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What Ethereum Migration to Proof-of-Stake Means to Web3 CEOs

Binance CEO argued that Ethereum’s migration helps push mass crypto adoption. CEO of crypto exchange Gemini said the Merge was a significant milestone towards...
What Ethereum Migration to Proof-of-Stake Means to Web3 CEOs What Ethereum Migration to Proof-of-Stake Means to Web3 CEOs
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  • Binance CEO argued that Ethereum’s migration helps push mass crypto adoption.
  • CEO of crypto exchange Gemini said the Merge was a significant milestone towards Ethereum’s ability to fulfill its ultimate promise.
  • Founder of Digiconomist believes PoS migration wouldn’t solve the sustainability challenges related to crypto.

In a chat with Fortune Magazine, the CEO of the Binance crypto exchange, Changpeng Zhao, argued that Ethereum’s migration “certainly helps” push crypto adoption. Although “mass adoption,” he noted, “is achieved by many innovations together.” Illustratively, CEO Zhao added:

If you think about computers, CPUs got faster, memory got faster, then there are more internet apps, Google (NASDAQ:GOOGL), Apple (NASDAQ:AAPL), et cetera.

Last Thursday, the Ethereum network successfully migrated to the energy-efficient proof-of-stake (PoS) consensus. There has been much talk about the historic event in the crypto community. Pundits hold different views about Ethereum’s value, environmental impact, smart contracts, regulations, etc.

Tyler Winklevoss, the CEO of crypto exchange Gemini, said, “The Merge is a big milestone and big step towards Ethereum being able to fulfill its ultimate promise.”

Ethereum developers see the successful Merge as a crucial precursor to other upgrades happening in parallel that aim to scale the network to make it faster, less expensive, and easier to use, resulting in higher acceptance and investment. Ethereum founder Vitalik Buterin said during a celebratory call:

This is the first step in Ethereum’s big journey towards being a very mature system, but there are still steps left to go. The Merge symbolizes the difference between early-stage Ethereum and the Ethereum we’ve always wanted.

On the other hand, Alex de Vries, one of the most prominent critics of cryptocurrency energy, expressed skepticism about the energy efficiency of Ethereum upon migrating to the PoS consensus.

De Vries, the founder of Digiconomist, a website that tracks carbon emissions from cryptocurrencies, believes that ‘moving to proof-of-stake wouldn’t completely solve all sustainability challenges related to crypto.’

The post What Ethereum Migration to Proof-of-Stake Means to Web3 CEOs appeared first on Coin Edition.

See original on CoinEdition

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04-10-2022 13:08:33 (UTC+7)

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    EUR/USD 0.9860 ↑ Buy  
    GBP/USD 1.1354 ↑ Buy  
    USD/JPY 144.82 Neutral  
    AUD/USD 0.6497 ↑ Buy  
    USD/CAD 1.3604 Neutral  
    EUR/JPY 142.80 ↑ Buy  
    EUR/CHF 0.9768 ↑ Buy  
    Gold 1,712.30 ↑ Buy  
    Silver 20.973 ↑ Buy  
    Copper 3.4605 ↑ Buy  
    Crude Oil WTI 84.00 ↑ Buy  
    Brent Oil 89.39 Neutral  
    Natural Gas 6.468 ↑ Sell  
    US Coffee C 215.55 ↑ Sell  
    Euro Stoxx 50 3,342.17 ↑ Sell  
    S&P 500 3,678.43 ↑ Sell  
    DAX 12,209.48 Neutral  
    FTSE 100 6,908.76 Neutral  
    Hang Seng 17,079.51 ↑ Buy  
    Small Cap 2000 1,709.05 Buy  
    IBEX 35 7,462.00 ↑ Buy  
    BASF 40.940 ↑ Sell  
    Bayer 47.95 Sell  
    Allianz 161.54 Neutral  
    Adidas 119.00 ↑ Buy  
    Lufthansa 5.716 Sell  
    Siemens AG 100.92 ↑ Sell  
    Deutsche Bank AG 7.630 ↑ Sell  
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