Ethereum (ETH) co-founder and ConsenSys CEO Joseph Lubin is predicting a smooth transition to a proof-of-stake consensus mechanism for the leading smart contract platform.
In a new interview with Bloomberg TV, Lubin says that Ethereum’s long-awaited merge won’t cause disruptions for users and developers of the second biggest blockchain by market cap.
“We think it’s going to be probably nothing. And ‘probably nothing’ is a playful phrase in our ecosystem that indicates a bit sarcastically that [the merge] will be enormously impactful but it will also be very likely nothing in the sense that there is no disruption that’s going to be experienced by end users.
There’s virtually no disruption that’s being experienced by software developers. It’ll be as smooth as if your iPhone or your laptop has upgraded its operating system automatically overnight.”
Lubin goes on to note that Ethereum’s transition to proof-of-stake marks the third-biggest milestone in the history of cryptocurrency. The only other events that the crypto pioneer sees as bigger than the merge are the creation of Bitcoin and Ethereum.
“In terms of impact, in the history of our ecosystem, there have been two major events so far. The advent of Bitcoin and the development of Ethereum, a much more programmable and expressive blockchain technology. [The merge] slots in at number three, in my opinion.”
ETH is changing hands for $1,595 at time of writing, trading mostly flat over the past seven days.
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