Home Business The Merge is Ethereum’s chance to take over Bitcoin, researcher says

The Merge is Ethereum’s chance to take over Bitcoin, researcher says

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Image by Peter Patel from Pixabay
Image by Peter Patel from Pixabay

According to Cointelegraph, a media specializing in virtual assets on the 24th, Vivek Raman, a decentralized finance (DeFi) researcher, developed Bitcoin by upgrading Ethereum’s existing proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS).

In an interview with Cointelegraph on the same day, he said, “Ethereum has an opportunity to catch up with Bitcoin from an economic point of view and also due to the effects of a supply shock.”

The merge upgrade of Ethereum, which has been promoted for a long time, is tentatively scheduled for September. In particular, through this merge upgrade, Ethereum will be able to change its monetary policy, make the network more environmentally sustainable, and reduce the total supply by nearly 90%.

Researcher Rahman said, “After this upgrade, Ethereum will have lower inflation than Bitcoin. can,” he said.

In addition, he expected that while Bitcoin would maintain its status as ‘digital gold’, Ethereum would have greater usability in the decentralized financial economy through upgrades.

Regarding the point that high transaction fees will not decrease even after the merge upgrade, which will prevent Ethereum from expanding, Raman said, “It will not be a big deal because Ethereum will mostly rely on layer 2 scaling solutions to support users’ activities.” was optimistic

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I am a contributor to Advancetec.co.uk. I am fascinated by technology overall, especially crypto and it's potential to disrupt the global financial system. But until that future comes, I am perfectly content immersing myself in gaming, movies, gadgets, and all of the other wonders of the modern world.