The long-awaited Ethereum Merge upgrade has occurred, and the network has switched from the Proof of Work (PoW) algorithm to the Proof of Stake (PoS). According to estimates, global energy consumption fell by 0.2% after this transition.
Binance CEO Changpeng Zhao (CZ), the boss of the world's largest crypto exchange Binance, gave a new interview on Youtube the other day. Crypto Banter expressed his opinions about Ethereum (ETH) on Crypto Banter, one of the largest crypto channels with 581 thousand followers. Binance CEO Changpeng Zhao said the move to proof-of-stake (PoS) with the Ethereum Merge update is valuable, but he thinks there could be more to Ethereum (ETH) than that. According to Crypto Banter, the most important development for Ethereum (ETH) will be on scalability and transaction fees:
"The Merge update is valuable, but it is not a very clear transformation. There are other blockchains that work with the PoS system. Or there are chains that are staking, claiming to be deflationary. But if Etherum finds a clear solution to the scalability and transaction fee problem, that will be the real revolution."
The boss of the crypto exchange also talked about Bitcoin and the PoW (proof of work) mechanism used by many blockchains. Crypto Banter thinks there are too many false narratives in the proof-of-work (PoW) mechanism.
“I think the proof-of-work system is not bad. The energy used by Bitcoin is somewhat overstated by the media.”
Binance CEO Changpeng Zhao claimed that he was the target because the entire energy consumed by the BTC network was clearly known. However, no one knows the energy consumed by the general banking sector, the giant buildings in the cities. Crypto Banter believes that Bitcoin consumes less energy than many industries.