logo

Ethereum Co-Founder optimistic for a seamless process 10 hours to the merge

ethereum
TL;DR Breakdown
  • Ethereum Co-Founder Joseph Lubin is optimistic about a seamless process 10 hours to the merge.
  • Should users be worried?

Joseph Lubin, CEO of ConsenSys and co-founder of Ethereum (ETH), says the top smart contract platform will move smoothly to a proof-of-stake consensus method. According to Lubin in a new interview with Bloomberg TV, the second-largest blockchain by market size won’t see any problems due to Ethereum‘s long-awaited merger.

Lubin continues by pointing out that Ethereum’s switch to proof-of-stake is the third-largest turning point in the development of cryptocurrencies. The invention of Bitcoin and Ethereum are the only other events that the crypto pioneer considers to be more significant than the merger.

“There have been two significant occurrences that have had a significant impact on our ecosystem so far. the invention of Bitcoin and the growth of Ethereum, a blockchain platform that is significantly more programmable and expressive. In my judgment, the merge comes in at number three”

Ethereum Merge and what users need to worry about

According to Lubin, the interruption that software engineers are seeing is essentially nonexistent. Lubin additionally assured users that the process will go as smoothly as if your laptop or iPhone had automatically upgraded its operating system overnight.

The execution layer of the ETH blockchain will merge with the new PoS consensus layer known as the Beacon Chain, transitioning away from its energy-intensive PoW consensus mechanism.

The Beacon Chain went live in December 2020, allowing ecosystem users to deposit ETH or “stake” it in order to take over as the network’s new validators and replace the PoW miners who had previously worked to protect the network, process transactions, and create blocks.

As previously reported by Cryptopolitan, In its most basic form, the Merge will reduce the energy consumption of the Ethereum network by 99% while also enhancing its scalability, security, and sustainability.

The typical platform user and ETH holder do not need to be afraid of losing funds or changing their preferred wallets prior to the Merge. All of the funds in wallets are still available and secure since the complete history of the Ethereum blockchain is carried over during the changeover.

Most importantly, users should watch out for scammers. At the time of writing, the price of ETH is $1,595 and has been relatively flat over the past week.

Lacton Muriuki

Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

Related News

Hot Stories

Dogecoin price analysis: DOGE remains consistent at $0.0608
TRB Price Prediction 2022-2031: Is Tellor (TRB) a Good Investment?
XDC Price Prediction 2022- 2031: Is XinFin a Good Investment?
AMP Price Prediction 2022-2031: Is AMP a Good Investment?
Bitcoin, Binance Coin, Tron, and Chainlink Daily Price Analyses – 28 September Morning Prediction

Follow Us

Industry News

Cosmos 2.0: Uniting blockchains, interchain security, new issuance model for ATOM, and more
Bank of International Settlements green signals CBDC
Robinhood partners with Polygon to test Web3 waters. Here’s how
Shark tank's Kevin O'Leary advice to investors
What lies ahead for Voyager Digital and its investors after FTX wins the purchase auction?