The highly anticipated Ethereum Merge successfully transitioned from a proof-of-work to a proof-of-stake consensus algorithm on September 15th. With this, the Ethereum Co-Founder said there was a ‘good chance’ that Ethereum would overtake Bitcoin, but they continue to face the issue of centralization.
In a recent interview published on Kitco News, Ethereum co-founder Anthony Di Lorio revealed that besides keeping a watchful eye on Bitcoin (BTC) and Ethereum, he is also amassing Cardano (ADA), Polkadot (DOT) and Cosmos (ATOM)- the three smart contract altcoins. Lorio is stocking up such smart contract altcoins mainly because of the brilliant minds working behind them.
As per him, he has always been interested in these coins, despite their flaws.
“I’m not in the inner workings of other projects, and sometimes it’s difficult to spend the time necessary to dig in and see where their potential fatal flaws might be, but projects like Polkadot… being done by Gavin Wood, another fellow Ethereum co -founder. Cardano with Charles Hoskinson. I know the people behind them, and I don’t know where they’re going to go with things but they are trying to solve problems.”
Further, Di Lorio added he is not scared of these platforms failing as many technologies just come and go, but it will still be a significant learning experience and lesson for all. Di Lorio says Ethereum has to see how switching to a proof-of- Stake mechanism will serve the platform.
“I’m concerned with centralization risks of proof of stake. I think right now; it’s been shown that there’s only two addresses or something accounting for almost 50% of all validating that is happening.”
Di Lorio is very concerned about the exchanges with a lot of strength. The system is imperfect, and as per him, anything can happen at any time, which may lead to many more risks.
Di Lorio says, “Let’s see what happens and comes out of this to determine which system is better.”
Di Iorio was concerned with centralization issues following the recent Ethereum Merge, which transitioned the ETH network from a proof-of-work to a proof-of-stake consensus protocol.
“Ethereum has always done, in my opinion, a good job of not sacrificing decentralization,” he stated. “But can it be done 100 per cent? I’m not sure… I’m concerned with centralization risks of proof-of- stake.”