The Ethereum network’s Merge is about to happen by subsequent month, and Vitalik Buterin is assured it will enhance the network.
Vitalik Buterin, the co-founder of the Ethereum blockchain, believes that the Merge will make the Ethereum network more secure. Buterin mentioned this whereas talking at the Blockchain Futurist Conference in Toronto.
The Ethereum Merge will see the Ethereum blockchain lastly migrate to a proof of stake mechanism. Earlier this week, the Ethereum proof-of-stake take a look at Merge went stay on Goerli.
This newest improvement meant that the Ethereum mainnet would migrate to a proof of stake on September 15/16. Commenting on this newest improvement, Buterin mentioned;
“Ethereum’s energy consumption [after the merge] will be reduced by more than 99.9%, so it’s a big improvement. It’s also an opportunity to kind of take some of the ideas that we’ve learned over the last eight years or so, and use that to really redefine what the different parts of the Ethereum chain [can do].”
After the swap, Buterin is assured that the Ethereum network may very well be made more secure, transaction velocity would improve, and prices could be lowered.
The Merge would additionally open up Ethereum as much as more upgrades in the future, Buterin mentioned. He added that after the Merge is accomplished, the greatest focus will be on the scalability of the Ethereum network.
Ether, the native coin of the Ethereum network, has carried out excellently over the previous few weeks. ETH declined in the direction of the $1,000 mark a couple of months in the past as the bear market affected the performances of quite a few cryptocurrencies.
However, ETH is at the moment buying and selling at round $1,900 per coin, up by more than 50% over the previous 4 weeks.
ETH might rally larger over the coming weeks as the Merge will happen on September 15/16.