The CEO of the Binance exchange announced that users of the Ethereum network should not have unrealistic and illusory expectations Benefits of updating Marj Ethereum like the reduction of GasFi, however, CZ is still optimistic about the positive impact of the Ethereum Marj update in the long term. Charles Hoskinson, on the other hand, criticized the Ethereum network for not being clear about the status of staked ethers in the China Beacon.
According to Mihan Blockchain and quoted by Cryptoglobe, Changpeng Zhao (Changpeng Zhao) known as CZ, the CEO of Binance exchange, stated in his recent interview that users should not have unrealistic expectations about the benefits of the Ethereum platform update. The historical update of Marj Ethereum was successfully implemented on September 15 (24 Shahrivar).
In an interview with CNBC, CZ stated before the Ethereum merger:
Many people have very high short-term expectations from Ethereum; They think that Gas per Ethereum will drop from $10 per transaction to $0.02 overnight. Most likely, this will not happen. This is a long process.
However, the CEO of the Binance exchange stated that in addition to “strong innovation”, Ethereum has put “progress in the right direction” on its agenda. He is optimistic about the long-term positive impact of the Marj Ethereum update.
Cardano founder Charles Hoskinson’s comments, however, point to another aspect of Ethereum’s post-apocalyptic network conditions. Some time ago, a Twitter user pointed out to Ethereum stickers that there is no guarantee that the ethers staked in Beacon China will be released even with the Shanghai update (which is the first major hard fork after Maraj). In response to this tweet Hoskinson said:
Ethereum is becoming the “Hotel California” of the crypto space.
If you remember, the famous song Hotel California refers to a hotel whose guests are not allowed to leave, and despite its charms, it has become a kind of prison.
Marj Ethereum’s technical masterpiece
Ali Yaha, a partner at venture capital firm Andreessen Horowitz, called the update a “masterpiece” in a blog post on the day of Ethereum’s launch; Because this update was able to change the most important component of the Ethereum network, which is the consensus mechanism, without stopping the network from proof of work to proof of stake. This is similar to changing the engine of a moving car. In the continuation of his article, Yaha enumerated some advantages of ethereum migration to proof of stake as follows:
1. After Marj, Ethereum has become 100 times more energy efficient than before. After Marj, the energy consumption of the Ethereum network is comparable to that of Web2 data centers.
2. Proof of Stake has direct access to staked assets by all validators, funds or participants in this activity. This allows the incentive and punishment mechanisms in proof of stake to be much more precise and increase the security of the network.
3. Anyone with 32 Ether can act as a validator in the Ethereum network.
4. In proof-of-stake blockchains, transactions that are approved by the consensus mechanism are practically finalized. The transaction finalization mechanism in the Ethereum network paves the way for its future scalability through layer 2 networks and the possibility of connecting to other blockchains through bridges. Better features will also be available that will make the work of developers easier.