Like Bitcoin, Ethereum had been approving new transactions on the blockchain with a consensus mechanism called proof of work, whereby “miners” race to solve hard math problems using huge amounts of computing power and are rewarded for their efforts in crypto. That approach consumes a lot of energy. It has also posed scaling challenges for Ethereum: network congestion drove up fees and slowed down processing rates, making the network too expensive for smaller transactions and hard to scale for larger ones.
Proof of stake, on the other hand, requires “validators” to put up a stake—a cache of ether tokens in this case—for a chance to be chosen to approve transactions and earn a small reward. The more a validator stakes, the greater the chance of winning the reward. But all staked ether will earn interest, which turns staking into something like buying shares or bonds without the computing overhead.
Decentralization––the idea that decision-making and control should be distributed rather than consolidated in a single authority—has always been key to Ethereum’s vision. But that ideal has been difficult to achieve with proof of work. Although the mechanism was intended to promote decentralization, in practice individuals or groups with access to significant computer power have dominated proof-of-work mining and reaped those benefits.
Google search results for “Ethereum Merge” featured a countdown clock in the days leading up to the event.
By reducing the required overhead for participation and cutting fees through efficiency improvements, switching to proof of stake could help Ethereum distribute transactions across a wider and more diverse set of validators and users. But power dynamics are still a concern. The minimum amount you can stake to become a validator is 32 ether (ETH), which is worth about $51,000 as of Wednesday afternoon, although individuals can join together in a staking pool to meet the requirement.
People are gathering in virtual spaces to relax, and even sleep, with their headsets on. VR sleep rooms are becoming popular among people who suffer from insomnia or loneliness, offering cozy enclaves where strangers can safely find relaxation and company—most of the time.
Each VR sleep room is created to induce calm. Some imitate beaches and campsites with bonfires, while others re-create hotel rooms or cabins. Soundtracks vary from relaxing beats to nature sounds to absolute silence, while lighting can range from neon disco balls to pitch-black darkness.
The opportunity to sleep in groups can be particularly appealing to isolated or lonely people who want to feel less alone, and safe enough to fall asleep. The trouble is, what if the experience doesn’t make you feel that way? Read the full story.
—Tanya Basu
Inside the conference where researchers are solving the clean-energy puzzle
There are plenty of tried-and-true solutions that can begin to address climate change right now: wind and solar power are being deployed at massive scales, electric vehicles are coming to the mainstream, and new technologies are helping companies make even fossil-fuel production less polluting.
But as we knock out the easy climate wins, we’ll also need to get creative to tackle harder-to-solve sectors and reach net-zero emissions.
The Advanced Research Projects Agency for Energy (ARPA-E) funds high-risk, high-reward energy research projects, and each year the agency hosts a summit where funding recipients and other researchers and companies in energy can gather to talk about what’s new in the field.
As I listened to presentations, met with researchers, and—especially—wandered around the showcase, I often had a vague feeling of whiplash. Standing at one booth trying to wrap my head around how we might measure carbon stored by plants, I would look over and see another group focused on making nuclear fusion a more practical way to power the world.
There are plenty of tried-and-true solutions that can begin to address climate change right now: wind and solar power are being deployed at massive scales, electric vehicles are coming to the mainstream, and new technologies are helping companies make even fossil-fuel production less polluting. But as we knock out the easy wins, we’ll also need to get creative to tackle harder-to-solve sectors and reach net-zero emissions. Here are a few intriguing projects from the ARPA-E showcase that caught my eye.
Vaporized rocks
“I heard you have rocks here!” I exclaimed as I approached the Quaise Energy station.
Quaise’s booth featured a screen flashing through some fast facts and demonstration videos. And sure enough, laid out on the table were two slabs of rock. They looked a bit worse for wear, each sporting a hole about the size of a quarter in the middle, singed around the edges.
These rocks earned their scorch marks in service of a big goal: making geothermal power possible anywhere. Today, the high temperatures needed to generate electricity using heat from the Earth are only accessible close to the surface in certain places on the planet, like Iceland or the western US.
Geothermal power could in theory be deployed anywhere, if we could drill deep enough. Getting there won’t be easy, though, and could require drilling 20 kilometers (12 miles) beneath the surface. That’s deeper than any oil and gas drilling done today.
Rather than grinding through layers of granite with conventional drilling technology, Quaise plans to get through the more obstinate parts of the Earth’s crust by using high-powered millimeter waves to vaporize rock. (It’s sort of like lasers, but not quite.)
Annika Hauptvogel, head of technology and innovation management at Siemens, describes the industrial metaverse as “immersive, making users feel as if they’re in a real environment; collaborative in real time; open enough for different applications to seamlessly interact; and trusted by the individuals and businesses that participate”—far more than simply a digital world.
The industrial metaverse will revolutionize the way work is done, but it will also unlock significant new value for business and societies. By allowing businesses to model, prototype, and test dozens, hundreds, or millions of design iterations in real time and in an immersive, physics-based environment before committing physical and human resources to a project, industrial metaverse tools will usher in a new era of solving real-world problems digitally.
“The real world is very messy, noisy, and sometimes hard to really understand,” says Danny Lange, senior vice president of artificial intelligence at Unity Technologies, a leading platform for creating and growing real-time 3-D content. “The idea of the industrial metaverse is to create a cleaner connection between the real world and the virtual world, because the virtual world is so much easier and cheaper to work with.”
While real-life applications of the consumer metaverse are still developing, industrial metaverse use cases are purpose-driven, well aligned with real-world problems and business imperatives. The resource efficiencies enabled by industrial metaverse solutions may increase business competitiveness while also continually driving progress toward the sustainability, resilience, decarbonization, and dematerialization goals that are essential to human flourishing.
This report explores what it will take to create the industrial metaverse, its potential impacts on business and society, the challenges ahead, and innovative use cases that will shape the future. Its key findings are as follows:
• The industrial metaverse will bring together the digital and real worlds. It will enable a constant exchange of information, data, and decisions and empower industries to solve extraordinarily complex real-world problems digitally, changing how organizations operate and unlocking significant societal benefits.
• The digital twin is a core metaverse building block. These virtual models simulate real-world objects in detail. The next generation of digital twins will be photorealistic, physics-based, AI-enabled, and linked in metaverse ecosystems.
• The industrial metaverse will transform every industry. Currently existing digital twins illustrate the power and potential of the industrial metaverse to revolutionize design and engineering, testing, operations, and training.