Founder of Ethereum rival altcoin project Cosmos Ethan BuchmanIn an interview with Fortuna magazine, he stated that Ethereum Merge is an important step.
Talking about the second largest cryptocurrency, Ethereum, Buchman said; stated that the community plays a critical role in paving the way for existing projects. EthereumHe underlined that it is the project that attracts the most attention.
cosmos Its founder thinks that blockchain can finally catch up with other proof-of-stake blockchains by implementing the much-anticipated upgrade.
Moving to proof-of-stake consensus is actually quite a challenge given that it started out as a proof-of-work blockchain for Ethereum. With the update in question, the mining mechanism that secures its network by solving complex mathematical tasks with the help of expensive and high energy consuming equipment will be abandoned.
Ethereum Merge The update was originally supposed to happen as early as 2016, but the update has been delayed multiple times. Buchman commended the engineering team who worked hard to get the upgrade right in the past years.
On the other hand, other Ethereum competitors do not seem to share Buchman’s excitement. As reported by Koinfinans.com, Tezos co-founder Arthur Breitman recently explained that the Merge upgrade was “overdone”. Breitman explained that many other blockchains have already switched to proof-of-stake, which he said will not bring anything groundbreaking to the table. Anatoly Yakovenko, founder of Solana, also stated that the upgrade will not have a significant impact.
Following the transition of ETH to proof-of-stake, the second largest blockchain will consume significantly less energy. Billionaire Mark Cuban recently explained that this is the main reason why Ether is “super-bulking”, but stated that he cannot solve the scaling problems from the start.