Ethan Buchman, the founder of Cosmos (ATOM), made remarkable evaluations for Ethereum, describing the rapidly approaching The Merge update as an “exciting moment” in an interview with Fortune.
Ethan Buchman, the founder of Cosmos (ATOM), was very positive about Ethereum, the second largest cryptocurrency project, claiming that his community has paved the way for many competing projects, in an interview with Fortune. According to the Cosmos founder, Ethereum remains the most ambitious cryptocurrency project.
Describing the Ethereum network's long-awaited The Merge update as an "exciting moment", Buchman claimed that the network will be able to catch up with other proof-of-stake (PoS) blockchains after the update. Currently, the Ethereum network is based on the proof-of-work (PoW) consensus protocol, and for the blockchain of the largest altcoin to survive, highly expensive and high electricity consumption mining devices must be used. According to Buchman, the transition of Ethereum, which started its life with PoW, to Pos is a very difficult process.
The Merge update was originally supposed to happen as early as 2016, but the update has been delayed multiple times. Buchman caught the attention of the community by praising Ethereum's engineering team, which has put a lot of effort into implementing the update correctly in the past years.
However, some other Ethereum competitors do not share Buchman's excitement. Tezos co-founder Arthur Breitman recently stated that the Merge upgrade is “overdone.” Breitman explained that many other blockchains have already switched to Proof of Stake, which he said will not bring anything groundbreaking to the table. Anatoly Yakovenko, founder of Solana, also stated that the upgrade will not have a significant impact. Following Ethereum's transition to Proof of Stake, the second largest blockchain will consume significantly less energy. Billionaire Mark Cuban recently said that this is the main reason why Ether is "super bullish". However, Merge won't be able to fix scaling issues right from the start.