Ethereum co-founder, Vitalik Buterin, announced the next phase of Ethereum ecosystem development at the Ethereum Community Conference. Revealing that the long-awaited merge will only complete about 55% of Ethereum’s growth plan, Buterin released 4 other phases.
The Surge, Verge, Purge and Splurge phrases would allow Ethereum to process about 100,000 transactions per second.
The Plan After Ethereum Merge
Vitalik’s ambitious roadmap could mean higher scalability, speed, and decentralization for Ethereum. The long-awaited Ethereum merge changes Ethereum’s consensus mechanism from Proof-Of-Work to Proof-Of-Stake. This move will reduce ETH’s energy consumption by over 99%.
The Surge introduces sharding to the platform, a solution that largely increases speed and scalability. The Verge upgrades to smaller Merkle roots, which will improve storage and scalability. The Purge makes it easier for validators to store more data and reduce their bad debt. And lastly, the Splurge streamlines the process and ensures the success of the roadmap.
One of the concerns regarding 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 run.
Recently, Polygon also announced its plan regarding its zkEVM launch to support ETH with zero-knowledge rollups. Vitalik announced that he can consider introducing more transaction space to make such rollups cheaper.
Could Ethereum Replace Bitcoin As The Industry Leader
Vitalik Buterin commented on the difference between Bitcoin and Ethereum and revealed that while Bitcoin supporters believe the blockchain is 80% done, Ethereum supporters believe that their platform is only 40% done.
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 anywhere from 10 to 20 TPS.
Ethereum’s price took increased by over 8% in the last 24 hours following the announcement. ETH’s price also rallied as the date for the merge was decided to be September 19. It has increased by about 33% in the last 7 days and is currently trading at $1,609.
[…] After the merge, Ethereum will look to improve its network capacity through scalability. It will also look to improve the high gas fees and slow transaction rates. Moreover, Vitalik Buterin, the founder of Ethereum, laid down Ethereum’s four-phased plan […]