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.