Ethereum, the second largest cryptocurrency by market cap, has been trending in the market for a few days now. One of the biggest reasons for this is the upcoming merge that will transition 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, FTX CEO Sam Bankman-Fried has given his opinion regarding the outcome of the Ethereum merger. In a recent interview with CNBC, Bankman-Fried claimed that the merger would be an exciting event for the community as it would make transactions on the network 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 CEO of FTX goes on to say that there will be many who will be ready to update and some who will protest. He expects the API to cause a problem that many did not expect and that it will lead to bug fixes in 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 “Not everything will happen at once and it will take time for people to clean up.”