Cardano Founders: Ethereum Won’t Consolidate Until 2023

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2022-06-13 22:42:41

The Ethereum Unified Upgrade is currently the most anticipated event in the Crypto industry right now. The project implementation plan has been going on for the past 2 years with many delays.

According to the project team’s statement, they guarantee that the Ethereum Merge will take place in this year – 2022. However, Cardano founder Charles Hoskinson has expressed his opinion that the timeline. This is impossible.

Ethereum Consolidation will be complete in 2023

Live interview with Simon Bogdanowicz, The famous Ethereum co-founder and Cardano founder shared his thoughts on the upcoming Ethereum upgrade.

ETH 2.0 is being known that it plans to move completely to the mechanism Proof – of – Stake (PoS: proof of work) around August 2022. Many investors had hoped this would become the necessary impetus for the digital asset sector. However, Cardano founder Hoskinson does not think the process will be completed this year.

Hoskinson argues that 2023 is the earliest time to complete Ethereum consolidation. Users should even look to 2024. Expecting too much can lead investors to negative sentiment.

The Cardano founder shared that he has thoroughly researched the leading smart contract networks. He said that while ETH 2.0 is not coming soon, ETH 1.5 is already available, typically the Polkadot network.

Hoskinson believes that the earliest time to complete Ethereum consolidation is 2023.

Feedback from Ethereum 2.0 team

Source from official website of Ethereum, the transition to ETH 2.0 will take place this year. Ethereum Merge means that the main network is Ethereum merging with the currently active Beacon Chain. The purpose of this plan is to get rid of the old PoW mechanism network, when it consumes too much power. Instead, PoS is the solution that reduces Ethereum’s energy consumption by more than 95%. However, this is a “risky” bet on the entire blockchain.

The implementation team has assured people of the right direction of Ethereum, but a large part is still skeptical about the possibility of ETH 2.0 appearing. This was due to numerous delays in the previous 2 years.

If Hoskinson’s prediction is correct, those holding ETH that have their ETH locked on the blockchain may have to wait longer for those funds to be unlocked. In case the consolidation doesn’t happen until 2024, which is two years from now, ETH users will get their money back.

However, what the Cardano founder said is just his perspective. The Ethereum platform thinks that the consolidation will happen around 2022, and shard chains are expected to launch on the network around 2023.

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