In the lead up to the Ethereum upgrade, media outlets express thoughts on the Merge
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The Merge is an upcoming change to Ethereum (ETH) that would transform it from an electricity intensive proof-of-work (PoW) system to a much more efficient proof-of-stake (PoS) system. It seems that the mainstream media has picked up on the buzz surrounding the Merge and are speculating that it might cause the entire market to get thrown into chaos.
The Ethereum network is responsible for most of the $150 billion stablecoin market cap and Ethereum-based decentralised applications (DApps) is about $33 billion in total value.
The sentiments from mainstream media seem to be largely negative. Swan Bitcoin CEO, Cory Klippsten, commented that the upgrade is akin to “trying to fix an airplane in mid flight.” Most outlets also are bringing to light the many risks involved with the upcoming upgrade, saying that it could “prove disastrous” for the Ethereum network and the DApps that exist on the Ethereum blockchain.
“Crypto traders have been holding their breath” ahead of the Merge, British newspaper the Evening Standard said, stating that the entire crypto sphere could be “at risk” due to the no-downtime upgrade.
Anna Becker, CEO and co-founder of EndoTech, believes that if something goes wrong in the Merge, it would mean the downfall of the entire industry. She said, “Ethereum is the infrastructure for many companies to manage their blockchains, so if something goes wrong we have the halt of the industry […] it will be quite troublesome for the industry to survive this period.”