The chief executive of crypto exchange platform BitMEX says he’s concerned that Ethereum’s (ETH) upcoming transition to a proof-of-stake (PoS) consensus mechanism may not happen.
In a recent interview on the Bankless podcast, CEO Arthur Hayes says that he and many others don’t believe the merge will actually take place.
“I don’t think people believe the merge is going to happen still. I can’t sit here and tell you that I think for 100% that they’re going to switch to proof-of-stake… I’m not in the trenches like the developers have been since 2014…
If you’ve been around long enough, you’ve heard the talk about proof-of-stake for five, six, seven years… has it happened yet? No.
According to Hayes, the best way to prove Ethereum’s upgrade will take place is demonstrating how proof-of-stake works and that current decentralized applications (DApps) are compatible with it.
Hayes says that as of now, nothing has been shown to him that indicates the merge will happen.
“Your default response is ‘okay, show me. Show me proof-of-stake, show me how it all works, show me that all the different applications function just as they did before, show me that there’s not going to be some bug that you didn’t think of, an edge case that’s going to blow up in your face and you’re going to require a hard fork to go right back into proof-of-work (PoW).
Show me. There’s nothing that’s going to prove to me that [the transition] is going to happen until it actually happens, and I think a lot of people are of that opinion.”
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