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

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 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:), Apple (NASDAQ:), et cetera.

Last Thursday, the 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.’

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