Tether’s CTO explains why Ethereum’s transition to a «green» blockchain won’t help it compete with bitcoin

Paolo Ardoino, CTO of Tether and Bitfinex, shared his opinion on The Merge, saying that ethereum is still lagging behind bitcoin. According to the CTO of Tether, ETH still lacks a clear positioning, while BTC has long been called digital money.

«Bitcoin has long been perceived as a form of money, while Ethereum is stuck between the concepts of money and platform. ETH cannot compete with BTC as a form of money because it still has no limit on the maximum number of coins produced,» Ardoino explained his position. Paolo Ardoino also noted that the transition of ETH to PoS will not help Ethereum: The Merge will not reduce transaction fees and will not make ETH more decentralized, the Tether CTO is convinced.

It is worth noting that despite the negative comments of skeptics, the transition to the green blockchain has been successful today. According to the ethereum developers, there were no difficulties during the merger. During the upgrade, the main Ethereum network connected to the Beacon Chain, completely switching the cryptocurrency to the Proof-of-Stake consensus algorithm, a faster, more energy-efficient and safer way to scale projects. The Merge will reduce energy consumption by 99% and, according to Buterin, will open up new opportunities for developers.