Jensen Huang, CEO of Nvidia, provided his perspective on the Ethereum Proof-of-Stake blockchain and its significance during a new conversation with VentureBeat’s Dean Takashi in a virtual Computex session.
Because of the Ethereum network’s present reputation, Huang feels that many people regard it as a respectable, well-established, and reliable network. “A lot of people depend on it for DeFi and other things. This is a great time for proof of stake to come.” Huang continued,
“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 talked to VentureBeat.
New Ethereum protocols, including the shift to Ethereum 2.0, will be implemented during the transitional period, which is critical for managing rising costs and swaying greater acceptance of Ethereum, particularly among the public. Huang claims that:
“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.”
The Ethereum network is valuable
The network’s existing transaction fee structure will be altered as part of Ethereum’s EIP-1559 update, which is part of a larger shift toward Ethereum 2.0.
Rather than paying the miners who keep the network running, users pay a charge to the network itself. The charges would then be burnt, lowering the overall quantity of ether, which is a contentious subject among digital currency enthusiasts.
Meanwhile, a large number of coins will be mined. As a result, Huang’s company developed a new product named CMP. This brand-new product is made for professional digital currency mining.