Ethereum network is at ‘pivotal moment’, says BTC Markets CEO
- Ethereum anticipates to complete the switch to proof-of-stake (PoS) in September.
- BTC Markets CEO Caroline Bowler says the transition is "audacious" and pivotal to the blockchain economy.
- If Ethereum pulls off the transition successfully, there's likely a long-term bullish impact for ETH price.
Caroline Bowler, the chief executive officer of Australian-based digital asset exchange BTC Markets, says Ethereum (ETH/USD) is peering at what could be the most pivotal moment in crypto and for the blockchain network.
Bowler commented on the imminent “Merge” upgrade while speaking to “Bloomberg Daybreak: Asia” on Friday.
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“So this is a really pivotal moment for the Ethereum network. As we know this is the second largest cryptocurrency by market cap and is also known as the utility platform. This is the layer upon which the blockchain economy is going to be built. The importance of this … to use an analogy to regular life, would be as if you’re trying to change the engine of a plane mid-flight.”
The BTC Markets CEO noted that while the Ethereum network is “pivoting away from the proof of work consensus mechanism”, the merge is not just about flipping to a totally different type of consensus model. It’s also about laying the foundation for a complete overhaul of the ecosystem, especially in the quest for higher scalability, and cutting the environmental impact of PoW mining.
A flag bearer of the blockchain economy
Ethereum co-founder Vitalik Buterin noted that even with the merge, the network’s development would only be around 55% complete. So, vulnerabilities and such other unforeseen circumstances could expose the network. Read more here.
But despite there being potential potholes, Bowler says the switch remains audacious and that the risks involved even in an untested environment, are worth taking.
“They pull off this successfully, it is going to become the flag bearer for the block chain economy,” she added.
Post-merge developments will enhance Ethereum’s robustness and see more and more business tap into and build on the PoS network. And with the growth cycle, the expectation is that the price of ETH will begin to rise.
Bowler’s comments come after Ethereum’s latest testnet Goerli, the third and final testnet before the highly anticipated Merge. The activation of Goerli added to previous testnet Ropsten and Sepolia – all successful and bringing Ethereum on the verge of the Merge going live. That event is expected in September.