'Ethereum Merge' Truly An Engineering Feat: Ashish Singhal

CoinSwitch Kuber’s CEO Ashish Singhal has called Ethereum Merge a true ‘engineering feat’. He said completion of the ‘Merge’ was apt for Engineer’s Day.

As the cryptocurrency industry welcomes the completion of Ethereum Merge, CoinSwitch’s Singhal has termed it an engineering feat apt for Engineer’s Day which is being celebrated in India today.

In a statement, Singhal said, “Ethereum’s transition to a greener and energy-efficient blockchain will, in the long-term, be greatly beneficial for the adoption of the technology among enterprises and institutions”.

The event of Ethereum Merge was initiated to stop offering proof-of-work (PoW) services after the Ethereum network switches to proof-of-stake (PoS). This would take away the requirement of mining which resulted in huge amounts of energy consumption. 

After the ‘Merge’, the Ethereum (ETH) will switch to a new operating model that uses 99.9 per cent less energy, a pathbreaking feat in the world of crypto that heavily relies of mining.

“Institutions are striving for carbon-neutrality in line with our climate goals, and many of them may have stayed away from adopting Web3 due to such concerns. But with a Proof of Stake Ethereum is now live, and such concerns have been addressed. This is, of course, in addition to other energy-efficient blockchains that have been functioning successfully—Solana, Tezos, Avalanche, Algorand to name a few”, Singhal added.

Speaking on the price and daily trading volume of ETH, Singhal said impacts of the Merge could affect it. He has advised the CoinSwitch users to monitor the market and do research before trading.

Meanwhile, the leadup to the Merge event has seen the prices of ETH and ETH-related prices fall. This has even prompted some crypto exchanges to disable Ethereum deposits and withdrawals. 

“Considering the situation, many exchanges including Unocoin have disabled Ethereum and Ethereum based coins and tokens deposits and Withdrawals. As an advice to the investors, Ethereum and Ethereum based coins and tokens might be highly volatile after this merger and any uncalculated risk might prove to be fatal”, said Sathvik Vishwanath, co-founder and CEO of Unocoin.

ETH is currently trading at USD 1,590.92, down from a peak of USD 1,649.50 earlier today.