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ARTICLE · 15 SEPTEMBER 2022

The Ethereum Merge Is Here - Why Brands Should Pay Attention

Frankfurt Kurnit Klein & Selz PC
Frankfurt Kurnit Klein & Selz PC
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Frankfurt Kurnit Klein & Selz PC

Frankfurt Kurnit Klein & Selz PC

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In the wee hours of the night on September 15, 2022, the Ethereum network, where a majority of NFTs run, is expected to undergo a major change, as the current Ethereum Mainnet merges with its new consensus layer...

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In the wee hours of the night on September 15, 2022, the Ethereum network, where a majority of NFTs run, is expected to undergo a major change, as the current Ethereum Mainnet merges with its new consensus layer, the Beacon Chain. Below we will explain what this means and why brands and those working on their behalf should care.

WHAT IS HAPPENING?

  • Ethereum is currently secured by a proof-of-work consensus mechanism. This essentially means that the blockchain is maintained by a decentralized network of powerful computers that validate transactions and add blocks to the chain by racing to solve cryptographic equations. This process requires each of these computers to expend significant computing energy, which has raised environmental concerns, and caused many brands and consumers to avoid NFT projects altogether.

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www.fkks.com

This post first appeared in Frankfurt Kurnit's Focus on the Data blog (www.focusonthedata.com). It provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

Originally published by the New York Legal Ethics Reporter

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

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