Ethereum’s long awaited blockchain upgrade went live on September 15, heralding a watershed moment for the blockchain and cryptocurrency industries. With this update, Ethereum’s blockchain has a 99.95 percent reduction in its previous power consumption.
Ethereum’s post-merge plans to be released in four phases
Ethereum’s plan post-merge, as defined by Buterin, will be released in four phases called the “surge,” “verge,” and “splurge.” These enhancements will strengthen the network’s decentralized nature and safety measures. “By the end of the plan, Ethereum would be a far more robust platform. Ethereum’s final capacity for handling transactions per second is estimated to reach 100,000. “Buterin uttered the phrase.
The average confirmation time for Ethereum transactions was about six minutes before the integration. The network could execute trades at a pace of 12 to 25 TPS.
The high gas prices and lengthy transaction times on this network have been met with widespread disapproval. Further, it has sparked the development of new Layer 1 blockchains that aim to displace Ethereum by offering faster transaction times.
Due to the congestion, Ethereum has prompted the widespread adoption of layer 2 blockchain scalability solutions, which have significantly impacted the cryptocurrency industry. The developers that worked on the Merge upgrade are confident that it will increase the scalability and security of the Ethereum network.
Due to several technical setbacks, the first release of Merge was repeatedly postponed as developers worked to re-code Ethereum to fit the POS architecture. Ethereum-dependent projects and blockchain businesses must now decide whether to switch to the Merge update exclusively or to combine it with the earlier, more power-hungry version.
In the meantime, developers of the Ethereum blockchain announced in a recent update that bug bounty awards can now reach as much as $1 million (approximately Rs. 8 crores), urging programmers to watch out for security flaws in the freshly released version. After “The Merge,” Ethereum co-founder Vitalik Buterin told Circle CEO Jeremy Allaire at Converge22 that the company’s focus would be on making the platform more scalable.
Vitalik: scalability is the most pressing issue for Ethereum to solve
After the long-awaited Merge from PoW to PoS on the blockchain, Vitalik emphasized that scalability would be the most pressing issue for Ethereum to solve. As one cryptocurrency and blockchain enthusiast put it, it is crucial to keep pounding on scalability as an issue because it is key to the challenges blocking many of the crypto and blockchain apps we dream of getting mainstream.
Before the bear market lowered transaction fees, Vitalik pointed out that many Ethereum transfers cost the same or more as US$5 or more. Rather than transacting with crypto directly on the blockchain due to the high fees associated, many users instead choose to trade cryptocurrencies on a centralized exchange like Binance.
Vitalik expects that direct interaction with the Ethereum platform will become more appealing if scalability and the ability to process considerably more data are implemented. There is one such solution in the form of “layer 2 projects” operating on Ethereum.
Vitalik claims that Merge has made it simpler to create “second layer platforms” that leverage the blockchain in a more “optimized and more intelligent way.” Thereby making them more scalable while simultaneously reducing expenses. Improvements to the Ethereum network are also coming into focus after the Merge. Vitalik Buterin predicts that “the Ethereum ecosystem’s ability to receive and execute transactions will expand by something like a factor of 100 to 1000,” which would have a significant impact.