Vitalik Buterin on The Merge: Ethereum upgrade ‘isn’t priced in yet in terms of narrative’
13:34, 28 July 2022
Ethereum’s co-founder, Vitalik Buterin, said that ‘a huge amount of people’ won’t believe Ethereum’s repeatedly-delayed upgrade, dubbed The Merge, will happen until they see it. “In narrative terms, [the Merge] is not going to be priced in, pretty much until after it happens,” Buterin said during an episode of the Bankless podcast, published on Wednesday.
Ethereum’s blockchain is in the process of moving from the energy-demanding Proof-of-Work (PoW) consensus mechanism to a more environmentally friendly alternative Proof-of-Stake (PoS). The migration's journey can be dated back to 1 December 2020 with the launch of Beacon Chain, but it was postponed several times.
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PoW has come under scrutiny in recent years and months, with many governments worldwide - including the European Union or the state of New York - making moves to ban or limit PoW on their land.
On 15 July 2022, Ethereum’s developers outlined a timeline for the rest of the migration, with a new soft deadline set for 19 September 2022.
He acknowledged that due to previous delays, some people may doubt The Merge will ever happen: “Even today, a lot of people are acting as though this environmental issue is a fatal flaw. And sure, Ethereum made some noises about Proof-of-stake, but come on; they’ve been saying that since forever, and it’s not going anywhere.”
“But no, no, no, it’s going to go somewhere,” he was determined.
“At this point, I think the only way to convince a huge number of people that it [The Merge] is going somewhere is just by going there.
“But once that happens, it’s going to change a lot of minds,” he said.
ETH benefited from the latest announcement of The Merge's timeline on July 15, 2022. With ETH up 31%, while BTC's grew 9% over the same period.
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