Polygon co-founder Sandeep Nailwal believes Ethereum’s new Proof-of-Stake era could trigger mass adoption of Web3.
The merger of Ethereum and the change to a Proof-of-Stake mechanism, more environmentally friendly, could attract a large number of investors and users to Web3, starting the path towards mass adoption of crypto technologies. This is what Sandeep Nailwal, co-founder of Polygon, an Ethereum layer 2 network.
“It is the first big step in the series of a large number of steps that can Attracting 1.000 billion users to Web3“Nailwal explained, just hours after the event that merged the Ethereum mainnet with the Beacon Chain. “In the Web3 journey, it is one of the biggest turning points to bring it to mass adoption.”
The future of Ethereum and layer 2 solutions
The shift to a consensus mechanism Proof of stake makes the network slightly faster and with much lower energy consumption.
However, The Merge has no effect on scalability (although this could change with the implementation of a system of sharding), which is why the creator of Polygon firmly believes that Layer 2 solutions will play a leading role in the future of Ethereum.
For Naiwal, the merger paves the way for future upgrades, further ensuring Layer 2 scalability.
Big brands and corporate social responsibility
However, what could really kick-start mass adoption of cryptocurrencies is the fact that with the new consensus mechanism, Ethereum will consume 99,95% less energy. According to some experts, after The Merge will reduce global electricity consumption by 0,2%.
This change of model could attract large companies and institutions, who have been able to stay away from cryptocurrencies due to criticism over energy consumption.
Companies like Disney or Instagram are very committed to the fight for the environment, with very powerful corporate social responsibility programs that, in some way, have prevented them from joining Web3.
Others, such as Starbucks They have given the green light to this type of initiatives, but always hand in hand with blockchains or green solutions, such as Polygon, which recently reached carbon neutrality.
This transition to a much more energy-efficient consensus mechanism could cause these large firms and, above all, the public institutions, become interested in Ethereum, starting the path to mass adoption by their customers.
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