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WKF: Ethereum 2.0 will be coming soon in ultra-scalable, cheap, safe: Vitalik Buterin
[Photo by Han Joo-hyung] The upgraded Ethereum 2.0 backed by Proof-of-Stake (PoS) “will be coming soon” in secure, user-friendly and scalable blockchain, ready for employment in finance, enterprise and non-fungible tokens (NFT), said co-founder Vitalik Buterin of one of the world’s widely used blockchain protocols. “The PoS beacon chain has already been running successfully for more than nine months. So over the next, maybe six months or a little bit less or a little bit more, it’s time to fully retire PoW and let the PoS beacon chain run the entire Ethereum ecosystem,” said Buterin at the 22nd World Knowledge Forum that kicked off on Tuesday in Seoul. Last month, Ethereum activated London hard fork, a major change consisting of five Ethereum Improvement Proposals (EIPs) including EIP 1559 to double the block size so that gas fees can stay stable. Through the largest protocol changes, Ethereum goes to an upgraded, overhauled system Ethereum 2.0 that would have PoS mechanism, in which cryptocurrency miners can mine or validate block transactions based on the amount of coins they hold, from current proof-of-work (PoW) mining system that requires a lot of energy with miners receiving tokens as rewards for their computers’ solving of complicated algorithmic puzzles. Users will barely notice the transition as the Ethereum chain will be embedded inside beacon chain blocks. Existing applications do not need to do anything around the merge, he said, adding that “Everything after the merge will work very similar to how it works before the change.” [Photo by Han Joo-hyung]Buterin noted that the algorithm merge will solve Ethereum’s energy efficiency problems by reducing the energy use by around 99.9 percent. Through this, it will be able to get free from criticism that cryptocurrencies consume a huge amount of electricity on concerns about its massive carbon footprint. The issuance rate will reduce, while the security against attacks will increase. PoS is not the only thing Ethereum is working on. PoS solves Ethereum’s energy efficiency problems and makes the system more secure, but there are also other important problems in Ethereum that it needs to solve and is solving, which is “scaling,” according to Buterin. He said the success of NFT shows Ethereum has “great value beyond finance” and thus, the financial applications need to lower the transaction fees to and for non-rich people, everyday regular users and those outside the wealthy countries. Ethereum has already started scaling, he said, explaining “sharding,” the process of splitting a database horizontally to spread the road and reduce network congestion to improve its scalability and capacity. To wrap up the presentation, Buterin emphasized that none of these proof-of-stake or scaling ideas are just theory. They are already having at least a test implementation and they are coming soon, he added. By Lee Ha-yeon [ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]
2021.09.16
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WKF: Hot U.S. inflation likely to tame sanctions on Chinese imports next year: Yifu Lin
Top economists – Peking University National School of Development Professor Justin Yifu Lin, University of Tokyo Professor Sawada Yasuyuki, and KDI School of Public Policy and Management Professor Cho Dong-chul – join World Knowledge Forum session on “Global Economic Outlook 2022” on Wednesday. [Photo by Han Joo-hyung] Inflation hovering at 5 percent level could turn the United States softer on restrictions on Chinese imports next year, a top Chinese economist forecast on Wednesday. “The situation (U.S. restrictions on China may continue” amid the rivalry between China and U.S. in trade, according to Justin Yifu Lin, professor of National School of Development at Peking University, during a virtual session on “Global Economic Outlook 2022” at World Knowledge Forum in Seoul. But the conflict could be moderated next year due to the boiling “inflation rate in the U.S.” The economist claimed that there might be no other country than China to offer goods at cheaper prices. Lin discussed post-pandemic global economic order with two leading economists from Seoul and Tokyo – Korea Development Institute (KDI) School of Public Policy and Management Professor Cho Dong-chul and University of Tokyo Professor Sawada Yasuyuki. Lin was senior vice president and chief economist of the World Bank in 2008-2012 and is councilor of the State Council and member of the Standing Committee of Chinese People’s Political Consultation Conference. Although uncertainties surrounding Covid-19 remain will persist, the global economy will fare better next year, they agreed. Cho projected global economy to expand 6 percent this year from last year and about 5 percent next year. “Economic growth rate will slow down in terms of numbers because we’re not going to have a base effect, but I think next year’s economic growth rate will be higher than the pre-pandemic normal growth rate,” the professor said. Others echoed his view, with Yasuyuki noting that the outlook under Asia Development Bank’s growth forecast for the vast economy will be “positive.” He forecast 4.4 percent growth for U.S. next year and 5 percent this year and Europe 4.3 percent this year and 4.2 percent next year. [Photo by Han Joo-hyung]Lin expected China’s GDP to grow about 8 percent this year and 6 percent next year, far above International Monetary Fund’s growth projection of 4.9 percent for global economy next year after 6 percent this year. The top economists expected the impact of the ongoing pandemic will be “far smaller especially for those countries fully vaccinated,” Cho said, “mostly advanced countries.” “Developing countries will have difficulty in overcoming the pandemic next year,” he said. Policy is also going to be important part of the economy next year, with the U.S. Congress talking about their second round largest-scale stimulus package. The package will likely have a spillover effect to other countries, Cho noted. Digital, technology-related non-face-to-face industries, and e-commerce industries will remain strong while entertainment and tourism sectors will likely rebound from pandemic fallouts. By Lee Eun-joo [ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]
2021.09.16
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WKF: Universal basic income may not help ease disparity amid job migration : Paul Milgrom
Income disparity has widened further during the pandemic with the rise of automation, but whether a universal basic income may be a solution cannot be certain due to a shift in job skills, said 2020 recipient of the Nobel Prize in Economic Sciences Paul Milgrom. “We have already seen a considerable growth in the earnings gap over the last two decades, and the pandemic accelerates this trend” said Stanford University professor Milgrom during a live Q&A session at the 22nd World Knowledge Forum held in Seoul, Korea on Tuesday. Another driver to this polarization is artificial intelligence, he pointed out, which creates high-paying jobs in the tech sector, whereas low-wage workers are replaced by robots. To address the problem, a universal basic income (UBI) could be an answer, Milgrom agreed. “The UBI will be going to grow and become important. If human labor will be redundant with the growth of a permanent impoverished class, then we will have to make some changes like the universal basic income policy.” But he was cautious about how it will develop, noting that the government-guaranteed payment for every citizen is still being tested in countries. “Time will tell. It`s a little early to make a full call on this,” said Milgrom. He noted that the rise of new technologies has threatened traditional jobs but at the same time has created new jobs. Milgrom warned that current supply disruptions may continue to play out throughout next year despite a sharp economic recovery boosted by state spending and market reopening, which would bring a permanent change to the global supply chain networks. “We will continue to see some temporary and permanent changes as well, and our adjustment to the pandemic will take time. Companies are now seeking more robust and resilient networks to address supply chain vulnerabilities, and this is going to involve some permanent changes.” Touching on the global inequality in vaccine distribution between advanced and poor countries, the professor, best known for his contributions to the theory of auctions, said a market design cannot bring efficiency to vaccine supply, adding “it is a matter of politics not economy and therefore we have to get people comfortable with sharing quickly.” By Minu Kim[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]
2021.09.15
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WKF: Govts must go extra mile to achieve net-zero emissions: Nigel Topping
[Photo by Han Joo-hyung]Governments must ratchet up climate change mitigation drive and motivate the private and civilian sectors to join the goal of meeting net-zero emission by 2050, said Nigel Topping, British high-level climate action champion. “We should create a new architecture of climate cooperation, collaborating with non-state actors that have become increasingly powerful, in support of the three pillars of the Paris Climate Agreement: mitigation, adaptation and finance,” said Topping during a talk with Yoon Sun-jin, co-chair of Korea’s 2050 Carbon Neutrality Commission, on the theme of strengthening collaboration and driving action on climate change. “To achieve zero-carbon emissions as soon as possible, we need to bring out solidarity between 195 countries participating in the Paris Climate Agreement,” said the U.K. high-level climate action champion for the 2021 United Nations Climate Change Conference dubbed COP26 held in November While calling for collaborative initiatives across all industrial sectors, he underscored that cooperation and competition must go hand-in-hand in tackling climate crisis with countries around the globe competing with each other to set a benchmark. He encouraged Korea to ramp up its zero-emission goal as it has launched a task force to bid for the hosting of the 28th session of the Conference of the Parties (COP28) in 2023. [Photo by Han Joo-hyung]While congratulating Korea’s has fast achieved development as an “inspirational model,” its rapid development also has been accompanied with high emissions, he pointed out. He encouraged the country to go more proactive in nationally determined contribution (NDC) goal for 2030, where Korea vows to cut emissions 35 percent from 2018 levels to set a regional example by raising it to the levels of advanced economies. The U.S. has committed to a 52 percent reduction goal, the EU a 55 percent and the U.K. a 68 percent cut goal by 2030. Topping also pointed out the historical asymmetry as to who caused the emissions and who suffered the most and called for developed countries to allocate more funding to support financing climate change mitigation measures. COP26 is committed to delivering $100 billion every year in climate finance from developed countries to help developing countries, Topping said. By Lee Soo-min[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]
2021.09.15
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WKF: World needs to preserve order to reflect inescapable change: Mike Pompeo
[Photo by Han Joo-hyung]Calling South Korea a “scientific and technological force,” former U.S. Secretary of State Mike Pompeo praised Korea’s “prudent and multifaceted response” to the Covid-19 pandemic while sharing insights to the changing global order at the 22nd World Knowledge Forum that kicked off on Tuesday in Seoul. “We must use history as the means to map our planet’s future, but in doing so we must ingrain humility, for the future is never known and is most frequently predicted in error,” he said while stressing the necessity of preserving world order “in a manner that reflects inescapable change.” The virus spread has “ruptured” the world order, and in order to avoid similar pandemics in the future, the World Health Organization (WHO) needs to be “reformed and depoliticized,” he said. “Doctors, scientists and administrators must show allegiance to their mission and not to any government.” As Korea has excelled tremendously in the information age, he said “the world has watched in awe” for Korea to become a powerhouse in a new technological age in which a Fourth Industrial Revolution will occur. But he also warned about risks that the world is facing when the largest technology companies that “wield power that is greater than most nations.” He said their undue influence should be “curtailed under applicable national laws and conventions” to prevent these companies from posing a threat to democracy. [Photo by Han Joo-hyung]With regard to North Korea, the former Central Intelligence Agency (CIA) director said there will be “no certainties, only probabilities” to assume the intentions of the regime. To deal with North Korea’s mass destructive and nuclear weapon issues, it is important to “deal with the source of a problem directly,” he said, adding “Peace is always made with our adversaries, for there is no need to make peace with allies or friends.” He also expressed his desire that the Korean Peninsula could achieve harmony. “If reunification is ever to come, it must come from the will of the entirety of the Korean people, never through any conflict, particularly one that could involve weapons of mass destruction,” he said. The fall of Kabul and the destruction of the Afghan army are “assaults on the international system.” Calling for international action, he said “Afghanistan must not become a haven for terrorists, neither can it be ignored.” As we expect the urban population to increase sharply by the end of this century, he said nuclear energy is “mandatory” to meet the needs of such large populations. He said renewable energy can only be supplementary because of the intermittent production. By Choi Mira[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]
2021.09.15
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