Bank Of America Expects Ethereum To Grow After The Merge
✍️ 13 September, 2022 - 16:39 👤 Editor: Jakub Motyka
- The cryptocurrency ecosystem awaits the Ethereum Merge with great anticipation.
- Bank of America speaks about what will happen with Ethereum after the update.
- What will the change of consensus method from PoW to PoS bring for the future of Ethereum (ETH)?
The world of cryptocurrencies is already counting down before the Merge (The Merge) of Ethereum, and Bank of America (BOFA) has given its opinion on what will happen. Let us remember that the new update proposes a change in the consensus method from PoW to PoS, and with this, a series of changes for the blockchain and the market in general.
Bank of America, the second largest bank holding company in the United States, points out that the change within Ethereum's consensus algorithm could mean a lot for the network. This, mainly because it will increase the institutional adoption of Ethereum (ETH) for two simple reasons.
Bank Of America Is Confident About The Growth Of Ethereum After The Merge?
According to Bank of America, the institutional crypto adoption of Ethereum after the Merge will be due to two simple factors. First, the decrease in energy consumption of the network will allow many countries to incorporate cryptocurrencies into their economy without problems. For many years, this was the main obstacle for organizations that sought to maintain an environmentally friendly policy.
Secondly, the increased security of the Ethereum blockchain through the use of the validator system. Through the Proof of Stake consensus, the users who operate the validator nodes will be responsible for monitoring the proper functioning of the network, blocking their own tokens. These changes have made many governments, such as Norway, consider launching their own CDBC based on the Ethereum network.
How Are The Last Details Going Before The Merge?
This September 10, the last shadow fork began before the Ethereum Fusion. During this process, the information on the current state of the mainnet will be copied and then added to the new consensus layer. In this way, this update can be taken as a test prior to the Fusion.
It is expected that in the next few days the Merge will take place, where the consensus layer will finally be merged with the Ethereum main network, and with it, the migration to the PoS system will be completed.
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