{"id":64860,"date":"2022-09-20T09:50:38","date_gmt":"2022-09-20T02:50:38","guid":{"rendered":"https:\/\/wikibinance.com\/?p=64860"},"modified":"2022-12-13T09:02:01","modified_gmt":"2022-12-13T02:02:01","slug":"cz-ethereum-the-merge","status":"publish","type":"post","link":"https:\/\/wikibinance.com\/en\/news\/cz-ethereum-the-merge.html","title":{"rendered":"Binance CEO on the Problems With Ethereum That the Merge Does Not Fix"},"content":{"rendered":"

CZ on the problems with Ethereum <\/strong><\/h2>\n

In a recent interview, Changpeng Zhao (\u201cCZ\u201d)<\/a>, the Co-Founder and CEO of Binance<\/a>, said that users of the Ethereum network should not have unrealistic expectations regarding the benefits of the Merge upgrade, which was completed on September 15.<\/p>\n

In an\u00a0interview\u00a0with CNBC just before the Merge, which marked the Ethereum network\u2019s move from proof-of-work (PoW) to proof-of-stake (PoS) consensus, CZ said:<\/p>\n

\u201cMany people have very high short-term expectations for the merge, they think Ethereum gas fees will drop from $10 per transaction to $0.02 overnight. That\u2019s most likely not going to happen. It\u2019s a long process.<\/em>\u201c<\/p><\/blockquote>\n

However, CZ said that Ethereum was generating \u201cprogress in the right direction\u201d in addition to \u201cstrong innovation.\u201d He was overall positive on the impact of the upgrade in the long term.<\/p>\n

>>> Related: <\/em>[Kichback rate 20%] Binance sign up for beginners update 2022<\/a><\/em><\/p>\n

\"CZ
CZ on the problems with Ethereum<\/figcaption><\/figure>\n

The Merge – “an insane feat”<\/strong><\/h2>\n

In a\u00a0blog post\u00a0published on Merge Day, Ali Yaha, a General Partner at Silicon Valley based venture capital firm\u00a0Andreessen Horowitz\u00a0(\u201ca16z\u201d), called the Merge<\/a> \u201can insane feat\u201d since this upgrade \u201cinvolved hot-swapping the most important component of Ethereum\u2019s architecture \u2013 its consensus mechanism \u2013 *while it was running*.\u201d Yaha noted that \u201call this occurred while maintaining perfect uptime for millions of users, thousands of decentralized applications (dapps), and hundreds of billions of dollars secured.\u201d<\/p>\n

Yaha then said that were some of the main advantages of Ethereum\u2019s move to PoS consensus<\/a>:<\/p>\n