Blockchain Industry appreciated THE MERGE, taken as a green initiative in the Crypto Market

Blockchain Industry welcomes THE MERGE, as a greener approach to the Crypto Market involving lesser power consumption in the mining process by replacing to be validated instead of Mining.

THE MERGE

A Merge is a great approach to the upcoming crypto trends, by switching Proof-of-work to Proof-of-stake technology resulting in lesser energy consumption & more secured and transparent transaction modules.

Difference between Proof-of-work (POW) & Proof-of-stake (POS)

• Proof of work process requires a long chain of miners in order to recognise the valid Ethereum chains while Proof-of-stake has been adopted to have a lesser number of people working as validators to examine the chain of Command
• POW has high energy consumption expected to as same of Czech Republic as per mentioned data from Digiconomist, while POS doesn’t require to consume energy at this pace because of a selective number of validators allotted on the basis of structured algorithm and not competition.
• Final outcome is much clearer in POS, as mentioned by 2-3 validators. Also, the Validator should bet their whole stake, and if they try to collude all of them would lose their complete stake. This feature of POS makes it much more reliable & transparent.

Views of some Economists

Ashish Singhal, Co-founder, and CEO, CoinSwitch, mentioned that Ethereum Merger’s success is a historic moment in the world of crypto.

“The energy consumption on blockchains has been a significant concern worldwide since the emergence of Defi (Decentralised Finance) solutions and their greater adoption. Some countries even considered knee-jerk reactions to outlaw the mechanism behind the technology in the interest of sustainability,” he concluded in the statement.

“The developers did it without disrupting the network, the thousands of apps and protocols based on it, or the users who have invested in its native coin. This is truly an engineering feat,” explained Ashish Singhal.

As per a statement from Avinash Shekhar, CEO of ZebPay, the ‘Merge’ is a landmark event in the crypto space with tremendous potential.

“With the Blockchain soon shifting to a POS system we could see increased adoption of the Ethereum blockchain by innovators. We could see more De-fi, NFT, and Web 3.0 applications running on the Ethereum blockchain because of this upgrade’’ he added further.