Ethereum 2.0 is a sign of the network's commitment to innovation, crypto advocate claims
The Ethereum 2.0 upgrade which is expected to happen later this year will see the network move from the proof-of-work consensus mechanism into a more efficient proof-of-stake system. Since this announcement was made, a ton of crypto experts have had differing opinions on how it will impact not only Ethereum but the crypto market in general.
The latest of these experts is Shaune Clarke, a renowned digital currency expert. In a recent interview with BTC Peers, Clarke praised the eminent update and stated unequivocally that it is proof of Ethereum’s commitment to innovation. Citing security, sustainability, and scalability as cruces, the passionate crypto advocate as he's fondly called himself claims this will make Ethereum a more inclusive platform and not just a store of value with outdated features like Bitcoin.
Taking a dig at Bitcoin and its congested network, Clarke says he expects most miners on Ethereum to segue to the Ethereum Classic network. The proof-of-stake mechanism as the name implies requires miners to stake ETH if they are to act as validators on the network, the sole reason Smart Billions’ CTO Jason Mitchell described it as one not suitable for capital-efficient validators
Asserting the fact that validators or miners will need to stake at least 32 ETH ($76,510 at the time of publication) and the steep price of the coin, Shaune Clarke told BTC Peers that he's a tad bit iffy about the whole update. Further citing hacks and low transaction processing speed as sticking points, the crypto connoisseur said once this update phase is completed, crypto newbies seeking to venture into the trillion-dollar market may have to settle for other altcoins that are way less complicated