What does the CEO of Nvidia have to say about ETH’s switch to 2.0?

At the Computex IT Conference Nvidia CEO Jensen Huang spoke to a news organisation.

What Exactly Is Ethereum?

Ethereum is a blockchain-based open-source platform for developing and sharing commercial, financial, and entertainment services. It has its own cryptocurrency, Ether (ETH), as well as its own computer programming language, Solidity.

Ethereum, as a blockchain network, is a decentralized public ledger used for transaction verification and recording. Users of the network may build, promote, monetize, and utilize apps on the platform, as well as utilize the Ether cryptocurrency as payment. Insiders refer to the network’s decentralized applications as “dapps.”

As of May 2021, Ethereum is the second most valuable cryptocurrency in the world, behind Bitcoin. Over the last year, it has piqued the curiosity of not just retail traders but also institutions. The much-anticipated update Ethereum 2.0 has been a significant motivator for its recent meteoric climb to popularity, with the ETH/BTC ratio nearly tripling in the previous six months.

Ethereum 2.0 has the potential to significantly improve the efficiency of its resource use. Eth2 refers to a collection of linked improvements that will make Ethereum more scalable, safe, and long-lasting. Multiple teams within the Ethereum ecosystem are working on these enhancements. This enables the whole blockchain to employ parallel processing, potentially significantly increasing the capacity by many orders of magnitude. Because of this new approach, as well as the transition to proof-of-stake, the new Ethereum blockchain should be quicker and more efficient than its predecessor.

In a system known as eWASM, Ethereum 2.0 will begin to employ web assembly language. This would allow the Ethereum app code to be executed directly in modern web browsers, which would be a significant advance above the EVM. It will also allow programmers to develop code for the blockchain in a variety of languages such as Rust, C, and C++. In one smooth leap, eWASM will boost the number of prospective coders for the ecosystem by removing the requirement for users to learn a native Ethereum-only language.

Ethereum, like other altcoins, saw a significant price drop. It was trading at $2,334 at the time of publication, with only a 1% increase in the last 24 hours. According to a recent tweet from the On-chain analysis platform Glassnode

Jensen Huang, CEO of Nvidia, recently commented on Ethereum’s meteoric growth in a recent interview.

“It’s now established that Ethereum is going to be quite valuable. There’s a future where the processing of these transactions can be a lot faster, and because there are so many people built on top of it now, Ethereum is going to be valuable.”

When questioned whether he was enthusiastic regarding proof – of – stake, he said yes. The CEO was quick to recognize this:

“Am I excited about proof of stake? The answer’s yes. I believe that the demand for Ethereum has reached such a high level that it would be nice for either somebody to come up with an ASIC that does it, or for there to be another method… There’s a lot of credibility. It works well. A lot of people depend on it for DeFi and other things. This is a great time for proof of stake to come.”

While predicting a good mindset for Ethereum, he also predicted a positive mood for the broader crypto ecosystem.

“I believe that cryptocurrency is here to stay. It’s a legitimate way that people want to exchange value.”

In addition, he stated:

“More importantly, Ethereum and other forms like it in the future are excellent distributed blockchain methods for securing transactions.”

 This interview came as a delight to the Ethereum audience and impacted the ongoing prices. Jensen Huang believes Ethereum will be useful because of its scalability and trustworthiness in sectors such as DeFi.

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