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 take place in the crypto space. Any such developments naturally increase the confidence among market participants which will in turn push the currency’s price toward the north.
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.
As per the expert, the initial stage of the Merge will not be a cakewalk as there will likely be some issues and that’s unavoidable. The early days of the event will bring chaos to the ETH community along with a lot of confusion and unpreparedness due to technical difficulties. This is because the network will see a transition and for this, many will have to update software to process a new chain.
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 Bankman-Fried is of the opinion that this is a massive transition that the network will experience as it’s not just a single entity that will get transformed, 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.”