Tuesday 16 August 2022
Home / Australia / Lido co-founder discusses the future of Ethereum at EthCC

Lido co-founder discusses the future of Ethereum at EthCC

Crypto enthusiasts are finally getting some respite from the ongoing bear market as the price of Ethereum (ETH) has increased 48% before the looming Merge upgrade that transitions the blockchain into one powered by a proof-of-stake consensus. As a result, the future of Ethereum has become one of the highly discussed topics during the annual Ethereum Community Conference, or EthCC in Paris. On Wednesday, Cointelegraph’s events manager Maria A. spoke to Vasily Shapovalov, co-founder of Ethereum liquid-staking solution Lido Finance.

As a co-founder of Lido, Shapovalov has a heavy focus on technical developments, including maki the algorithm and designing the protocol for withdrawals after the Merge. Secondary priorities include updating governance protocols and improving algorithms for the selection of validators.

When asked about his view on Ethereum’s position in the crypto ecosystem in the next two years, Shapovalov said that the trend is that of growing consolidation and that the new upgrade, which speeds up on-chain transactions, would make certain layer-2 solutions redundant. For Shapovalov, it’s a mix between anxiety and excitement:

“The Merge upgrade is like changing the engine on a plane mid-flight. We are overhauling everything from the consensus algorithm to the execution environment. We know some implications of this change on elements like blockchain security, but it’s not guaranteed.

Nevertheless, the Lido co-founder expressed his optimism on the upgrade: “A proof-of-stake economy the size of Ethereum now, with a new level of competitiveness, financialization and new investment potential. It’s gonna be very scary indeed, but let’s see what happens.

About Sean Patterson

Check Also

How High Can Ethereum Go Before The Merge

The Ethereum “Merge” has become a hot topic among top crypto analysts after the incident that led to the collapse of the Ethereum network in the sale of Otherside by Yuga labs, with nearly $200M lost as gas fees. Related Reading: Proof of Work Vs Proof of Stake – Laneaxis The Ethereum merge, also known as Ethereum 2.0, is the upgrade of the existing execution of the Ethereum layer 1 from proof-of-work (PoW) to proof-of-state (PoS), Beacon chain. 5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now! POW was first used by the early pioneers of the blockchain Bitcoin and Ethereum. It aims to achieve decentralization and security by using miners to decode cryptographic algorithms or puzzle-like maths. As the demand increases for transactions, it becomes slow, gas fees increases, and resources intensify. Proof-of-Stake (POS) is similar to POW, just that users authenticate transactions on the blockchain employing stake and get re..

Leave a Reply

Your email address will not be published. Required fields are marked *