Ethereum merge is not a price pump call but a “goal to celebrate milestones together.”
Superhiz.eth, the beacon manager of the Ethereum community, has warned users that the Ethereum merge is not a price call for a bullish sentiment that would bolster the value of the cryptocurrency, Ether. According to him, Ethereum’s migration to Proof-of-Stake (PoS) chain should be a celebration of technology and not be attributed to market events.
The latest development came a few hours after Ethereum, the second largest digital currency by market capitalization, ran the final dress rehearsal for the long-awaited upgrade. The Ethereum’s data analyst and community manager took to Twitter to address the masses after seeing the price of ETH rise to a two-month high early Thursday, outperforming other virtual currencies, including Bitcoin (BTC), the king of cryptocurrencies.
“If you’re watching Ethereum merge calls and hoping for the bullish sentiment that will pump the price, I just don’t think you’re going to get that. Our goal is to celebrate milestones together and witness history, but not really to interpret those events in terms of the market,” se spune pe tweet.
If you’re watching Ethereum merge calls and hoping for bullish sentiment that will pump the price, I just don’t think you’re going to get that. Our goal is to celebrate milestones together and witness history, but not really to interpret those events in terms of the market.
— superphiz.eth ??? (@superphiz) August 11, 2022
Why The Upgrade
Since its creation in 2015, the Ethereum blockchain has used a consensus mechanism algorithm known as the Proof-of-Work (PoW) to facilitate transactions while creating new blocks.
Like Bitcoin, Ethereum’s PoW system makes use of powerful technologies to solve high computational puzzles that require the use of abundant electricity to function.
The developers of the protocol have been working on migrating the network to a less energy-intensive consensus mechanism called Proof-of-Stake (PoS).
Unlike the PoW, the PoS requires validators to help secure and process transactions on the blockchain. This new method requires the community members holding Ether to stake a portion of their coins on the network to mint new tokens and verify transaction requests.
Ethereum Merge Launch Date
In May, Ethereum co-founder Vitalix Buterin disclosed at the Ethereum Shanghai Summit that the merger would likely be finalized this summer.
Buterin noted that if the developers do not encounter any hurdles, the transition could be concluded either in August, September, or October 2022.
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Source: https://thecryptobasic.com/2022/08/11/ethereum-pos-upgrade-is-a-celebration-of-technology-not-a-price-call-says-eth-community-manager/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-pos-upgrade-is-a-celebration-of-technology-not-a-price-call-says-eth-community-manager