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- The American Billionaire Entrepreneur Mark Cuban recently appeared in an interview where he expressed his views regarding the soon expected Ethereum upgrade,
- He signified the benefit of Ethereum’s consensus mechanism’s shift from proof-of-work (PoW) to proof-of-stake (PoS).
- Some estimates say that the energy requirements will decrease by 99% with the consensus shift to Proof-of-Stake.
Shark Tank Mark Cuban, a popular supporter of Cryptocurrencies has expressed his optimistic views about the upcoming Ethereum upgrade. He highlights that he is quite bullish on that which will transition the Ethereum network towards greater energy efficiency.
An Important Step For The Ethereum Network
The American Billionaire Entrepreneur, a TV personality and the CEO of Dallas Mavericks has been quite inclined towards the asset class. Cuban recently appeared in an interview with Fortune, where he called the ETH to upgrade an important step for the network’s future.
The Ethereum upgrade addressed as The Merge is anticipated to be released by the end of this summer, and it’s going to bring a transition for the blockchain towards enhanced sustainability and overall infrastructural improvements.
The Shark Tank further signified the benefit of Ethereum’s consensus mechanism’s shift from proof-of-work (PoW) to proof-of-stake (PoS). And that the transition would make the Ethereum network more environmentally friendly, especially when compared to Bitcoin and other virtual assets which are still working on proof-of-work.
Cuban highlights that The Merge update should also result in higher scarcity for Ethereum, as fewer coins will be minted with time.
This soon expected transition will reduce the amount of electricity that validators consume to maintain the network, there are even some estimates that say the energy requirements will drop by 99% with the consensus shift.
He also expects Ethereum to receive a high amount of interest from institutional investors after the upgrade.
Apart from Ethereum, Cuban has also earlier often highlighted his thoughts about the popular meme currency Dogecoin, and his statements have always reflected his support of the crypto asset. He in fact is also optimistic about the related concepts like Metaverse, Non-Fungible Tokens (NFTs), etc.
And there has been quite an optimistic approach to this Ethereum upgrade among crypto enthusiasts. It is to look forward to when exactly this Ethereum upgrade takes place and how it will perform.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
