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Polygon Founder Sandeep Nailwal clears Misunderstanding around Ethereum Merge & ETH 2.0

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UNFOLD 2022 is India’s first Premier Web3 event to bring all the Web3 frontier leads together. Unfold 2022 is the first of its kind immersive, high-energy, and innovative Web3 tech event organized for all Web3, blockchain, and crypto enthusiasts across the nation. This event shall see industry leaders, influencers, entrepreneurs, and ecosystem builders across India come together to talk, build and demonstrate the future of the internet.

A special panel including Sandeep Nailwal,co-founder, Polygon, Illia Polosukhin, co-founder, Near and Uri Kolodny, CEO, Starkare spoke about the future of Web3 and what is expected from the upcoming Ethereum Merge that is scheduled to go live in September, 2022.

An overview of Ethereum Merge: It is a transition of Ethereum’s original Proof of Work consensus mechanism to Beacon chain – a Proof of Stake network. The Merge is slated to go live in mid September, 2022.    

Ethereum Merge has been cited as one of the most crucial developments in the blockchain industry. While it is a change in the consensus mechanism, will it impact the industry on a wider scale? What does the Merge mean? What does it mean for crypto? What does it mean for adoption? Is it significant?  

Illia Polosukhin, Co-founder, Near Protocol believes that there are two sides to the Merge. A philosophical side of switching to a carbon negative mechanism which will potentially bring Ethereum to the same ground as other blockchains, the other side of the Merge is that it is believed to bring scalability which is not true. The Merge will bring economic benefits to the participants who will stake their assets. He also added that these blockchains keep evolving and are not static. The key change will be the execution change and how it will bring value to the users. 

Sandeep Nailwal, Co-founder, Polygon,  commented on the upcoming Ethereum Merge that there is some misunderstanding around ETH Merge.

He said that the Merge is not ETH2.0.

He agreed with Illia’s point that the Merge will not specifically make Ethereum scalable. He said it is simply a move from Proof of Work to Proof of Stake. This won’t add any scalability to the base layer. The Merge will not affect the applications on the blockchain and users as the Merge is being tested well. 

He also added that the web3 ecosystem will truly expand when the web2 giants come together and develop products on blockchain. Such a movement will bring the masses to adopt web3. He emphasized that with ETH 2.0 moving to Proof of Stake mechanism will change the network to a green blockchain making it desirable for adoption. From an asset value perspective, the Merge will bring deflationary supply to ETH and become a yield bearing asset as users will be able to stake and earn. 

In addition,  Ethereum has always been a basic use and has been the world computer. It is not built by perception but has an intrinsic value. For the Ethereum community the Merge will be a huge milestone to get their faith reinstated in the project along with other developments that will happen in the future. 

CoinDCX unveils the launch of OKTO – Power of DeFi in your Pocket!

Neeraj Khandelwal, Co-founder of CoinDCX raised the curtain to launch OKTO a keyless self custody wallet which will allow users with an internet connection to participate in the decentralized economy. Neeraj shared his vision for web3 and how the team of CoinDCX will bridge the challenges that developers and customers face in the DeFi and web3 space.

Read more on Okto DeFi App

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