Coin Bureau is keeping an eye on the price of Ethereum (ETH) as the Merge update will be completed in a few days.
In a new video, pseudonymous analyst Guy tells his 2.1 million YouTube subscribers that interest in Ethereum 2.0 is allaying concerns about the forked versions of the blockchain.
As the Merge upgrade changes Ethereum from proof-of-work (PoW) to proof-of-stake (PoS), some miners consider keeping PoW versions of the network to avoid large financial losses.
“The threat posed by proof-of-work forks appears to have been neutralized by overwhelming institutional support for the proof-of-stake chain.”
He says institutional support is a double-edged sword because the sanction on the Tornado Cash cryptocurrency mixer is an emerging problem as well.
“It is still not entirely clear how the community will deal with the risk of censorship at the protocol level, but one thing is certain: no validator will risk 30 years in prison, no matter how strong the need for an unauthorized registry.
Could Ethereum developers implement social slashing or is Tornado Cash transaction censorship a choice that should be left to validators? Is it something that we will have to place on the altar as a sacrifice for that holy institutional adoption? “
The analyst says the price of ETH could rise as the merger approaches. According to the Ethereum Foundation, the long-awaited transition of the main smart contract platform will take place between 10 and 20 September.
“Another thing I’ll keep an eye on is the ETH price. That triple halving is no joke and if the price reflects the burn positively, then we could see serious upside potential as we approach the merger date.
Higher prices drive more users, which drives more developers, which drives more DApps [decentralized applications], which generates more burns, which results in a higher price. It is a celestial cycle that perhaps George Soros himself is also keeping an eye on. “
At the time of writing, the largest altcoin by market cap is changing hands at $ 1,538.
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