ConsenSys CEO believes The Merge is the 3rd-biggest event in the crypto industry 

Joseph Lubin, CEO of renowned blockchain software technology company ConsenSys, has shared his opinions on the long-awaited Ethereum’s The Merge, mentioning that the shift is the third-most important event in the cryptocurrency industry. 

There have been two significant occurrences that have had a significant impact on crypto ecosystem thus far. The first event was the invention of Bitcoin in 2009, and the second was the invention of Ethereum in 2015, Lubin said in a recent interview with Bloomberg TV.

According to Lubin, Ethereum is a blockchain platform that is significantly more programmable and expressive. 

Although a number of experts believes the Merge will be “probably nothing,” according to Lubin, the event will have an “enormous” impact on the entire industry.

He added that as the process is akin to a routine software upgrade, neither users nor developers would experience any issues as a result of the event. ConsenSys CEO states:

“…But it’ll also be very likely nothing in the sense that there is no disruption that’s going to be experienced by end users. There’s virtually no disruption that’s being experienced by software developers. It’ll be as smooth as if your iPhone or your laptop has upgraded its operating system automatically overnight.”

The Merge: is it here?

Notably, the Ethereum network will switch from its current Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS), which is 99% more energy efficient, during the highly anticipated Ethereum The Merge.

The upgrade, which has been developing for a while, has generated a tonne of buzz both inside and outside the cryptocurrency sector. It’s interesting to note that the Google search engine now shows a native countdown clock along with the hash rate, difficulty, and Merge difficulty at the moment.

While this is going on, some supporters of Ethereum think that the deflationary characteristics of ETH after the Merge will make it a more reliable store of value than Bitcoin. Ethereum was never intended to behave like money, according to BitMEX co-founder Arthur Hayes, but rather as a decentralized computer network that anyone can utilize.