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Since the beginning of this week, Ethereum, which holds the second highest market capitalization among cryptocurrencies, has been at the forefront of the market advance. Proof-of-work (PoW) will be replaced by proof-of-stake on the Ethereum network as part of a planned merge, which is one of the primary factors contributing to this development (PoS).
This is without a doubt one of the most amazing events that has ever taken place in the blockchain industry. Any such developments will, of course, inspire greater confidence among market participants, which will, in turn, drive the price of the currency higher.
In the meantime, Sam Bankman-Fried, the Chief Executive Officer of FTX, has provided his perspective on how the Ethereum Merge will turn out. Bankman-Fried stated in a recent interview with CNBC that the Merger will be a wonderful event for the community because this will make the transactions on the network faster and cheaper.
According to the knowledgeable individual, the first stage of the Merge will not be a stroll in the park because there will most likely be some problems, which is something that must be avoided. The ETH community may expect a lot of confusion and unpreparedness in the early days of the event due to the fact that there will be technical challenges. This is due to the fact that the network will go through a transition, which means that many users will need to update their software in order to process a new chain.
The FTX CEO went on to remark that there would be many people who are eager to update, but there will also be a few people who reject it. He believes that application programming interfaces (APIs) will lead to a problem that many people won’t anticipate, which will result in bug patches being implemented by centralized organizations.
Sam Bankman-Fried is of the opinion that this will be a massive transition that the network will experience because it is not just a single entity that will get transformed; rather, entire decentralized and centralized entities will be involved in the transformation. Sam Bankman-Fried is of the opinion that the network will experience this transition because it is not just a single entity that will get transformed.
He wraps up the discussion by stating that “everything will not happen all at once and that it will take people some time to clean up.”