Last Thursday, September 15, marked a turning point in the short but rocky history of cryptocurrencies. The second largest protocol in terms of valuation and the first in terms of usage and flows, Ethereum, made an update changing the very nature of its consensus algorithm from proof-of-work to proof-of-stake, and changing its monetary policy in the process. That's closely related to what we'll be talking about in the first part of this analysis: the monetary policy and the layout of the token economy brought by crypto-currencies, more than 12years ago.
