Joseph Lubin, CEO of the blockchain software technology company ConsenSys, has provided his thoughts on the long-awaited Ethereum Merge, noting that the transition is the third-most important event in the cryptocurrency industry. The long-awaited Ethereum Merge is anticipated to go live in less than 24 hours.
The first event was the invention of Bitcoin in 2009, and the second was the invention of Ethereum in 2015, according to Lubin in a recent interview with Bloomberg TV.
“In terms of impact, in the history of our ecosystem, there have been two major events so far. The advent of Bitcoin and the development of Ethereum, a much more programmable and expressive blockchain technology. The slot’s in as number three in my opinion,” he said.
According to Lubin, although everyone believes the Merge will be “probably nothing,” the event will have an “enormously impactful” on the entire crypto industry.
He added that since the process is similar to an automatic software upgrade, neither users nor developers will experience any issues as a result of the event.
“…But it’ll also be very likely nothing in the sense that there is no disruption that’s going to be experienced by end users. There’s virtually no disruption that’s being experienced by software developers. It’ll be as smooth as if your iPhone or your laptop has upgraded its operating system automatically overnight,” he said.
The Ethereum network will switch from its current Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS), which is 99% more energy efficient, during the long-awaited Ethereum Merge.
The upgrade, which has been in development for a while, will launch soon. In addition, the event has generated a ton of buzz both inside and outside the cryptocurrency sector. It’s interesting to note that the Google search engine now shows a native countdown clock along with the hash rate, difficulty, and merge difficulty at the moment.
While this is going on, some supporters of Ethereum think that the deflationary characteristics of ETH after the merge will make it a more reliable store of value than Bitcoin. The co-founder of BitMEX, Arthur Hayes, disagrees, though.
Hayes claims that Ethereum was never intended to function as money but as a decentralized computer network that anyone can use.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
