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What Proof-of-Stake on Ethereum Means to Web3 CEOs

Dave – Cryptocurrency Expert

The CEO of the Binance cryptocurrency trading and exchange platform, Changpeng Zhao, said that Ethereum's move "definitely helps" drive crypto acceptance in a conversation with Fortune Magazine. Although, he pointed out, "mass acceptance is achieved by numerous ideas working together." CEO Zhao provided an example, saying: "If you think about computers, CPUs and memory grew quicker, and then there were more online apps from Google, Apple, and other companies."

The Ethereum network successfully switched to the proof-of-stake (PoS) consensus on September 15. In the crypto world, there has been a lot of discussion regarding the historic occurrence. Different opinions are held by pundits on Ethereum's worth, the environment's influence, smart contracts, rules, etc. "The Merge is a significant milestone and big step towards Ethereum being able to realize its ultimate promise," said Tyler Winklevoss, the CEO of the cryptocurrency exchange Gemini.

The successful Merge, according to Ethereum developers, is an essential prelude to other improvements taking place concurrently that seek to grow the network to make it quicker, less costly, and simpler to use, leading to more adoption and investment. “This is the first step in Ethereum's great path toward becoming a highly mature system, but there are other stages to go,” said Vitalik Buterin, the creator of Ethereum, during a joyous call. “The Merge represents the distinction between Ethereum's current state and the Ethereum we've always desired.” Alex de Vries, one of the most well-known opponents of bitcoin energy, on the other hand, raised doubt about Ethereum's energy effectiveness after switching to the PoS consensus.

Moving to proof-of-stake, according to De Vries, founder of Digiconomist, a website that monitors carbon emissions from cryptocurrencies, "wouldn't totally solve all sustainability concerns associated with crypto."

If you consider the Ethereum switch to PoS to be a step forward and wish to begin investing in cryptocurrency yourself but are unsure how to proceed, we advise visiting BCBitcoin. Here you can buy Ethereum or Bitcoin and many other cryptocurrencies of your choice.

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