Crypto Supporter states Ethereum 2.0 Demonstrates The Network's Commitment To Creativity
By Jamie G- Cryptocurrency Specialist - 16-04-2021
The Ethereum (ETH) 2.0 update, which is due later this year, would transition the network from a proof-of-work consensus process to a more robust proof-of-stake scheme. Since this announcement, a slew of crypto experts has weighed in on how it will affect not only Ethereum, but the entire crypto trading market.
Shaune Clarke, a well-known digital currency specialist, is the most recent of these experts. Clarke lauded the impending update in a recent interview with BTC Peers, stating unequivocally that it demonstrates Ethereum's commitment to innovation.
Citing stability, sustainability, and scalability as cruces, the self-described "passionate crypto advocate" claims that this will make Ethereum a more inclusive platform rather than just a store of value with obsolete features like Bitcoin (BTC).
In a dig at Bitcoin and its overcrowded network, Clarke predicts that most Ethereum miners will migrate to the Ethereum Classic network. As the name implies, the proof-of-stake mechanism requires miners to stake ETH in order to serve as validators on the network, which is why Smart Billions' CTO Jason Mitchell identified it as unsuitable for capital-efficient validators.
Declaring that validators or miners would need to stake at least 32 ETH ($76,510 at the time of publication) and the coin's high price, Shaune Clarke told BTC Peers that he's a little unsure about the whole change. Even farther citing hacks and slow transaction processing speed as issues, the crypto expert stated that once this upgrade phase is completed, crypto newcomers looking to enter the trillion-dollar market which have to settle for less complex altcoins.
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