Cuban Bullish On Ethereum 2.0 Upgrade
As the primary owner of the professional basketball club the Dallas Mavericks, Cuban is also a “shark” on the hugely popular reality television program “Shark Tank.” Cuban is also a businessman and philanthropist (which is aired on the ABC television network).
As part of the update, which has been called “The Merge,” it is planned to be delivered later this summer, signaling a shift in the blockchain’s sustainability and infrastructure upgrades. In an interview with Fortune, Cuban described the improvement as “a significant step forward” for the future of Ethereum’s technology.
Cuban emphasized the need of switching Ethereum’s consensus process from proof-of-work (PoW) to proof-of-stake (PoS) in order to improve security (PoS). He said that the shift will make Ethereum more environmentally friendly, particularly when compared to Bitcoin and other digital currencies that are still based on proof-of-work technology.
It is estimated that proof-of-stake will cut the amount of power validators spend in order to operate the network by 99 percent, compared to traditional validators.
Cuban also said that the “Merge” update should result in enhanced scarcity for Ethereum, since fewer coins would be created over time as a result of the reduction in currency production. In addition, the billionaire anticipates that Ethereum will attract a bigger degree of institutional interest as a result of the update.
To paraphrase Cuban in Fortune, Ethereum is similar to a young internet that has enormous potential to grow its user base and application cases in the next years. When asked about Ethereum, the Shark Tank regular said that similarities to the early days of the internet “changed the game” and got him enthused about the cryptocurrency.