With the long-awaited Ethereum Merge expected to go live in less than 24 hours, Joseph Lubin, CEO of the blockchain software technology company ConsenSys, has shared his thoughts on it, noting that the transition is the third-most significant event in the crypto industry.
According to Lubin in a recent interview Bloomberg TVthe first event was the birth of Bitcoin in 2009, while the second was the creation of Ethereum in 2015.
“In terms of impact, in the history of our ecosystem, there have been two major events so far. The advent of Bitcoin and the development of Ethereum, a much more programmable and expressive blockchain technology. The slot’s in as number three in my opinion,” he said.
Users Will Encounter No Issues
Lubin noted that although everyone thinks the Merge is “probably nothing,” the event will be “enormously impactful” for the entire crypto industry.
He further pointed out that the event will reflect no problems for the users or developers since the process is similar to a regular software upgrade that happens automatically.
“…But it’ll also be very likely nothing in the sense that there is no disruption that’s going to be experienced by end users. There’s virtually no disruption that’s being experienced by software developers. It’ll be as smooth as if your iPhone or your laptop has upgraded its operating system automatically overnight,” he said.
Ethereum Merge to Go Live Tomorrow
The highly anticipated Ethereum Merge will see the network transition from its current Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS), which is 99% more energy efficient.
The upgrade has been in the works for several years and will go live tomorrow. The event has also created a massive buzz within and outside the crypto industry. Interestingly, the Google search engine currently displays a native countdown clock along with the current hash rate, difficulty, and Merge difficulty.
Ethereum is not Money
Meanwhile, several Ethereum enthusiasts believe that the deflationary nature of ETH post-Merge would make it a better store of value than Bitcoin. However, BitMEX’s co-founder Arthur Hayes thinks otherwise.
According to Hayes, Ethereum was never designed to function like money but rather as a decentralized computer network that allows everyone to use it.