etherum co-founder Vitalik Buterin announced the next phase of Ethereum ecosystem development at the Ethereum Community Conference. Announcing that the long-awaited merger will complete only 55% of Ethereum’s growth plan, Buterin has released 4 more phases.
The Surge, Verge, Purge, and Splurge statements will allow Ethereum to process around 100,000 transactions per second.
Plans After The Merge
Vitalic Buterine‘s ambitious roadmap could mean greater scalability, speed and decentralization for Ethereum. The long-awaited The Merge is changing Ethereum’s consensus mechanism from Proof-Of-Work (proof-of-work) to Proof-Of-Stake (proof-of-stake). This move will reduce the energy consumption of ETH by over 99%.
The Surge will launch shardin, a solution that greatly improves speed and scalability. Verge will be updated to smaller Merkle roots, which will improve storage and scalability. The Purge makes it easier for validators to store more data and reduce doubtful debts, and finally, Splurge will streamline the process and ensure the roadmap is successful.
One of the concerns with blockchains has been about the ability of quantum computers to cause security breaches. Ethereum plans to make its platform resistant to quantum attacks in the long term.
Recently, Polygon also announced its plan for the launch of zkEVM to support ETH with zero knowledge aggregations (ZK). Vitalik announced that it may consider offering more processing space to make such aggregations cheaper.
Ethereum Could Replace Bitcoin as Industry Leader
Vitalik Buterin commented on the difference between Bitcoin and Ethereum, showing that while Bitcoin supporters believe the blockchain is 80% complete, ETH ecosystem supporters believe their platform is only 40% complete.
If Vitalik’s prediction of 100,000 transactions per second comes true, it could revolutionize the blockchain industry. Ethereum’s current transactions per second range from 10 to 20 TPS.
In the last 24 hours after the announcement, the ETH price has increased by over 8%. Ethereum The Merge With the (merge) date set to September 19, the ETH price also rose. It’s up about 33% in the last 7 days and is currently trading at $1,609.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.