Billionaire Mark Cuban is among the proponents of the upcoming Ethereum “merger,” a highly anticipated blockchain upgrade that will significantly reduce its ecological footprint.
“I’m a fan of fusion”, Cuban, a shark tank investor and owner of the Dallas Mavericks, says Fortune. “I think the issue of energy use is important.”
Indeed, the merger – which is expected to take place on September 15 – will move Ethereum from a proof-of-work consensus mechanism to a proof-of-stake. Proof of work is a power-intensive process that relies on miners to add new blocks and verify transactions, while proof of stake relies instead on a network of validators. In turn, once the merger is complete, mining on Ethereum will effectively be eliminated and its overall energy consumption is expected to decrease by 99.9%.
That’s why Cuban said he sees the move to proof-of-stake as a positive.
“But it’s long term. I don’t know [know] if and when it goes up,” he added.
Even still, “I think the apps to drive usage will be there,” Cuban said, adding that he remains very bullish on Ethereum.
During the previous discussion of his affinity for Ethereum, Cuban repeatedly mentioned network applications and use cases as a driver of his support. He mainly talked about his interest in smart contracts, collections of code that execute a set of instructions on a blockchain.
“What really changed everything was smart contracts,” he said in March 2021. “Smart contracts happened, and that created DeFi [decentralized finance] and NFTs [or non-fungible tokens]. That’s what changed the game. That’s what got me excited. That’s why it looks a lot like the Internet.
Cuba owns Ether, along with other cryptocurrencies like Bitcoin and the meme-inspired Dogecoin. Its portfolio also consists of a few NFTs and investments in blockchain companiesmany related to improving Ethereum.
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