Nexo Co-Founder Issues Positive Evaluation of Ethereum
Antoni Trenchev, co-founder and CEO of Nexo, has a strong outlook on Ethereum (ETH). In an interview with CNBC, Trenchev asserts that the value of the secondbiggest cryptocurrency is poised for a probable increase after the planned Ethereum update in September.
Ethereum will switch from a proof of work (PoW) consensus protocol to a proof of stake (PoS) framework as a result of the update.
“It relies much on how soon the latest network acquires customers and activities. Since then it establishes a beneficial feedback mechanism and ETH might rise significantly.”
As per the creator of Nexo, an inflationary macro scenario, regardless of when it occurs, is projected to be a net positive for Ethereum, since its supply will be comparatively lowered following the upgrade.
This move makes Ethereum minimally inflationary, which in an ecosystem dominated by the Federal Reserve, which is everything but inflationary, makes it a wonderful asset to invest in.
According to Trenchev, Ethereum’s shift to a fresh consensus method will facilitate the expansion and development of the network’s environment.
“On pinnacle of networks such as Ethereum, fantastic things are currently being developed. You are aware that despite the immaturity of decentralized finance, it has immense potential.
In the low-interest scenario of the last decade to fifteen years, certain longer-term methods have enabled the development of substantial yields, which has been extremely gratifying. The metaverse, which is approaching rather more slowly than crypto enthusiasts would have it…
On the current network, wonderful things may be constructed. And this transition to proof of stake will make it much more straightforward and efficient.”