While the cryptocurrency industry is holding its breath for Ethereum’s Proof of Stake transition, some altcoin Its founders believe that this much anticipated update is not a big deal.
Tezos Altcoin Founder Arthur Breitman: Ethereum Too Late, Shouldn’t Count as Success
Arthur Breitman, co-founder of Ethereum rival network Tezos, told Fortune that the upcoming Merge event will not be a success. He added that almost all other Blockchains have already migrated to Proof of Stake.
Breitman stated that this upgrade should have happened years ago, so he doesn’t understand why there has been so much press coverage for the delayed upgrade.
Anatoly Yakovenko, the software engineer behind Solana Labs, shares the same sentiment. Yakovenko, the much talked about update cryptocurrency believes that it will not affect the industry in a significant way.
When it was first proposed in 2016, Proof of Stake was still a relatively new idea. However, the transition has proven to be complex, and so far Merge has struggled with countless delays. In March, Ethereum co-founder Vitalik Buterin admitted years ago that switching to a simpler form of proof-of-stake would result in less environmental damage. Ethereum could thus avoid the heavy backlash from climate activists from those times.
Ethereum’s imminent transition to Proof of Stake would be good for its green reputation as it would significantly reduce the energy consumption of Blockchain. The merger is also expected to make Ethereum deflationary, meaning the token will potentially become rarer.
*Not investment advice.