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The First-Ever Evidence of the Multiverse – Interesting Engineering

In 1964, physicistsArno Penzias and Robert Wilson were working at Bell Labs in Holmdel, New Jersey, setting up ultra-sensitive microwave receivers for radio astronomy observations.

No matter what the two did, they couldn't rid the receivers of background radio noise that, puzzlingly, seemed to be coming from all directions at once. Penzias contacted Princeton University physicist Robert Dicke who suggested that the radio noise might be cosmic microwave background radiation (CMB), which is primordial microwave radiation that fills the universe.

And that is the story of the discovery of CMB. Simple and elegant.

For their discovery, Penzias and Wilsonreceived the 1978 Nobel Prize in Physics, and for good reason. Theirwork ushered us into a new age of cosmology, allowing scientists to study and understand our universe as never before.

Yet, this discovery also led to one of the most surprising findings in recent history: Unique features in the CMB could be the first direct evidence we've ever had of the multiverse of an infinity of worlds and alien peoples that exist beyond the known universe.

However, to properly understand this extraordinary claim, it's necessary to first take a journey back to the beginning of space and time.

According to the broadly accepted theory for the origin of our universe, for the first several hundred thousand years after the Big Bang, our universe was filled with a ferociously hot plasma comprised of nuclei, electrons, and photons, which scattered light.

By around 380,000 years of age, the continued expansion of our universe caused it to cool to below 3000 degrees K, which allowedelectrons to combine with nuclei to form neutral atoms, and the absorption of free electrons allowed light to illuminate the dark.

Evidence of this, in the form of radiation from the cosmic microwave background (the previously mentioned CMB), is what was detected by Penzias and Wilson, and it helped establish the Big Bang theory of cosmology.

Over the eons, continued expansion cooled our universe to a temperature of just around 2.7 K, but that temperature isn't uniform. Differences in temperature arise from the fact that matter is not uniformly distributed throughout the universe. This is thought to be caused by tiny quantum density fluctuations that occurred right after the Big Bang.

One spot, in particular, seen from the Southern Hemisphere in the constellation Eridanus, is particularly cold, around 0.00015 degrees colder than its surroundings. Dubbed the "Cold Spot", scientists originally thought it was a "supervoid," an area that contains far fewer galaxies than normal.

Then, in 2017, researchers at the UK's Durham University Centre for Extragalactic Astronomy published research they say suggests that the Cold Spot isn't a supervoid after all.

Instead? It may be evidence of alien universes.

Durham Professor Tom Shanks proposed what he described as a "more exotic" explanation for the Cold Spot. In his work, Shanks argued that the Cold Spot was "caused by a collision between our universe and another bubble universe...The Cold Spot might be taken as the first evidence for the multiverse - and billions of other universes may exist like our own."

Previously, physicists including Anthony Aguirre, Matt Johnson, and Matt Kleban had pointed out that a collision between our bubble universe and another bubble in the multiverse would, in fact, produce an imprint on the cosmic background radiation. Additionally, they noted that it would appear as a round spot having either a higher or a lower level of radiation intensity.

Shanks' proposal seems to fit the bill, but could this feature really be evidence of an infinite multitude of universes that exist beyond our own?

Today, there are three main contenders that explain how the multiverse may function: the Copenhagen Interpretation, the "many worlds" or "branches of the wave function" interpretation, and the "parallel branes" of string theory.

We're going to leave string theory for another day and focus on the other two explanations.

The total of all possible states in which an object can exist is called an object's coherent superposition,and it is made up of what's known as the object's "wave function".

Quantum mechanics necessitate a smooth, fully deterministic wave function a mathematical expression that conveys information about a particle in the form of numerous possibilities for its location and characteristics. It also requires something that realizes one of those possibilities and eliminates all the others.

Opinions differ about how that happens, but in the most common theory, known as the Copenhagen Interpretation, this occurs through observation of the wave function or by the wave function encountering some part of the "classical" world.This causes the probability, or wave function, to "collapse", and forces the particle into one state.

The Copenhagen Interpretation was worked out in the 1920s by physicists Niels Bohr and Werner Heisenberg, who argued that a particle does not have a material existence until it is subjected to measurement (observation).

The Copenhagen Interpretation was essentially a fudge and, for many, an unsatisfactory one at that.

In 1935, Austrian-Irish physicist Erwin Schrdinger articulated the problem with Copenhagen Interpretation with his famous thought experiment known as Schrdinger's Cat.

In this theoretical experiment, a cat is placed in a sealed box along with a bit of radioactive material and a Geiger counter. If the Geiger counter detects the decay of the radioactive material, it triggers the release of a poison gas which kills the cat.

While the box is sealed, the cat is in a superposition of being both alive and dead at the same time. It is only when the box is opened that the cat is forced into one state or another.Schrdinger pointed out that this was ridiculous, and that quantum superposition could not work with large objects such as cats, because it is impossible for an organism to be simultaneously alive and dead. Thus, he reasoned thatthe Copenhagen Interpretation must be inherently flawed.

A number of alternatives to the Copenhagen Interpretation were proposed. For example, the hidden variables approach championed by Albert Einstein and David Bohm, among others, suggests that the wave function be treated as a temporary fix until physicists eventually find something better. Late in his life, Heisenberg proposed that the problem is with our notion of reality itself. He suggested that the wave function represents an intermediate level of reality.

The most straightforward approach may be that ofthe "many worlds" interpretation" (MWI) which was first posited in 1957 by a graduate student at Princeton University namedHugh Everett.Everett was studying physics under John Archibald Wheeler, who had envisioned the fabric of the universe as being a churning, sub-atomic realm of quantum fluctuations, which he called "quantum foam".

In his dissertation, entitled The Theory of the Universal Wave Function, Everett contended that the universal wave function is real and doesn't collapse, as in the Copenhagen Interpretation. In that case, then every possible outcome of a quantum measurement is realized in some "world" or universe, and by that logic, there must be a very large, or infinite, number of universes.

Everett's many worlds interpretation of quantum physics received little support from the wider physics community, and Everett spent his entire working life outside of academia. So strongly did Everett believe in his theory that he ate whatever he wanted, smoked three packs of cigarettes a day, drank to excess, and refused to exercise. In July 1982, Hugh Everett died suddenly of a heart attack aged 51.

Per his instructions, Everett was cremated and his ashes thrown into the garbage. In 1996, Everett's daughter, Elizabeth, killed herself, and her suicide note stated that she too wanted her ashes to be thrown into the garbage so that she might "end up in the correct parallel universe to meet up w[ith] Daddy."

Everett's son, Mark Oliver Everett went on to form the rock group "The Eels" whose music is often filled with themes of family, death, and lost love.

Famed British physicist Stephen Hawking died on March 14, 2018, after spending decades confined to a wheelchair and dependent upon a speech synthesizer due to suffering from amyotrophic lateral sclerosis. Hawking's final research paper, published just 10 days before he died, was written along with Thomas Hertog, a professor of theoretical physics at KU Leuven University in Belgium, and it concerned the multiverse.

In the paper entitled, "A Smooth Exit from Eternal Inflation?" Hawking and Hertog proposed that the rapid expansion of space-time after the Big Bang may have happened repeatedly, creating a multitude of universes.

This was an expansion of Inflation Theory, the currently-held theory that the Big Bang was not really the beginning.Inflation Theory suggests that, before the Big Bang, the Universe was filled with energy that was part of space itself, and that energy caused space to expand at an exponential rate. It is that energy that gave rise to Big Bang.

However, because inflation, like everything else, is quantum in nature, it must haveended at different times in different locations, while the space between the locations continued to inflate. This, in turn, means that there would be regions of space where inflation ends anda Big Bang begins, but these regions can never encounter one another, as they're separated by regions of inflating space.

In an interview, Hawking explained his concerns with Inflation Theory, saying, 'The usual theory of eternal inflation predicts that globally our universe is like an infinite fractal, with a mosaic of different pocket universes, separated by an inflating ocean. The local laws of physics and chemistry can differ from one pocket universe to another, which together would form a multiverse. But I have never been a fan of the multiverse. If the scale of different universes in the multiverse is large or infinite the theory cant be tested."

Instead, the pair predict that the universe, at least onthe largest scales, is actually smooth and finite. Their theory uses the concept of holography, which describes how physical reality in certain 3D spaces can be mathematically reduced to 2D projections on a surface. By using this concept, they were able to reduce eternal inflation to a timeless state, defined on a spatial surface at the beginning of time itself.

Hertog and Hawking then used their new theory to predict that the universe which emerges from eternal inflation is actually finite and much simpler than the infinite fractal structure predicted by the existing theory of eternal inflation.

Hawking explained that, We are not down to a single, unique universe, but our findings imply a significant reduction of the multiverse, to a much smaller range of possible universes."

This makes the theory not only more predictive but also testable.

And, if Hawking and Hertog, Everett and Laura Mersini-Houghton, Tegmark and Greene, and a multitude of other physicistsare right, then somewhere, in another universe at the exact moment that you're reading this article, Hawking is walking and talking animatedly about physics. Let's hope.

Disclaimer: This article has been updated. A previous version incorrectly said "Walter" instead of Werner Heisenberg.

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Not Even This by Jack Underwood review fatherhood, philosophy and fear – The Guardian

About three years ago, the poet Jack Underwood became a father for the first time. The responsibility weighed heavily: he recalls feeling that there should have been more paperwork. We signed a form or two and then they just sort of let us take you away. A human child. A few months later, he started having panic attacks his love for his daughter had rendered him utterly fucked with worry. He decided to write about it, which helped: my breathing regulated, my thoughts took shape, giving direction to my feelings; finding my thinking voice was like opening an enormous valve. The resulting book is a thoughtful essay-memoir on parenthood, in which Underwood recounts how he learned to manage his angst to live within the fear by embracing uncertainty.

Not Even This takes its title from the ancient philosopher Carneades of Cyrene, who remarked that Nothing can be known; not even this. It is a hybrid work, alternating between two distinct modes of writing: an epistolary memoir in the second person, addressed to the authors daughter; and a freewheeling meditation on the theme of uncertainty, touching on assorted matters of quantum physics, neuroscience, etymology, history, economics and technology. These include, among other things, the disagreement between Albert Einstein and Henri Bergson as to whether time exists independently of human beings; the biomedical ethics of transhumanism; the prospect of the technological singularity, when digital superintelligence will transcend the human intellect; the way time seems to slow down when were doing something interesting; the anomalousness of wave-particles; the reality behind the myth of Joan of Arc.

The gist? Knowledge is inherently tenuous, mutable renegotiable, political and socialised, and the craving for certainty is at the root of many societal ills. The financial system, for example, is wedded to certain rigid orthodoxies that are periodically disproved, with disastrous consequences: When we mistake the power of finance for certainty in its workings, then we only hand it more power, more confidence, and so permit it to act less and less reasonably. Fallibility is integral to human progress, so its best to go with the flow: a parent has little choice but to learn to trust a child to become themselves, and such trust is a kind of love.

The idea of trust also informs his approach to creative writing. Underwood, whose first poetry collection, Happiness, was published by Faber in 2015, sees poetry as a form of dissonant, unruly, uncertain knowledge, in which language is provisional, equivocal, interpretable. The process of composition is built on two-way trust: trusting the reader to get it, and trusting yourself, as a writer, to make yourself understood. Unlike many poets, Underwood doesnt save multiple drafts of his poems, but restricts himself to a single document and if I ruin it well, never mind Maybe I need the fear, the slight risk, to force myself to take responsibility for the poem in my care I have to move forwards in one vulnerable, resolute trajectory.

Underwood rejects the platitudinous notion that having kids turns you into a better person If anything parenthood has made us more selfish, more insular, always directing our hearts resources inwards. But he is, by his own account, a sentimental sort (I find old batteries funereal. I thank cash machines and postboxes), and this is what gives this book its charm. He reminisces fondly about his daughters first unaided steps, and sympathetically recalls how, during the first few months of her life, she would become extremely unsettled a neurotic, crotchety recluse whenever he had guests round: A roomful of strangers bursting out laughing must have been a grotesque, hyperreal tableau of teeth and gums. He believes silliness is intrinsic to intimacy, and encourages her to feast, you daft little cherub. There is practically nothing in life better than being incredibly silly. Elsewhere, overcome with love, he gushes endearments: My bag of fish. My cuddling gammon. Look at you go! Jesus Christ. Let me count the ways.

This is Underwoods first book of nonfiction prose and, like most debuts, it has its flaws. The central argument is somewhat woolly almost any subject might be obliquely tethered to uncertainty and Underwoods rhapsodic lyricism sails dangerously close to feyness at times. But he is a lucid and engaging companion. The voice that comes through in these pages is immensely likable humble, conscientious and emotionally intelligent. The books format flitting back and forth between disquisition and memoir every few pages serves the reader well: the essayistic meanderings are kept in check, and the autobiographical candour doesnt cloy.

A number of recent books on fatherhood have examined the subject through the prism of masculinity. These include Charlie Gilmours Featherhood (2020), Caleb Klaces Fatherhood (2019), Toby Litts Wrestliana (2018), Howard Cunnells Fathers and Sons (2017) and William Giraldis The Heros Body (2017). Though Not Even This also touches questions of gender, the scope of its existential inquiry is broader: Underwoods overarching theme is fear and fear, as he rightly points out, is what underpins the less savoury aspects of conventional masculinity. For all his fretfulness, this is an upbeat book. Underwoods dread gave way to a sanguine sense of purpose and self-sacrifice: Ive experienced a shift in my personhood, he writes, and acquired this sense of my body as happy collateral, a buffer of meat. Im not the important one in my life any more.

Not Even This: Poetry, Parenthood & Living Uncertainly by Jack Underwood is published by Corsair (14.99). To order a copy go to guardianbookshop.com. Delivery charges may apply.

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College majors that earn the most money | Personal Finance | stltoday.com – Suburban Journals

Choosing a college major is a big decision. Students must select to study something that challenges and interests them while balancing the hard realities of the job market and outlook of career paths. A good salary coming out of college is key to a secure middle class future, and with increasing student loan debts, choosing a major that yields bigger salaries out the gate becomes ever more desirable.

To show just how valuable these college majors can be, Stacker used data from a 2020 PayScale report to rank the top 100 college majors that alumni make the most money from in their respective professional careers. The rankings, released in 2021, are based on the highest average mid-career salary. Information is provided about the jobs a major in that area might be hired for, which skills theyll attain while in school, and what the Bureau of Labor Statistics projects their prospects are of finding a job upon graduation with a bachelors degree.

Stackers list of top 100 college majors that earn the most money is diverse, beginning with Japanese studies and ending with petroleum engineering. In between, computational and applied mathematics, aeronautics, building science, and mechatronics top the ranks of college majors that earn the most money early to mid-career. Within the list, engineer-related college majors dominate, with petroleum engineering majors making the most mid-career pay at $182,000.

Keep reading to find out if your major made the list of college majors that earn the most money.

You may also like: 100 Highest Paying Jobs In America

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MIT Researcher Says UFO Research Could Lead to New Laws of Physics – Futurism

The study of UFOs could potentially redefine "all of science."Breaking Physics

The US military has started to take reports of unidentified aerial objects more seriously in recent years, even setting up a taskforce to investigate strange sightings by its personnel.

Many of the reports include mysterious objects spotted by Navy pilots, traveling through the sky at astonishing speedsand seemingly defying the laws of physics.

Thats why, according to Rizwan Virk, an MIT graduate and founder of incubator Play Labs at MIT, it would be a huge mistake to not take these reports seriously going forward. In a recent opinion piece for NBC News, Virk argues that the profound lack of curiosity in UFOs resulted in a mess of taboos and biases amongst the ranks of academia.

To Virk, studying UFOs could potentially redefine all of science and lead to a new understanding of our place in the universe, and new advances in materials science, biology, quantum physics, cosmology and social sciences.

Is Virks a consensus view? Absolutely not. But his embrace of the concept does show that its a line of inquiry thats making inroads into traditionally buttoned-up institutions including MIT.

Rather than convincing people that UFOs do in fact exist, Virk is hoping to encourage academics and industry leaders to move beyond their biases into an open-minded investigation to figure out who or what created them, and how they work.

The rewards for those continuing the research into UFOs could pay off big, in Virks analysis.

In the long term, there could be multiple Nobel prizes, not to mention new laws of physics, for those who are willing to dive in and risk ridicule in the short term, he argued.

READ MORE: The U.S. military takes UFOs seriously. Why doesnt Silicon Valley or academia? [NBC News]

More on UFOs: This Theory Could Explain Many Military UFO Sightings

As a Futurism reader, we invite you join the Singularity Global Community, our parent companys forum to discuss futuristic science & technology with like-minded people from all over the world. Its free to join, sign up now!

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Cryptocurrency investors should be prepared to lose all their money, Bank of England governor says – CNBC

Bank of England Governor Andrew Bailey.

Simon Dawson | Bloomberg via Getty Images

LONDON Cryptocurrencies "have no intrinsic value" and people who invest in them should be prepared to lose all their money, Bank of England Governor Andrew Bailey said.

Digital currencies like bitcoin, ether and even dogecoin have been on a tear this year, reminding some investors of the 2017 crypto bubble in which bitcoin blasted toward $20,000, only to sink as low as $3,122 a year later.

Asked at a press conference Thursday about the rising value of cryptocurrencies, Bailey said: "They have no intrinsic value. That doesn't mean to say people don't put value on them, because they can have extrinsic value. But they have no intrinsic value."

"I'm going to say this very bluntly again," he added. "Buy them only if you're prepared to lose all your money."

Bailey's comments echoed a similar warning from the U.K.'s Financial Conduct Authority.

"Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors' money," the financial services watchdog said in January.

"If consumers invest in these types of product, they should be prepared to lose all their money."

Bailey, who was formerly the chief executive of the FCA, has long been a skeptic of crypto. In 2017, he warned: "If you want to invest in bitcoin, be prepared to lose all your money."

Bitcoin is up over 90% this year, thanks in part to rising interest from institutional investors and corporate buyers such as Tesla. The electric car firm bought $1.5 billion worth of bitcoin earlier this year, and the value of its holdings have since risen to nearly $2.5 billion.

Proponents of bitcoin see it as a store of value akin to gold because of its scarce supply only 21 million bitcoins can ever be minted arguing that the cryptocurrency can act as a hedge against inflation as central banks around the world print money to relieve coronavirus-battered economies.

However, skeptics view bitcoin as a market bubble waiting to burst. Michael Hartnett, chief investment strategist at Bank of America Securities, said bitcoin's rally looks like the "mother of all bubbles," while Alvine Capital's Stephen Isaacs said there are "no fundamentals with this product, period."

Alternative digital currencies have made even larger gains than bitcoin. Ether, the native token of the Ethereum blockchain, has seen returns of more than 360% year to date, while meme-inspired crypto dogecoin is up a whopping 12,500%.

Analysts have attributed dogecoin's rise to tweets from celebrities like Tesla's Elon Musk and Mark Cuban, as well as retail investors buying the token on the free-trading app Robinhood. David Kimberley, an analyst at U.K. investing app Freetrade, described the dogecoin rally as "a classic example of greater fool theory at play," referring to the practice of selling overvalued assets to investors who are willing to pay a higher price.

At the same time, central banks are considering whether to issue their own digital currencies. Last month, the Bank of England launched a joint taskforce with the Treasury aimed at exploring central bank digital currencies, or CBDCs. Such a currency would exist alongside cash and bank deposits rather than replacing them, the bank said.

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Cryptocurrency ether rises to new record high over $3600 – Reuters

A representation of virtual currency Ethereum are seen in front of a stock graph in this illustration taken February 19, 2021. REUTERS/Dado Ruvic/Illustration

Ether , the world's second-largest cryptocurrency after bitcoin , on Thursday extended a breakaway rally to a new record high of $3,616.10, gathering momentum as investors diverted focus from its main rival.

On the Bitstamp Exchange ether was last up about 4.0% at $3,568.92. Bitcoin was down 0.3% at $57,353.03 and about 11% below its record intraday high at $64,895.22 set on April 14.

Ether, the token traded over the ethereum blockchain, topped $3,000 for the first time on Monday. It is up more than 385% this year, compared with 96% for bitcoin.

The rise is in part a spillover from flows into bitcoin, which has grown in stature as big-name investors from Elon Musk's carmaker Tesla Inc (TSLA.O) to Wall Street investor Stanley Druckenmiller bought in.

"Ethereum has been able to maintain its positive momentum, a crushing series of all-time highs in the past week," said Konstantin Anissimov, executive director at cryptocurrency exchange CEX.IO.

"The current all-time high has reignited the ambitious sentiment that ethereum may eventually flippen (supplant) bitcoin by market capitalization in the near future."

Also, a technical adjustment called EIP (ethereum improvement proposal) 1559, expected to reduce the supply of ethereum and go live in July, has provided a lift for the digital currency.

Still, there is a speculative frenzy going on in the asset class. Joke cryptocurrency dogecoin is up by 24,000% over the last 12 months and is now the fourth-largest cryptocurrency by market capitalization. read more

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Cramer says he owns ‘a lot’ of red-hot cryptocurrency ether that’s tripled bitcoin’s 2021 gain – CNBC

CNBC's Jim Cramer said Tuesday he owns ether, the world's second-largest cryptocurrency by market value.

"I've got a lot of ether," Cramer said on "Squawk Box," explaining he initially acquired it in order to bid on nonfungible tokens, or NFTs, being auctioned in March by Time magazine. "I didn't get it, so I just kept the ether."

While Cramer did not specify exactly when he bought ether, the digital currency entered March at about $1,400 and rose to around $1,900 by the end of the month. The Time NFT auction closed March 24.

Cramer's comments Tuesday came as ether extended its massive rally so far in 2021, setting an all-time high just above $3,500. Ether, which runs on the Ethereum blockchain, has soared more than 370% year to date, with a total market value now above $400 billion, according to CoinMarketCap.

Cramer said perhaps he will eventually "buy a house" with his ether, a reference to his recent revelation that he sold some of his bitcoin holdings in order to pay off a mortgage. "I now own a house lock, stock and barrel because I bought this currency," bitcoin, the "Mad Money" host said April 15 on CNBC.

In a video for his financial news website The Street, Cramer said Monday, "My Ethereum has gone up tremendously in value, and I'm not selling it." He added, "I sold a lot of bitcoin because I had my eye on a place."

Bitcoin, which has the biggest market cap of any digital coin, traded above $55,000 per token Tuesday, about 15% lower than last month's all-time high but it's still nearly doubled in 2021. The current price level put bitcoin's total market value at just over $1 trillion, nearly half of the entire crypto market.

Cryptocurrencies broadly speaking have moved further into the mainstream throughout 2021. Crypto exchange Coinbase's direct listing last month on the Nasdaq was heralded as a major milestone for the burgeoning digital asset industry.

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Bitcoin is no longer the cryptocurrency king – TechRadar

The world's first cryptocurrency has some competition on its hands as Ethereum has finally reached the $3,000 milestone as its token Ether has quadrupled in price since the beginning of this year.

While Bitcoin has been the world's go-to cryptocurrency for some time now, Ethereum's recent rise suggests that there is still room for competition as the crypto market evolves.

One thing that sets Ethereum apart from Bitcoin is the fact that it provides the infrastructure for both the NFT (non-fungible token) and decentralized finance (DeFi) industries which have both seen tremendous growth over the last six months.

However, Bitcoin still has a much larger market cap at $1.1tn compared to Ethereum's $390bn but this could certainly change with more investors and projects buying into the Ethereum blockchain. In fact, just last week, the European Investment Bank (EIB) announced its plans to launch a digital bond sale on the network at the price of $100m.

At the time of writing, one Ether is currently valued at $3,291 and Ethereum has seen its value rise by 10 percent on Monday alone.

Other factors that have contributed to Ethereum's recent rally include the fact that next generation of the Ethereum blockchain, known as Ethereum 2.0, went live at the end of last year and the cyrptocurrency exchange Coinbase was listed on the NASDAQ exchange under the ticker COIN last month.

At the end of last year Ethereum was trading at less than $1000 per coin before it shot up in January 2021 and hasn't slowed down since. Now that Ethereum has hit $3,000, some investors are wondering if the cryptocurrency will continue its rally to reach $5,000. Bitcoin on the other hand has failed to recover since it fell from a mid-April record of almost $64,870.

Only time will tell if Ethereum continues to gain ground or if we'll see another market correction similar to the one which took place in 2017.

TechRadar is supported by its audience.TechRadar does not endorse any specific cryptocurrencies or blockchain-based services and readers should not interpret TechRadar content as investment advice. Our reporters hold only small quantities of cryptocurrency (under $100 in value), as is necessary to perform wallet and exchange reviews, and do not hold shares in any publicly listed cryptocurrency companies.

Via Bloomberg

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EBay says open to accepting to cryptocurrencies in future, exploring NFTs – Reuters

An eBay sign at an office building in San Jose, California, May 28, 2014. REUTERS/Beck Diefenbach

EBay Inc (EBAY.O) is open to the possibility of accepting cryptocurrency as a form of payment in the future and is looking at ways to get non-fungible tokens (NFTs) on its platform, the company said on Monday.

A growing number of companies have begun to accept virtual currencies as a form of payment, taking an asset class that had been shunned by major financial institutions a few years ago, a step closer to becoming mainstream.

Tesla Inc (TSLA.O) is already accepting bitcoin as payment for its electric cars, while payments giant PayPal (PYPL.O) last year started allowing customers to buy, sell and hold cryptocurrencies using its online wallets. read more

"We are always looking at the most relevant forms of payment and will continue to assess that going forward. We have no immediate plans, but it (cryptocurrency) is something we are keeping an eye on," eBay said in a statement to Reuters.

In an interview with CNBC, Chief Executive Officer Jamie Iannone said that accepting virtual currency was an option the company was looking at.

EBay, which disappointed investors with a weak second-quarter profit forecast last week, said it was looking at a "number of ways" to get into the NFT space. read more

NFTs, a type of digital asset that exists on a blockchain, have exploded in popularity this year, with NFT artworks selling for millions of dollars and musicians such as the Kings of Leon rock group embracing them for their latest album. read more

"We're exploring opportunities on how we can enable it (NFTs) on eBay in an easy way," Iannone said on CNBC.

Everything thats collectible has been on eBay for decades and will continue to be for the next few decades.

(This story refiles to correct CEO name in paragraphs 5 and 8 to Iannone; Corrects typographical errors in paragraphs 1, 3 and 4.)

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Major Ethereum upgrades could boost the price further. Here’s a roadmap. – Markets Insider

Major changes are coming to the Ethereum network.

Alessandro Bianchi/Reuters

Ether - the world's second-biggest cryptocurrency - soared to record highs above $3,600 in the week to Friday and had outstripped bitcoin with year-to-date returns of around 370%.

Analysts said a key catalyst has been growing interest from big players such as the European Investment Bank in the Ethereum blockchain network, on which ether runs.

Investors have been drawn in by the possibility of building decentralized financial contracts on the system and other applications such as non-fungible tokens, or NFTs.

But upcoming changes to Ethereum that aim to make the network bigger and more sustainable are also exciting investors, as they could send the ether price soaring even further.

Insider spoke to Ben Edgington, who is working on the upgrades for development company ConsenSys. He laid out the roadmap for the changes.

The 'London' upgrade will start to destroy ether coins

After tweaking how transaction payments work in April, Ethereum developers are preparing for a major overhaul to the fees system. The changes are due in mid-July, according to Edgington.

Under the current system, users send what's known as a gas fee to miners as payment for transactions to be verified, in a kind of auction. Miners complete transactions, and create cryptocurrencies, by using computing power to solve puzzles on the network.

But when the network is busy - as it increasingly is - the auction system means users have to bid larger amounts and estimate the appropriate fee, leading to volatility and sharp price rises.

To address the problem, Ethereum's developers have agreed to a major change, known as EIP-1559 in crypto jargon and set to take place during an event called the "London hard fork."

Under the new system, gas fees will be replaced by a mandatory and automatically determined base fee, which would fluctuate according to network congestion. Users will be given the option of paying miners tips if they need transactions completing quickly.

Read more: Fundstrat's head of digital assets research walks us through his $100,000 and $10,500 year-end price targets for bitcoin and ether - and shares the 8 tokens he's bullish on

But the most exciting part for many investors is that the network will start to destroy or "burn" some of the gas fee.

Edgington says: "Potentially, more ether will be burned that will be generated for miners." He added that this could make the supply of ether decline over time, "which actually trumps bitcoin monetary policy, which is fixed."

One analyst said earlier this year the burning of fees might lay the groundwork for "explosive growth" in the ether price.

Ethereum 2.0 aims to boost the network's size and sustainability

Developers are most excited about the momentous changes collectively known as Ethereum 2.0, which aim to make the network bigger and more sustainable.

First up on the road to Ethereum 2.0 is what developers are calling The Merge: a complete change in the underlying mechanics of the network, which Edgington says will hopefully be completed by the end of 2021, or in early 2022.

Currently, computers compete against each other to solve complex puzzles to verify the network and mine ether in what's called a "proof of work" system.

This makes the network secure, because it would take huge and costly amounts of computing power and energy to hack into - but is very bad for the environment.

Ethereum will instead be moving to a "proof of stake" system. This means people can validate transactions and mine according to the number of coins they hold and are willing to offer as a sort of down payment, Edgington said.

Each user that wants to verify transactions - and thereby earn themselves rewards - has to put up a sizable stake, for example 32 ether worth over $120,000.

The idea is that anyone wanting to attack the network would have to earn enough ether to pay more than the collective value of all the stakes to start altering the blockchain in a damaging way.

Edgington says there is already around $10 billion staked the proof-of-stake network, known as the beacon chain, which developers launched in December.

Ethereum developers are working hard to shift across the network onto the new system - The Merge - but it's not without risks.

One developer has described the process as "replacing the engine of an airplane while it is still flying." But they added: "The code in use will have been exhaustively checked, battle-tested, and checked again."

'Sharding' aims to expand the network

Yet Edgington stresses that "moving to proof of stake is not a scalability solution."

To try to expand Ethereum so that more applications such as NFTs, or decentralized finance contracts, can be built on it, developers will create new networks in a process known as sharding.

"This is like running 64 blockchains in parallel with the beacon chain to increase the capacity," Edgington says.

Simply put, creating more blockchain systems and tying them together by linking them to the main beacon chain should expand the overall network and make it more efficient, as opposed to the current system where everything is done on one big network.

"I expect within a year of delivering the proof of stake we'll have delivered the sharding solution," Edgington says. "But nobody's making a strict project plan, or deadline about this. It's ready when it's ready."

Read more: Ex-Ark analyst James Wang breaks down his bull case for Ethereum as its token breaches an all-time high of $3,300 - and explains why it could eventually reach $40,000

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