Ethereum co-founder Joseph Lubin predicted that the upgrade would be “enormously impactful” for the cryptocurrency industry
According to a tweet Posted by Ethereum co-founder Vitalik Buterin, Ethereum’s merge upgrade is expected to happen just a few hours from now.
The event, which will mark the blockchain’s transition to proof-of-stake, has been the talk of the town for months.
recently interview with bloombergConsenSys CEO Joseph Lubin expressed confidence that the merge event will be successful. The Ethereum co-founder believes this event will have a huge impact. Lubin said that the transition from the blockchain to proof-of-stake would be the biggest cryptocurrency-related event since the launch of Ethereum in 2015.
As many expected, the price of ETH is failing to rally in the run-up to the merge event. The second-largest cryptocurrency is actually in the red at the time of writing, trading at $1,584 on the Bitstamp exchange. In the meantime, the price of Bitcoin has dipped below the $20,000 level.
While the merge is undoubtedly an extremely important event for the cryptocurrency industry, it is worth noting that it will not increase the scalability of Ethereum right out of the gate.
That said, the much-hyped upgrade will dramatically decrease Ethereum’s energy consumption, thus making it more environmentally friendly.
The merge has rekindled discussions about the long-term viability of proof-of-work, dazzling the wings of bitcoin proponents.
