Cosmos founder Ethan Buchman shared his thoughts on the upcoming Ethereum merger.
Cosmos founder talked about Ethereum
Ethan Buchman, founder of Cosmos, told Fortune that the upcoming Ethereum update is a “big deal.” Buchman acknowledges that the Ethereum community has paved the way for many competing projects. In his statements, he included praise and loving statements about the second largest cryptocurrency. He added that Ethereum remains the most “ambitious” crypto project.
The Cosmos founder says that Ethereum can finally join among PoS Blockchains by implementing the much anticipated upgrade. Migrating to a PoS system is a challenging task given that Ethereum started with mining. That is, he relied on miners to secure his network by solving complex mathematical tasks with the help of expensive and energy-hungry equipment. Ethereum is now adopting a top-money consensus mechanism instead.
Why is Merge just a hype?
The Merge upgrade was originally supposed to happen as early as 2016. However, it has been delayed many times and the implementation has been extended until 2022. In his remarks, Buchman commended Ethereum’s engineering team, which has worked hard over the past years to get the upgrade right.
Several other Ethereum competitors do not share Buchman’s excitement. Tezos co-founder Arthur Breitman recently stated that the Merge upgrade was “overdone.” Breitman explained that many other blockchains have already migrated to PoS. This means that Ethereum will not bring anything groundbreaking to the table. Anatoly Yakovenko, founder of Solana, also stated that the upgrade will not have a significant impact.
What will change in Ethereum?
Following Ethereum’s transition to PoS, the second largest Blockchain will consume significantly less energy. Billionaire Mark Cuban recently said that this is the main reason why Ethereum is “super bullish”. Cuban sees the move to PoS as a “significant” factor that will strengthen Ethereum’s bull status. Still, the billionaire did not make concrete price predictions as he did not know how he would react to the upgrade in the short term. Cuban says there will be enough apps to drive adoption of the second largest network.
However, merge won’t be able to fix scaling issues right from the start. Currently, many investors think that the network will be faster and less costly after the merger. cryptocoin.com We have conveyed the Ethereum developers’ fixes about this.
Data from TradingView shows that Ethereum price is trading above $1,600 again. The leading altcoin reached $1,636.90, up 6.65% over the last 24 hours. Meanwhile, the entire market, including Bitcoin, was trading in the green.
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