Billionaire investor Mark Cuban praises controversial Ethereum network upgrades and says its uses will ‘dwarf’ bitcoin’s

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Billionaire investor Mark Cuban has praised the controversial upgrades to the Ethereum network, saying they should make it more eco-friendly and help the system's applications "dwarf" bitcoin. Speaking on the Unchained podcast, Dallas Mavericks owner Cuban said the move to a more efficient system will mean "the holdback of the impact on the environment will change immediately." "That is going to give some people a reason to use Ethereum as a store of value over bitcoin, right there." He predicted that Ethereum and 2 or 3 other blockchains will prove to be the "winners" in a few years' time. Ethereum developers are planning to make major changes to the network that will limit transaction fees and start to burn coins, which has angered many miners. The developers intend to eventually move the system to a whole new way of verifying transactions, known as proof of stake. "With proof of stake, you're going to be able to have... a significantly higher multiple in transactions more...