Changpeng Zhao, CEO of crypto exchange Binance, says that while Ethereum (ETH)’s rénovation to a Proof of Stake (PoS) unanimité mechanism is progress in the right faveur, it is not “moving on the ground.”
chow Says In a new pour-parlers with Crypto Banter, the revolutionary formule that Ethereum can make is to lower convention costs and boost scalability through hashing.
“I think it’s from [Ethereum transitioning to PoS] very visible. But I don’t think it’s a fundamental formule. There are other blockchains that are already PoS. There are other enrichissant, deflationary blockchains…
I think this is all visible, but it’s not the same as moving the earth. But it is certainly progressing in the right faveur.
I think what will affect the région is when the fees go down, when the hashing starts and when they can en public with the hash. This is a difficult problem to solve.”
Sharing is the process of splitting the Ethereum fondation into smaller pieces called shards in an difficulté to distribute the load and increase the scalability of the blockchain.
The CEO of Binance is also commenting on the Proof of Work (PoW) unanimité mechanisms that Bitcoin (BTC) is currently using. According to Zhao, there is a lot of “misinformation and misconceptions” surrounding Proof of Work forms.
“I think the proof-of-work is good. I think this entire bitcoin is not energy fort, it uses a lot of energy… It’s just misinformation and complete misconceptions.
This is only bicause we can measure how much energy Bitcoin uses. But if you try to measure the amounts of energy banks, and downtown buildings, are using to manage trillion-dollar assets, there is no other more fort way.
Banks spend more energy on electricity alone. And then they should have all these buildings, all these trucks transporting gold or security guards. And they hire all these people. The expenses they use to manage those assets are much higher than the cost of bitcoins.”
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