Crypto

The authorities like the merger… but not the crypto industry – BeinCrypto

The merger was successfully implemented, but not everyone likes the update, especially in the cryptosphere.

After the merger, the cryptocurrency restores its image

The long-awaited merger with Ethereum for several months has been identified as one of the most important crypto events of recent years. However, a day after its implementation, the reactions are far from unanimous. However, the merger will improve the reputation of the cryptocurrency. Driven by the enthusiasm of the community, Vitalik Buterin’s project made headlines.

The green side of the merger, which is expected to reduce Ethereum’s power consumption by 99.95%, allowed more mainstream media to spread the news. Although the cryptocurrency has often been criticized for its energy intensity, Ethereum has been able to respond to public concerns. Enough to earn MEP Mairead McGuinness compliments.

At a time when we are constantly talking about energy, reduced consumption and concerns about the blockchain, this is positive. Anything that reduces consumption in this area is welcome, and the amount of potential cost is quite large and necessary.

Excerpt from Mairead McGuinness’ speech to Politico media

According to Politico, the merger would also be welcome in the United States, where the government would try to reduce the environmental impact of all activities. Thus, the update may allow one less criticism from institutions to be contained.

There is less enthusiasm in the crypto sector

If the authorities around the world congratulate Ethereum, then the reaction from the crypto sector is more ambiguous. While much of the cryptocurrency was curious and even impatient about the merger, some doubts soon emerged. While Ethereum’s exposure to censorship since the move to Proof-of-Stake has already unsettled the cryptosphere, now its centralization could give goosebumps.

Indeed, some members of the community believe that the latter would be contrary to the very principle of cryptocurrencies.

Source: Peter McCormack.

From other crypto projects, the focus on proof of stake is annoying. The LUNC community, for example, claims that many projects, including himself, adopted this method long before Ethereum. However, this process would go unnoticed until The Merge updates it.

Source: LUNC DAO Twitter account.

Finally, the drop in the price of ETH completes the outrage of the crypto sector. As experts and other holders hoped to see the coin rise in value, rumors of a publicity stunt continue to spread. Thus, Vitalik Buterin’s project can convince many if he wants to restore unanimity in the industry.

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