Meenal SharmaWhile the volatility in the crypto market is making people anxious in trusting cryptocurrency. Nvidia’s CEO has given some bold confident statements about the blockchain. In an Interview with Venturebeat’s Dean Takashi, Jensen Huang expressed his support and interest in the blockchain.
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He said in the current scenario people trust the blockchain and see it as a credible and reliable way of investment. He said it is a great time for Proof of stake and elaborated further, “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,” – the Nvidia CEO told VentureBeat.
Proof of stake is a big technical measure where the Ethereum community is moving towards a consensus mechanism. It is a step up as the company wants to scale Ethereum via Eth2 upgrades. To become a validator the person will have to bet some of his/her ethereum. They will be responsible for the same thing as Bitcoin miners are.
The upgrade to blockchain will come with many benefits. Some of which are better energy consumption, lower barriers to entry, less hardware requirement, stronger immunity to centralization, stronger support for shard chains.
Huang went on to praise the blockchain, Ethereum, “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.”
Ethereum has generated the interests of any people and is no being seen with interests by all in markets. Along with developments in blockchain technology like NFTs and Virtual Real estate, the new upgrade might take this to a whole new level.