On Thursday, the network’s co-founder spoke about his future strategy for Ethereum at the EthCC in Paris. A conference that bears the Merge but not exclusively logo!
Merge’s effects on Ethereum
The annual Ethereum Community Conference (EthCC), which took place on Thursday in Paris, featured a speech by Ethereum co-founder Vitalik Buterin regarding the network’s long-term prospects.
Buterin discussed the impending Merge, in which Ethereum will completely switch from proof-of-work to proof-of-stake, at this developer-focused conference. Vitalik Buterin remarked, “After the merging, you will be able to construct an Ethereum client that won’t even know the proof-of-work phase has taken place,” when discussing the immediate and long-term effects of this huge development.
He added that “Surge,” which would improve the scalability of rollups through sharding, is included in the network roadmap. The number of transactions per second is significantly increased by this technological approach, which is employed on several blockchains, including Near Protocol, to mention just one.
- By the end of this roadmap, Ethereum will be a much more scalable system. Ethereum will be able to process 100,000 transactions per second.
Numerous adjustments to the Ethereum network
Buterin stressed that the network will undergo several significant modifications, including:
- Financial policy: The annual issue size increased from 5M to 166 sqrt (total deposits).
- Low subjectivity, DAS, l2 history access, and novel cryptography comprise the security model.
- Account abstraction, PBS, and EIP 1559 make up the transaction inclusion procedure.
Buterin stated that because of the network’s complexity and the rate at which it is evolving, achieving these decentralized aims is challenging. Ether’s (ETH) price has increased 34% in the last month, and as of this writing, it is almost $1,500.
In a keynote he made at the EthCC the year before, Buterin stressed the necessity for Ethereum to expand outside of DeFi. With many attendees claiming that they believed the final day of the conference would be the finest owing to Vitalik Buterin’s intervention, this Thursday appears to be the most anticipated day of the conference.
As a result, Ethereum is at a pivotal point in its evolution, and the whole cryptocurrency community is excitedly anticipating the Merge, which is expected to happen in the upcoming weeks. The market’s second-largest capitalisation is betting big and won’t be allowed to make mistakes.
