraken users in the country have until the end of next month to withdraw their holdings, with the option of transferring crypto to another wallet or wiring Japanese yen to a local bank.
• Kraken will now prioritize resources and investments to ensure the long-term stability of the exchange.

Cryptocurrency exchange Kraken announced that it will exit Japan and deregister from the Financial Services Agency as of Jan. 31. This decision was prompted by „current market conditions in Japan in combination with a weak crypto market globally“. This will impact all of the users in Japan who currently have holdings at the exchange.

Kraken users in the country have until the end of next month to withdraw their holdings, with the option of transferring crypto to another wallet or wiring Japanese yen to a local bank. This gives users the time to take steps to secure their holdings and manage the transition.

The decision to exit the market comes after several changes at the exchange. In September, co-founder Jesse Powell departed from his role as CEO and Chief Operating Officer Dave Ripley took his place. Two months later, the company cut 30% of its global workforce as the crypto market continued to stagnate following the collapse of rival exchange FTX.

Kraken is now focusing on ensuring the long-term stability of the exchange by prioritizing resources and investments. The exchange aims to provide a secure and reliable platform for users to access the crypto markets, and will continue to invest in infrastructure and compliance to support this goal.

Argo Blockchain Avoids Bankruptcy with $100M Deal

• Argo Blockchain (ARBK) avoided filing for bankruptcy protection after agreeing to sell its Helios mining facility in Dickens Country, Texas, to Galaxy Digital for $65 million.
• The miner will also get a new $35 million loan from Michael Novogratz’s crypto-focused financial services firm, which will be secured by Argo’s mining equipment.
• The transaction will help Argo bolster its balance sheet and avoid bankruptcy after it found itself in a precarious situation when a deal for $27 million in funding fell through in October.

Argo Blockchain (ARBK), a bitcoin miner, recently managed to avoid filing for bankruptcy protection after agreeing to sell its Helios mining facility in Dickens Country, Texas, to Galaxy Digital for $65 million. In addition to this, the miner also secured a new $35 million loan from Michael Novogratz’s crypto-focused financial-services firm, which will be secured by Argo’s mining equipment. This transaction will help Argo bolster its balance sheet and avoid bankruptcy after it found itself in a precarious situation when a deal for $27 million in funding fell through in October.

The sale of the Helios mining facility and the loan from Novogratz’s firm will provide Argo with the necessary capital to help the miner stay afloat in the bear market and reduce its debt load. Argo’s CEO Peter Wall expressed his relief, saying “This deal with Galaxy achieves all of these goals, and it lets us live to fight another day.” Furthermore, Argo will also enter into a two-year hosting agreement with Galaxy, which will secure a place for Argo’s computers to keep mining at the Helios facility.

Galaxy Digital’s President and Chief Investment Officer, Chris Ferraro, said that they structured the deal with Argo to boost the miner’s balance sheet and capital structure. He added that, when Argo kicked off its process, “We were in a position to solve the problem completely for Argo, while accelerating the expansion of our own mining capabilities.” Following the news, Argo’s shares more than doubled in early London Stock Exchange trading.

The news of Argo’s successful acquisition of $65 million from the sale of its mining facility and the $35 million loan from Michael Novogratz’s firm has come as a huge relief for the company, which was in danger of filing for bankruptcy protection. With the sale of its mining facility and the loan from Novogratz’s firm, Argo will be able to reduce its debt load and stay afloat in the bear market. Furthermore, the two-year hosting agreement with Galaxy will also secure a place for Argo’s computers to keep mining at the Helios facility. The news of Argo’s successful acquisition saw its shares more than double in early London Stock Exchange trading.

OKX Releases Second Proof-of-Reserves Report, Building User Trust

• OKX, the second-largest cryptocurrency exchange by trading volume, released a second proof-of-reserves (PoR) report, showing that its wallets held 113,754 bitcoin (US$1.87 billion) against a user balance of 112,192 bitcoin (BTC).
• The report also showed that the reserve ratio for leading stablecoin tether (USDT) held steady at 101%, while the ether’s (ETH) reserve ratio ticked higher to 103%.
• OKX said it would continue to release proof of funds on the 22nd day of each month in order to foster user trust and allow users to audit its 23,000 addresses.

OKX, the second-largest cryptocurrency exchange by trading volume, has released a second proof-of-reserves (PoR) report, allowing users to verify that the platform has sufficient assets to handle customer withdrawals. The report, released Thursday, shows that as of Tuesday, 12:00 UTC, OKX’s wallets held 113,754 bitcoin (US$1.87 billion) against a user balance of 112,192 bitcoin (BTC). This gives a bitcoin reserve ratio of 101%, a slight decline from 102% disclosed in the first report released on Nov. 22.

The report also showed that the reserve ratio for leading stablecoin tether (USDT) held steady at 101%, while the ether’s (ETH) reserve ratio ticked higher to 103%. The exchange addresses tracked by analytics firm Nansen show that BTC, ETH and USDT make up over 90% of holdings.

Proof of reserves is an audit method adopted by cryptocurrency exchanges in the aftermath of FTX’s collapse to prove that the custodian, in this case OKX, isn’t lending out customer funds, as FTX did, and has the assets it claims to hold on behalf of its users. These reports have, nevertheless, been criticized for not providing information about liabilities and internal quality controls, a focal point in the crypto community. For instance, Binance’s recent proof of reserves report from French audit firm Mazars was criticized for lack of details about the way exchange liquidates assets to cover margin loans.

OKX said in a press release shared with CoinDesk that it would release proof of funds on the 22nd day of each month to win customer trust and allow users to audit its 23,000 addresses, which the exchange plans to continue using in the future. The release also stated that users can now view and download the old and new reserve ratios to assess the exchange’s health and the safety of their assets.

In conclusion, OKX has taken a significant step in the right direction by releasing its second PoR report. This allows users to verify that the platform has sufficient assets to handle customer withdrawals, as well as to audit its 23,000 addresses. By releasing proof of funds on the 22nd day of each month, OKX is not only building trust with its customers, but also providing a level of transparency that makes it a safe and secure platform for cryptocurrency trading.

FTX Collapse: Lawyers & Consultants to Profit from Crypto Mess

• FTX crypto exchange has collapsed, with founder Sam Bankman-Fried in FBI custody and as many as 1 million creditors waiting to get their money back.
• Law firms and consultants are set to gain from the collapse, having been hired to untangle the mess.
• Fees for legal and advisory services, such as those of Sullivan & Cromwell and Alvarez and Marsel, are as high as $2,165 and $1,375 an hour, respectively, and former CEO John J. Ray III will receive a $3 million bonus upon completion of the Chapter 11 bankruptcy plan.

The recent collapse of the FTX crypto exchange has left many people aggrieved, with founder Sam Bankman-Fried in FBI custody, his senior lieutenants cutting deals with prosecutors, and as many as 1 million creditors still waiting to get their money back. However, one group is set to benefit from the mess – the many law firms and consultants that have been hired to untangle it.

Court filings issued Wednesday detail the fees charged by lawyers, tax advisers, restructuring specialists and the company’s own new senior management, including John J. Ray III, who took over from Bankman-Fried as chief executive officer on Nov. 11. To that list of lawyers can now be added Paul Hastings, hired to be counsel for a representative committee of nine FTX creditors.

Sullivan & Cromwell (S&C), FTX’s New York-based law firm, charges a hefty hourly rate of as much as $2,165 for work by partners and special counsel. They received some $3.4 million from FTX in the three months prior to its collapse, most of which was paid on Nov. 3. West Realm Shires, the subsidiary of FTX that owned the U.S. business, also paid a $12 million retainer at S&C before West Realm filed for bankruptcy on Nov. 14, according to the filings.

Meanwhile, staff at financial advisers Alvarez and Marsel charge an hourly rate of as much as $1,375 and received $4 million in retainers prior to the bankruptcy. John J. Ray III, via his company Owl Hill, also charges a similar hourly rate. Upon completion of the Chapter 11 bankruptcy plan he will get a further $3 million bonus. Fellow law firm Landis Rath and Cobb, which was appointed as the plan administrator, will receive a fee of $1.5 million for its services.

These fees are likely to add up to a significant sum, since the FTX bankruptcy is set to be a complex and lengthy process. In addition to the creditors waiting for their money back, there are two class actions launched against the company, and the Securities and Exchange Commission has launched its own investigation.

The FTX collapse has left many people out of pocket, but it has also provided a lucrative opportunity for the many law firms and consultants that have been hired to untangle the mess.

How To Factory Reset Alexa

Alexa is an assistant that was created by Amazon that assists users with a variety of tasks. Alexa can provide users with information on traffic, weather news, weather, and more. Alexa is also able to play music and alarms and manage intelligent home appliances. Alexa is a useful tool for all users and will make your daily tasks simpler.

What is a Factory Reset?

The process is returning the device’s original settings. For Alexa it is a matter of resetting the device back to its original settings and eliminating any settings that were altered. This includes deleting all music, alarms or devices associated with an Alexa device.

Benefits of Factory Resetting Alexa

Resetting factory settings on Alexa is beneficial in many ways. Resetting the device will ensure there are no issues with the device are addressed by removing any settings that may be creating issues will be removed. In addition, factory reset Alexa will also assist in helping free space on your device, because any alarms, music and other data will be erased. This will increase the performance of the device.

How to Factory Reset Alexa

Resetting Alexa is an easy procedure that can be accomplished in a couple of easy steps. The first step is to open the Alexa app and click on“Settings,“ then „Settings“ tab. Next, click on“Device“ from the „Device“ tab and select the device you would want to restore. Then, click „Factory Reset“ and confirm that you want to reset your device.

Tips for a Successful Factory Reset

Before you reset Alexa before doing this, it’s important to ensure that you’ve backup any information you’d want to save. This includes alarms, music as well as any other settings you’d want to preserve. Also, it is essential to ensure that the Alexa device is powered by a source prior to setting it back.

Troubleshooting Common Issues

If you’re having issues creating Alexa and/or resetting your device there are several steps you can try to solve the problem. First, ensure that your Alexa gadget is powered by a source of power in addition to ensuring that the Alexa app is up-to current. Also, ensure that you’re selecting the proper account while setting up the device or setting the device.

Maintenance and Upkeep of Alexa

To keep your Alexa device operating smoothly it is crucial to maintain regular maintenance and maintenance. This includes ensuring that the device is powered by a outlet and the Alexa app is up-to current. It is also important to periodically delete any information that is no more required, like alarms or music.

Conclusion

Resetting the factory settings of Alexa is an essential device for anyone. Not only can it assist to resolve any issues the device might be experiencing however, it also assists to clear space and boost its performance. Resetting your device is a straightforward procedure that can be done in just a few steps. In addition, it is essential to ensure that all information you want to keep safe is backup prior to resetting the device. These steps will assist in making sure you that the Alexa device is operating smoothly.

An In-Depth Guide to Shopping for an Electric Can Opener for Seniors

If you are looking to purchase an electric opener designed for senior citizens, it’s confusing to figure out what features you should look for and which electric can opener will work best for your loved one’s age. This guide will explain the advantages from electric openers that are suitable for older adults, the different types available, the types of can openers made by electric on the market and the most important aspects to look for security considerations, prices and where to purchase, and the best way you can make an educated choice.

Benefits of an Electric Can Opener for Seniors

One of the biggest advantages of having an electronic can opener designed for older adults is that it can eliminate the requirement to utilize manually operated can openers. This is particularly beneficial for those with carpal tunnel, arthritis, or other ailments that make the manual openers of cans challenging for them to use. Electric can openers give seniors a more convenient and safer ways to open cans. They don’t have to be concerned about sharp edges on the lid and decreases the risk of injuries or cuts.

Types of Electric Can Openers

There are several kinds of can openers with electric motors that are available. The most well-known kind that is an electric opener for countertops. They are kitchen appliances that rest on top of the counter and can be controlled by pressing one button. They’re usually light and easy to operate. Another kind of electric can opener, the hand-held opener. They are powered by batteries and are usually light and compact. They are great for travel or to use in kitchens that are small.

Features to Look for

When you’re looking at an electric opener that is suitable for older adults, you should take into consideration a few essential aspects. For instance, you should look for an opener that is designed with an ergonomic design because this makes it simpler for you to work with and will make it more pleasant to do so. Also, you should consider the capacity of the opener. Find one with an efficient motor that is able to open cans of various dimensions and shapes quickly and effortlessly. In addition, search for a model with built-in knife sharpener since this is the best way to ensure that the blades of the device remain clean and sharp.

Safety Considerations

When you are looking to purchase an electronic can opener designed for elderly people, you must take into consideration security features. Find a product with an automatic shut-off feature to keep this can opener from overheating and damaging other kinds of equipment. In addition, search for a model with an easy-to-read LCD, since it will be easier for older people to comprehend how to operate the gadget. Additionally, you should consider the model with lid holders as it can prevent the lid of the can from slipping into the can and causing an accident.

Costs

The price associated with an electrical can opener designed for older adults could differ based on the model of features, the features, and the model. Countertop can openers typically run between $30 and $45 and handheld can openers generally cost between $10 to $30. It’s crucial to be aware that the cost that an electric opener costs could depend on its dimensions, the type of opener and other characteristics.

Where to Buy

Electronic can openers designed for older adults can be purchased at all major stores including department stores, home-goods stores as well as online retailers. It is essential to look at prices and read reviews from customers prior to purchasing. In addition, you should determine whether the seller offers guarantees or warranties on the item.

Conclusion

The search for an electronic can opener designed for older adults may be daunting, but it doesn’t need to be. This guide will explain the advantages that electric can openers offer designed for seniors, the various types available, the types of can openers made by electric on the market and the most important elements to look at security considerations, the costs and where to purchase. When you are looking to purchase electric can openers it’s crucial to look at the features, type and costs, as well as read reviews of customers before purchasing. With the best electronic can openers, older adults are able to benefit from the convenience and security of a simple device.