Experts Observe on the Future of Ethereum After The Merge!
The Ethereum Merge is scheduled to take place later today focusing on energy efficiency; it is expected to give a big impact on cryptocurrency investment and adoption, according to Cointelegraph.
Ethereum Could Be Widely Adopted
Eli Ben-Sasson, president and co-founder StarkWare said to Cointelegraph that The Merge will be the “first step in a process that will lead to exceedingly widespread adoption of Ethereum.”
“The immediate importance of the Merge is the dramatic effect on energy consumption,” added him.
Compared to Ethereum’s current Proof-of-Work (PoW) consensus mechanism, which uses a lot of energy to solve arbitrary mathematical puzzles, the Merge is expected to reduce Ethereum’s energy consumption by 99.95%.
“I think of the Merge like the development of the first solar fields. We saw that we can slash the environmental impact of electricity production. We didn’t say ‘problem solved,’ but rather that if we’re generating electricity with less pollution, it’s time to double down on efforts to use the power more sparingly,” said Ben-Sasson.
Regardless of optimism regarding Ethereum’s transition, there is still debate on whether the Merge has already been factored into Ether (ETH) price or not.
Head of crypto insights at crypto exchange Bybit, Charmyn Ho, according to their analysts, there is no consensus among institutional investors or market makers regarding short-term trading around The Merge, but they are more likely to accumulate ETH and become hodler.
On the other hand, the co-founder of StarkWare sees the transition is running smoothly, “Ethereum Foundation has prepared so meticulously for this moment, and inspires lots of confidence.”
“It will be a significant mark of success when the first block is produced by proof of stake. But this is like completing the launch of a rocket — we still have the rest of the journey ahead of us, which will pose its challenges,” noted Ben-Sasson.