During a recent interview with VentureBeat’s Dean Takashi in an online-only Computex event, Jensen Huang, CEO of Nvidia, gave his thoughts on the Ethereum Proof-of-Stake blockchain and its value.
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:
“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 told VentureBeat.
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:
“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.”
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.