The Merge update will not solve the main problems of Ethereum, and the cryptocurrency still cannot be compared with bitcoin. This opinion was expressed by the publication The Block Bitfinex and Tether CTO Paolo Ardoino.
According to him, bitcoin is a form of money. Ethereum in its development is stuck in an intermediate position between this status and the platform.
“ETH cannot compete with bitcoin on the monetary front because there is no fixed supply and, in fact, it is still not a world computer, […] too slow to be scalable,” says Ardoino.
Activated on the morning of September 15, The Merge switched the network of the second largest cryptocurrency by capitalization to the Proof-of-Stake consensus algorithm. The massive upgrade is designed to reduce network power consumption by more than 99% and open the way for other important upgrades.
“The merger will not fix the transaction fees issue or make the network more decentralized. The event has focused a lot of attention on Ethereum, but what’s next?” asked Ardoino.
He noted that the update does not eliminate the problems of blockchain scalability and does not affect second-layer solutions in any way.
The Merge does not change the fact that there is already an asset “that is a conductor of the main topics of the crypto industry, including true decentralization,” Bitfinex CTO is sure.
“The fact is that bitcoin is the only asset that has a solid, unchanging narrative. Ethereum is still out of step with digital gold because its narrative continues to adjust,” Ardoino said.
Recall that Glassnode analysts came to the conclusion that after The Merge, the Ethereum cryptocurrency will become deflationary and its market supply will begin to decline.
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The Merge update will not solve the main problems of Ethereum, and the cryptocurrency still cannot be compared with bitcoin. This opinion was expressed by the publication The Block Bitfinex and Tether CTO Paolo Ardoino.
According to him, bitcoin is a form of money. Ethereum in its development is stuck in an intermediate position between this status and the platform.
“ETH cannot compete with bitcoin on the monetary front because there is no fixed supply and, in fact, it is still not a world computer, […] too slow to be scalable,” says Ardoino.
Activated on the morning of September 15, The Merge switched the network of the second largest cryptocurrency by capitalization to the Proof-of-Stake consensus algorithm. The massive upgrade is designed to reduce network power consumption by more than 99% and open the way for other important upgrades.
“The merger will not fix the transaction fees issue or make the network more decentralized. The event has focused a lot of attention on Ethereum, but what’s next?” asked Ardoino.
He noted that the update does not eliminate the problems of blockchain scalability and does not affect second-layer solutions in any way.
The Merge does not change the fact that there is already an asset “that is a conductor of the main topics of the crypto industry, including true decentralization,” Bitfinex CTO is sure.
“The fact is that bitcoin is the only asset that has a solid, unchanging narrative. Ethereum is still out of step with digital gold because its narrative continues to adjust,” Ardoino said.
Recall that Glassnode analysts came to the conclusion that after The Merge, the Ethereum cryptocurrency will become deflationary and its market supply will begin to decline.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
