Ethereum, the second largest cryptocurrency by market cap, has been leading the market run for a couple of days. One of the biggest reasons for this is the upcoming merge which will transform the Ethereum network from proof-of-work (PoW) to proof-of-stake (PoS).
This is one of the most spectacular events to happen in the crypto space. Any such event naturally increases the confidence among the market participants which in turn will drive the price of the currency northwards.
Meanwhile, Sam Bankman-Fried, FTX’s CEO, has given his opinion in regard to the outcome of the Ethereum Merge. In a recent interview with CNBC, Bankman-Fried claims that the Merger will be an exciting event for the community as this will make the network’s transactions faster and cheaper.
According to the expert, the initial phase of the merge will not be easy as there may be some problems and it is inevitable. The opening days of the event will bring chaos to the ETH community with a lot of confusion and preparation due to technical difficulties. This is because the network will see changes and for this many people will have to update the software to process the new series.
The FTX CEO further says that there will be many who will be ready to update and a few will oppose. He foresees that APIs will cause an issue that many didn’t expect and this will see bug fixes on centralized institutions.
Sam Banksman-Fried is of the opinion that this is a major transition that the network will experience as it is not just one entity that will transform, instead, entire decentralized and centralized entities will be involved in the transformation.
He ends his conversation by saying that “everything will not happen in one go and that people will take time to clean up.”
