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The multiple benefits of using CRM solution, to manage and analyse customer interactions

The multiple benefits of using CRM

One of the benefits of CRM for businesses is the ability to reduce costs and conserve resources. Because automation and centralization are key to the operation of a CRM system, these features can save companies time and money on information management, while freeing up skilled sales, marketing, and support staff for higher-value work.

When you consider all the benefits, there is no doubt that using a CRM can significantly improve any business process. Even better, with each improvement, your customer satisfaction increases, resulting in more new leads and customers. Good CRM functionality can also reduce costs, waste, and complaints (although you may initially see some increases from hearing about things that would have been hidden without a CRM).

CRM is a valuable tool for managing all relationships around your organisation

Customer Relationship Management (CRM) is a combination of practices, strategies, and techniques that companies use to manage and analyze customer interactions and data throughout the customer lifecycle. The goal is to improve customer service relationships, support customer retention and drive revenue growth. CRM systems collect customer data through various channels or touchpoints between customers and a company, including company websites, phone calls, live chat, direct mail, marketing materials, and social media. CRM systems can also provide customer-facing employees with detailed information about customers’ personal information, purchasing history, purchasing preferences and concerns.

Customer Relationship Management (CRM) shows principles, practices, and guidelines. As a result, the organization continues to evolve in its communication with customers. Furthermore, the entire relationship includes direct interaction with the customer. This is why CRM is important for both B2B and B2C companies. For example, sales and service-related processes should be linked to analysis of customer trends and behavior. Ultimately, CRM in the enterprise improves the overall customer experience and performance.

The importance of ongoing CRM maintenance

Finally, don’t underestimate the amount of data your CRM project can generate. Make sure you can expand your system as needed. Carefully consider the data you collect and store to ensure you only keep the information you need. Comply with relevant data protection laws and comply with the General Data Protection Regulation (GDPR).

More Data means high-quality Prediction !

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Are tokenized assets the securities of tomorrow? How securities can be tokenized

Tokenized securities can offer new benefits

Tokenized securities provide a new wrapper for known assets to expand markets and improve liquidity. For regulators, this is less a new product than a new distribution channel that is easier to approve.

Companies, investment banks, asset managers, funds, stock exchanges and investment platforms are already benefiting from the possibilities offered by tokenization. The benefits are many: faster processes through digitization, reduced costs and more efficient intermediaries, and global portability. Be one of the pioneers in your industry and take advantage of it today!

Tokenization also has the potential to transform markets, open investment to a wider range of global investors, and foster innovation in new products. It is because of their digital nature that security tokens can represent not only ownership of traditional assets such as publicly traded stocks or bonds, but also traditionally illiquid assets such as private placements, real estate or art.

Securities can be tokenized

Keep in mind that some decentralized exchanges do not trade tokenized stocks. Instead, they trade in something called a “synthetic asset” or “synthesizer.” These are tokens designed to mirror the performance of other assets. But they are not directly related to actual stocks like token stocks.

Another problem is lack of liquidity. Liquidators only guarantee that they will buy the asset if they get a good price and can resell the tokenized asset on the secondary market. In crypto markets, these liquidations can be fully automated. There are still no trading venues that provide sufficient liquidity for digital securities.

In recent years, financial institutions have devoted significant resources to technology projects aimed at turning securities into tokenized assets. A tokenized asset is a digital representation of value or ownership.

Tokenized securities are not legal securities

The SEC claims that all tokenized securities must be registered. Tokenized shares issued without registration are considered illegal. In the past, the agency has taken legal action against Paragon and AirFox tokens for noncompliance.

The bottom line is this: while there may still be some legal grey areas in cryptocurrency regulation in general, this is not the case for tokenized stocks. According to the SEC, these tokens should be regulated like regular stocks. Exchanges that offer trading services for these tokens will likely be subject to the same regulations as traditional broker-dealers.

Tokens issued by companies in lieu of shares have the same properties and functions and are therefore securities. This means they must comply with registration and submission requirements. This has led to a Security Token Offering (STO), which is more or less the same as an Initial Coin Offering (ICO), with the additional caveat that the entity issuing the token acknowledges that the token represents equity, and therefore securities.

Consider tokenization when evaluating a business opportunity.

The first thing you need to do is decide what you want to tag. It is best to choose an asset that already has a significant market because you know the price range and can price the coin correctly. If your property is not very popular and it is difficult to appraise it yourself, consider requesting an appraisal from an accounting firm.
In the traditional financial world, investment barriers can be very high. Think about the amount of investment required to buy a property or art. Through tokenization, we can lower the minimum investment threshold, allowing even small retail investors to diversify their portfolios and gain access to exclusive markets that were previously only available to large investors and far beyond their reach.
The answer to “Is tokenization the future” depends largely on the question of trust. Trust issues are common in tokenization. It is important to note that the creator of the token cannot act as a regulated financial institution. As such, the security of an asset is unlikely to be documented, limiting its effectiveness in court.
Tokenize assets by issuing digital tokens.
If you want to know how to tokenize assets, you first need to understand the role of smart contracts in converting real assets into digital assets. Digital tokens backed by underlying assets are managed and executed using smart contracts. The terms of the agreement between the parties are inserted into lines of code that already exist on the blockchain network, making the smart contract a self-enforcing and self-enforcing contract.
One of the biggest doubts surrounding you right now has to be the definition of asset tokenization. Asset tokenization is basically the process of representing real tradable assets on a blockchain network as tokens. This type of token, also known as a “security token,” is generated through a security token offering or STO (a variation of an initial coin offering). Security tokens can represent financial instruments, tangible assets and intellectual property.
Our goal is to provide a tool to create new pathways and flows in the marketplace by using tokenization as a bridge between real assets and digital business opportunities. We have powerful technology and streamlined processes, so our clients don’t have to worry about how transactions work or the security of transactions, they only need to think about earning passive profits and real performance associated with tokens – Digitization and Tokenization of World Wealth .

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CRM for Startups and why is essential to adapt and organise all processes accordingly

Organise all your startup processes into CRM

Avoid using manual processes. Manual data entries take up too much time and are prone to human error. The best part about CRM systems is that they not only store data in one place but also break down reports into minute details. Therefore, there is an increased scope for accurate data analysis and reporting.

Create custom dashboards and reports or select from one of the pre-made templates to save you time. Preview those reports in real-time, visualize your CRM data any way you’d like, and share reports with ease by sending individual reports to your team members’ email addresses, or automate your reporting emails so they’re sent daily, weekly, or monthly.

Look at where your lead and customer details are currently living. Many startups default to a spreadsheet or a simple sales pipeline template to track leads, prospects and customers. Perhaps you also keep your call notes in a separate digital notes app.

Benefits of using CRM for Startups

The best CRM for startups is one that helps you build relationships with your customers, track their interactions with the company and record every interaction as it happens. It should also offer easy access and reporting features so that you can keep track of everything.

Startups don’t need a CRM to survive, but it’s an enormously helpful tool that allows startups to maximize their resources so they can actually make room for growth. Because if your team is lost in a sea of disorganized data or weighed down with time-consuming manual tasks, they’re not exactly in the best position to take on even more customers.

Startups have a long list of challenges to overcome. One of the most strenuous of these is building and maintaining customer relationships. If you are struggling with the same, investing in the best CRM for startups might just be the right thing for you.

How to adapt and organise all your startup processes into CRM

For this purpose, a CRM should become a multi-faceted solution that fosters productive lead interactions and measures data throughout the customer lifecycle. It should have a well-organized database that gathers, keeps, and analyzes data about every client. A well-designed custom CRM would also combine operational, analytical, collaborative, or strategic features as well as sales, marketing, and customer care modules.

If you were to ask our team how to develop a CRM software that fits your company just right, we would suggest you start with planning. During the preoperational stage, you’ve got to get a clear vision of what your organization wants inside the custom CRM, what challenges it will solve, and who is going to use it. To drive these conclusions, you’ve got to define the core business objectives you would like to meet with the CRM. For instance, you would like to increase annual sales by 25% or automate the workflows within the sales team to let them communicate with more leads. Such well-defined goals will enable the developers to design detailed project specifications and select the appropriate technology stack. At this stage, you will need to define what CRM type you want to have and what modules you would like to include.

A CRM strategy must include plans for systems and data integration. In order to ensure all your teams work with the same customer information, you must integrate your platforms and software. Data needs to flow from different sources into your CRM platform. For example, if your marketing efforts are completely separated from the rest of the data, or incomplete data is transferred into the CRM system, no one has a robust view of the customer without toggling back and forth between screens. Proper integration and data flow makes your software run smoothly and keeps all your data up to date.

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Blockchain fundamentals and why it‘s disruptive for all industries

What is blockchain?

Blockchain is a method of storing data that makes it difficult or impossible to update, hack, or defraud the system. A blockchain is simply a digital ledger of transactions that is replicated and distributed across the blockchain’s complete network of computer systems.

A blockchain is a distributed database or ledger that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.

Blockchain technology is a decentralized, distributed ledger that stores the record of ownership of digital assets. Any data stored on blockchain is unable to be modified, making the technology a legitimate disruptor for industries like payments, cybersecurity and healthcare. Discover more on what it is, how it’s used and its history.

What are the benefits of blockchain technology?

Blockchains solutions with their decentralized approach can leverage smart contracts and enable members of the system to contract service outcomes and automate contract conclusion. A new member can signal her genuineness and participate in market transactions without incurring information asymmetry. For voting systems, blockchain technology can digitalize it, decrease voter tampering, and possibly improve voter participation. Furthermore, blockchain solutions offer numerous opportunities in the healthcare industry, such as sharing patient data among clinics and research institutes. Blockchain technology can address current concerns regarding security by leveraging cryptography, decentralization, and consensus mechanisms. With an universal exchangeable format, healthcare professionals and institutions can easily access sensitive data without putting it at risk.

A blockchain could serve as a public ledger for a massive number of devices, which would no longer need a central hub to mediate communication between them. The devices would be able to communicate with one another autonomously to manage software updates, bugs, or energy management. It can provide secure transactions, reduce compliance costs, and speed up data transfer processing. Blockchain technology can help contract management and audit the origin of a product.

How can blockchain be used in industry?

Blockchain isn’t only used for financial transactions. Due to its secure and transparent nature, the technology is versatile to needs beyond one area of expertise. Industries covering energy, logistics, education and more are utilizing the benefits of blockchain every day.

As companies use blockchain to drive greater transparency and veracity across the digital information ecosystem, they’re boosting awareness of the technology in sectors ranging from infrastructure to public policy. Blockchain technology has been used brilliantly in the banking industry. Financial institutions were unable to handle the additional demand following demonetization, stressing the necessity for a centralized specialist to handle financial transactions.

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Finanțare PNRR: Ghidul pentru Digitalizarea IMMurilor, lansat spre consultare publică

Beneficiari eligibil: întreprinderi, societăți reglementate de Legea societăților nr. 31/1990, republicată, cu modificările și completările ulterioare, care se încadrează în categoria de IMM și au sediul social în România.

Activitățile sprijinite în cadrul investiției/operațiunii:

  • achiziții de hardware TIC;
  • achiziții de echipamente pentru automatizări și robotică destinate fluxurilor tehnologice, integrate cu soluții digitale;
  • dezvoltarea și/sau adaptarea aplicațiilor software/licențelor, inclusiv soluțiile de automatizare software de tip RPA, respectiv Robotic Process Automation;
  • achiziții de tehnologii blockchain;
  • achiziții de sisteme de inteligență artificială, machine learning, augmented reality, virtual reality;
  • achiziționare website de prezentare;
  • achiziția de servicii de tip cloud și IoT;
  • instruirea personalului care va utiliza echipamentele TIC;
  • consultanță/analiză pentru identificarea soluțiilor tehnice de care au nevoie IMM-urile etc.

Buget apel: alocarea pentru acest apel, corespunzătoare secțiunii deschise este de 347,5 milioane euro.

Categorii de cheltuieli eligibile în cadrul acestui apel de proiecte, sunt:

  1. cheltuieli aferente achiziționării de servicii de consultanță pentru elaborarea proiectului;
  2. cheltuieli pentru managementul proiectului;
  3. cheltuieli cu servicii de consultanta/analiza pentru identificarea soluțiilor tehnice de care are nevoie IMM-ul, cu condiția ca soluțiile tehnice identificate și descrise în documentația tehnică realizată, să facă obiectul investițiilor din cadrul proiectului aferent cererii de finanțare;
  4. cheltuieli aferente achiziționării de hardware TIC,  de echipamente pentru automatizări și robotică integrate cu soluții digitale și a altor dispozitive și echipamente aferente, inclusiv pentru E-commerce, IoT (Internet of Things), tehnologii blockchain etc., precum și cheltuieli de instalare, configurare și punere in funcțiune;
  5. cheltuieli aferente realizării rețelei LAN/WiFi;
  6. cheltuieli aferente achiziționării și/sau dezvoltării și/sau adaptării aplicațiilor/licențelor software, cheltuieli pentru configurarea și implementarea bazelor de date, migrarea și integrarea diverselor structuri de date existente, pentru gestiune financiară, gestiunea furnizorilor, resurse umane, logistică, cheltuieli pentru implementarea RPA (Robotic Process Automation), ERP (Enterprise Resource Planning), CRM (Customer Relationship Mangement), pentru sisteme IoT (Internet of Things) și AI (Artificial Intelligence), tehnologii blockchain, soluții E-Commerce etc. și  integrarea acestora in BTP (Business Technology Platform), acolo unde este cazul;
  7. cheltuieli aferente achiziționării unui website de prezentare a companiei;
  8. cheltuieli aferente achiziționării/închirierii pe perioada de implementare și durabilitate a proiectului, a unui nume de domeniu nou;
  9. cheltuieli cu servicii de trecere a arhivelor din analog/dosare/hârtie în digital indexabil;
  10. cheltuieli aferente achizițiilor de servicii de tip Cloud Computing pe perioada de implementare și durabilitate a proiectului;
  11. cheltuieli aferente achiziționării de servicii pentru consolidarea securitatii cibernetice aplicabile pentru software/găzduire/rețele, pe perioada de implementare și durabilitate a proiectului;
  12. cheltuieli cu serviciile de auditare tehnică (IT și DNSH);
  13. cheltuieli cu instruirea personalului care va utiliza echipamentele TIC (cheltuială obligatorie în procent de maxim 10% din valoarea finanțată).

Pentru detalii ne puteți contacta completând formularul de aici. 

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Brain Computer Interfaces, Big-data, Machine Learning for Medtech and Edutech

The world is racing forward with medical technology- from neonatology to neurosurgery, new breakthroughs are making life more comfortable for people with disabilities. New medical devices are revolutionising healthcare, and these innovations will soon be incorporated into the standard of care. Here are three cutting-edge technologies that are making an incredible impact on both patients and physicians alike.

The first major medical innovation in recent years has been brain-computer interfaces; this technology allows people to control devices with their thoughts. Instead of pushing buttons or operating switches, disabled individuals can now browse through music or select programs on their televisions. Medical researchers have also created prosthetic hands controlled by neural implants. This allows disabled individuals to independently grasp objects while regaining lost dexterity. Computerized tomography (CT) scans can also create 3D models that patients can interact with through speech or gesture.

Another important medical breakthrough is big data- the analysis and interpretation of large quantities of information. Scientists use this data to conduct experiments and create analyses that inform their decisions. Big data is particularly useful in medical research because it enables scientists to study and analyze huge amounts of information in order to make discoveries. This has led to breakthroughs like genetic algorithms, which help computers make informed decisions in situations where humans can’t understand the full scope of the data.

One of the biggest challenges for developing technology is making it learn from mistakes and make improvements. This is what’s known as machine learning- a type of artificial intelligence used in robotics and other devices that learn from mistakes and make improvements. Military organizations use machine learning to create intelligent software for weapons systems and autonomous robots. The system learns by analyzing vast amounts of data and making decisions on the fly- which makes it perfect for military applications. Doctors use machine learning in biofeedback machines to help people with disabilities manage their symptoms, whether it’s stress or an asthma attack.

Advances in medical technology are bound to continue as new discoveries are made, large amounts of data are collected and analyzed, and disabled individuals can more easily access support systems. These innovations have the potential to transform modern healthcare; however, they’re currently being used by the medical community only a few generations away from disability status. As physicians become more accustomed to these new technologies, they’ll likely incorporate them into their treatment plans for physically and mentally challenged patients alike.

MedTech industry stats:

  • The global medical devices market size was estimated to be worth $447.63 billion in 2019. It is expected to grow to around $671.49 billion by 2027. (Precedence Research, 2020)
  • The market is expected to grow at a CAGR of 5.2% during the forecast period of 2020 to 2027. (Precedence Research, 2020)
  • Meanwhile, the medical devices market is expected to recover and grow at a CAGR of 6.1% from 2021, reaching $603.5 billion in 2023. (Precedence Research, 2020)
  • Analysis of the medical device market by country shows that the medical technology market size is dominated by North America, which accounts for about 39% of the pie. (Precedence Research, 2020)
  • In line with this, about 70% of the world’s largest original MedTech equipment manufacturers by revenue are headquartered in the US. (Brandon Gaille, 2020)
  • In 2019, the estimated total revenues of US and European medical technology companies amounted to $429.8 billion. (EY, 2020)
  • During the first half of 2020, the revenues of US MedTech enterprises saw a decline of about 5%, as many medical technologists were negatively affected by COVID-19. (EY, 2020)
  • Also in 2019, the non-imaging diagnostics segment recorded 12.2% revenue growth, while the therapeutic devices segment’s growth rate climbed to 12.5%. (EY, 2020)
  • Furthermore, the US telemedicine market valuation is expected to reach $25.88 billion by 2027. (Market Study Report, 2021)
  • Around 39% of senior executives in MedTech companies consider supply chain technology systems as a critical component of their operations. (Brandon Gaille, 2020)
  • Additionally, 43% of senior executives report that digitization of the supply chain is vital in their organization’s future success. Another 43% believe that big data is also a critical part of the supply chain. (Brandon Gaille, 2020)
  • Moreover, the MedTech industry, directly and indirectly, generates about two million jobs in the US. (Brandon Gaille, 2020)
  • At least 85% of health executives acknowledge that technology has become an inextricable part of the human experience. (Accenture, 2020)
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CRM, ERP, Project management, Document Management, Secure Blockchain infrastructure

Blockchain is a digital, decentralized, and encrypted database that is best known as the underlying technology for cryptocurrency. However, many other applications of blockchain have been discovered, such as cyber security, government systems, and healthcare. Essentially, blockchain has many uses that are still being discovered. Blockchain is a new way of managing data that is increasing in popularity among businesses and governments.

The most important feature of a blockchain is its decentralization- every unit of data is stored on every node on the network simultaneously and cannot be changed or deleted. This makes it very hard to corrupt or delete data from a blockchain. Additionally, since blockchain is encrypted, all data stored on it is inaccessible without the proper security keys. This means that private blockchains are more secure than public ones. It also means that blockchain is more secure than other IT infrastructure like virtual computers.

Blockchain has a lot of potential in the fields of finance and banking. Many banks are using blockchain to transfer money internationally at a faster rate and with greater security. Furthermore, companies can use blockchain to store and manage their financial records. This saves time and money by reducing the amount of paper documents required to run their business. Furthermore, there are several ways to transfer funds with greater security when using blockchain in this way.

Many businesses are exploring how to apply blockchain technology to various industries. The food industry is particularly excited about the possibilities- it can use the technology to track food from farm to table in an effort to prevent product contamination and adulteration. Other industries exploring how to use blockchain include health care, supply chains, property ownership, and marketing campaigns. Essentially, blockchain infrastructure is a growing field with many possibilities that we have yet to explore in depth.

Currently, many businesses are finding great uses for blockchain technology in cybersecurity and other industries. Providing transparency and security to transactions will revolutionize how governments and businesses operate in the future. Private blockchains are more secure than public ones. The main advantage of using a private blockchain compared to a public one is accessibility and security- anyone with permission can access the data on a private blockchain whereas only authorized individuals can access data on a public one. Since data cannot be accessed without the correct keys, private blockchains are inherently more secure than public blockchains because they’re inaccessible without the correct keys.

Blockchain is more secure than other IT infrastructure like cyber security or cloud storage. – Blockchain provides greater levels of security compared to cyber-security programs or cloud storage since it’s both accessible and secure by design. – Blockchain provides transparency and security through decentralized storage of information- making it an ideal solution for any type of data storage. As far as we know right now, there’s still so much potential when it comes down to how we can apply this technology in different ways; it’s something we’ve only just begun exploring properly. We have yet to discover all the uses for this revolutionary technology that has revolutionized our way of thinking over the past few years.

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Brain AI using Big-data, Analytics, Prediction, Artificial Intelligence & Machine Learning for Actionable Results

Data analytics is a method for analyzing data to produce knowledge and understanding. It’s becoming increasingly important in today’s world where information is constantly changing. Data analytics is used in many sectors and is quickly becoming a universal skill. Analyzing data helps us make sense of it, formulate plans based on that information and ultimately help us live better lives.

Data analytics is a process involving the analysis, synthesis, organization, classification, interpretation and interpretation of data to produce predetermined results. In the past decade, data analytics has become more popular thanks to the advancement in technology and data storage. The use of data analytics is becoming more important in almost every field. This includes business, education, government and health sectors. For example, businesses analyze the performance of their systems based on the data they collect. Education uses data analytics to measure the academic performance of their students. Government uses it to plan resources based on their needs and health organizations use it to plan treatments for patients with diseases.

There are many different types of data analytics- including statistical analysis, machine learning and natural language processing among others. Each has its own uses- statistical analysis is used to create databases while machine learning aims to train computers using artificial intelligence. Language processing is used to analyze text or speech for meaning and natural language processing looks for natural language patterns in structured data. Basically, there’s no shortage of innovative ways to use data analytics in the future.

Data analytics has become so popular that most people have heard of it before actually knowing what it is. Data analysts are now a sought-after profession due to the high demand for their skills. The number of jobs for data analysts increased by 26 percent from 2010-2016 in the US according to the Bureau of Labor Statistics (BLS). Other countries have similar job growth rates for their equivalent jobs. This includes Canada with 17 percent job growth from 2010-2016 and China with 18 percent growth over the same period. In the future, job growth rates for data analysts will likely increase as more organizations attempt to understand how people are using new technologies effectively.

Data analytics is quickly becoming a skill that everyone needs in order to function in today’s world. It’s becoming increasingly important in sectors such as business, education, government and health as more people seek ways to make sense of ever-expanding data sets. There are many ways to perform data analytics; Everyone needs at least some understanding of how to analyze data using various methods in order to succeed in the field.

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TIMELAPSE OF ARTIFICIAL INTELLIGENCE (2028 – 3000+), from unique features to dangers of weaponized A.I.

A documentary and journey into the future exploring the possibilities and predictions of artificial intelligence. This timelapse of the future explores what is coming, from robots that are too fast for humans to see, to A.I. bots bringing back loved ones to life and replacing the need for online searches.

From a medical and healthcare device, to helping people become superhuman – with intelligence amplification, and add-ons that connect to the brain chip. Artificial general intelligence begins to design an A.I. more powerful than itself. People begin to question if humanity has reached the technological singularity.

Artificial Super Intelligence emerges from the AGI. And further into the deep future. Human consciousness becomes digitized and uploaded into a metaverse simulation. It is merged with A.I. creating hybrid consciousness – which spreads across the cosmos. Matrioshka brains and Dyson Spheres host humanity’s consciousness in a cosmic simulation networks.

youtu.be/63yr9dlI0cU

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Ethereum proof of stake migration details and how it changes everything

Ethereum proof of stake migration changes everything.

The “Merge” shifted the Ethereum blockchain from the proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) model intended to be faster and more energy efficient. But adjusting the second-largest blockchain from one system to another is an incredibly complex, multi-step process. It’s important that each decision be assessed thoroughly. We’ll take you through the reasons and various stages leading to the protocol’s new chapter.

In addition to the transition to Proof-of-Stake, The Merge included multiple upgrades to how the Ethereum network operates. Many of these upgrades make pre-chain data more important than ever when navigating a post-Merge world to ensure your users can transact with confidence.

After the merge, you’ll eventually be able to run smart contracts on mainnet Ethereum using proof of stake rather than proof of work. You’ll also be able to withdraw any ETH you’ve staked on Ethereum 2.0. You won’t be able to do this right after the merge, however. You’ll have to wait for yet another post-merge upgrade, which the Ethereum Foundation—the organization that oversees the development of the Ethereum blockchain—expects will happen “very soon” after the merge.

Proof of stake migration timeline.

The PoS-powered blockchain, unlike the proof-of-work or PoW-based blockchain, bundles 32 blocks of transactions during each round of validation, which lasts on average 6.4 minutes. “Epochs” are the names given to these groups of blocks. When the blockchain adds two additional epochs after it, it is considered irreversible i.e., an epoch is considered finalized.

The third and final public testnet completed a “practice run” of the Merge and successfully moved to proof-of-stake when the Terminal Total Difficulty (TTD) exceeded 10,790,000. This followed the Bellatrix upgrade to Goerli’s beacon chain, Prater, which was activated on Aug. 4.

The merge itself took around 12 minutes to come into effect, with the success of the event signaled by the network successfully proposing and approving new blocks of transactions under the proof-of-stake consensus mechanism. The Ethereum network missed just one block during the transition and, after 12 minutes and 48 seconds, successfully reached finality.

What Proof of stake means for Ethereum

Proof-of-stake is a cryptocurrency consensus mechanism for processing transactions and creating new blocks in a blockchain. A consensus mechanism is a method for validating entries into a distributed database and keeping the database secure. In the case of cryptocurrency, the database is called a blockchain—so the consensus mechanism secures the blockchain.

Proof-of-stake is designed to reduce network congestion and environmental sustainability concerns surrounding the proof-of-work (PoW) protocol. Proof-of-work is a competitive approach to verifying transactions, which naturally encourages people to look for ways to gain an advantage, especially since monetary value is involved.

Proof of stake (PoS) is a class of blockchain consensus algorithms in which validators vote on the next block before adding it to the chain. Proof of stake is considered an improvement over the proof-of-work algorithm thanks to its resource efficiency, eco-friendliness and better decentralization parameters: to join staking, there is no need to purchase expensive mining equipment.