With the Ethereum network’s current reputation, Huang believes many people consider it a legitimate, established, and credible network that works well. At present, “a lot of people depend on it for DeFi and other things. This is a great time for proof of stake to come.” Huang elaborated: The transition phase will see new Ethereum protocols, such as the transition to Ethereum 2.0, which is crucial for getting a hold on spiraling fees and holds sway for the broader adoption of Ethereum, particularly for the masses. According to Huang:
Ethereum network has value
Ethereum’s upgrade, known as EIP-1559, part of a more significant move toward Ethereum 2.0, will see the network’s current transaction fee system revised. Users send a fee to the network itself instead of to the miners that maintain the network. Said fees would then be burned, reducing the overall ether supply, which in and of itself is a controversial topic among the cryptocurrency community. In the meantime, there will be a lot of coins mined. For this reason, Huang’s firm created a new product called CMP. This fresh off-the-line product is designed for professional crypto mining. [binance]
