- Ethereum will switch from a Proof-of-Work (PoW) network mechanism to a Proof-of-Stake (PoS) consensus at the time of the merge.
- Joseph Lubin, co-founder of ETH and founder of ConsenSys, says that the upgrade will be seamless.
- The merge is expected to take place on 15 September 2022.
Ethereum (ETH) co-founder Joseph Lubin said he does not expect the highly anticipated merge, which is less than 24 hours away, to come with post-event disruption for users.
Lubin, who also founded the Ethereum software company ConsenSys, was speaking in an interview with Bloomberg Crypto on Wednesday.
According to the industry expert, their approach to the merge is “10” on a scale of 1 to 10, in terms of their belief about Ethereum’s switch from proof-of-work to proof-of-stake consensus mechanisms.
“maybe nothing”
The merge has attracted a lot of attention as it marks one of the most profound game-changing upgrades in the history of cryptocurrency. And while its success can only be predicted post-merger, Lubin says nothing suggests that end users will be disrupted.
,We think it will probably be nothing and ‘maybe nothing’ is a playful phrase in our ecosystem that indicates that ironically, we think it will be very impressive. But it is also quite possible that nothing will happen in the sense that there is no disruption that is being experienced by the end users.‘ he told Bloomberg.
In terms of how smooth the whole upgrade is likely to be, they haven’t seen any disruption to software developers so far. For users, the merge would be “As if your iPhone or your laptop automatically upgraded its operating system overnight,” He added.
Lubin agrees that real proof of how smooth the merger will be can only be made once the Beacon Chain and the Ethereum mainnet converge in one chain.
However, as has been the case so far, all testing suggests an “overwhelming” seamless transition – even if testing is not “in the context of this whole larger ecosystem becoming an economy in itself”.
So what could go wrong? He points to a possible effect”small projects,
,There are a lot of small projects, which probably read from or depend on the blockchain.“He said, that in some ways can’t be”Upgraded what they need to upgrade for their own smooth transitionHe believes that there may be some bottlenecks in such projects.
,But all the major services relying on the blockchain are already working,
As previously highlighted by CoinJournal, the merger is expected to take place on 15 September 2022 and will cut Ethereum’s energy consumption by 99.95%. The change is also expected to lead to greater scalability and network performance.