As the value of ether comes back after the rally in markets, Vitalik Buterin makes a great statement. But in a good way anyway since the latter aims to reassure Ethereum supporters. So the blockchain would only be 40% complete? Prepare for evolution with The Surge!
Ethereum: after The Merge it’s time for… The Boom!
The downtrend took a toll on the entire crypto ecosystem. Although there have been many losses due to the crisis, the recovery is being felt. Since the beginning of the week, most cryptocurrencies are green and ethereum is not excluded. In fact, the second largest crypto by market capitalization seems to be the focus of investors right now. In the last few months, Vitalik Buterin has been announcing major changes regarding the evolution of the blockchain.
Since March 2022, the web has been in a frenzy following the announcement of Ethereum upgrades. As people eagerly await The Merge, co-founder of the mainnet already predicted the sequence of events. More than the Proof of Stake (PoS), Vitalik sees big things for the platform. At the Ethereum community conference held in France on Thursday, he declared that a new phase is planned after The Merge.
The Ethereum boom will allow the addition of sharding, an upgraded ladder with many benefits. It will not only facilitate the operation of the nodes that secure the network mainnet, but will also enable cheap layer 2 blockchains. And that’s not all! This upgrade will reduce the cost of a roll-up or bulk transaction. To facilitate exchanges.
What should we expect?
Unlike Bitcoin, Ethereum hasn’t even reached half way through its development yet. Proponents of the crypto flagship believe that this blockchain is 80% complete while Ethereum suggests that Ethereum is only 40% complete.
As a result, the second largest cryptocurrency still has some way to go before reaching its peak. According to the network co-founder’s statement, the protocol will only be 55% complete after the merger, which is expected to be completed in September.
However, the second phase of this upgrade will allow Ethereum to process transactions faster. Currently, the mainnet can only process 15-20 transactions per second. The new Ethereum, with the shaving and the rollups they will be able to process up to 100,000 transactions per second. As mentioned a bit more, The Surge is only the second step in the process. So there is a strong chance that the sequel will be even more surprising.
Vitalik Buterin’s announcement is just a continuation of a process that has already been launched. However, he still managed to create a surprise since all eyes were on The Merge. Given all the changes The Surge is going to make, what’s in store for the sequel, what does The Verge have in store for us?
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The world is changing and adaptation is the best weapon to survive in this turbulent world. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. To share my experience and express an area of interest to me, there is nothing better than writing articles that are informative and entertaining at the same time.