Ethereum co-founder Vitalik Buterin said on Monday that the next 10 years will lead to transformation in Ethereum (ETH) and the entire crypto industry. Merge will reduce transaction fees to less than $0.05 due to scaling and improved efficiency. It will therefore push the adoption of crypto payments and new use cases. Here are the details…
Vitalik Buterin explains what will happen with Ethereum merge
During the Korea Blockchain Week 2022 conference, Vitalik Buterin claims that Merge will bring back crypto payments and other Nlockchain and crypto benefits that have dwindled after 2018. He believes that the next 10 years will change Ethereum and the crypto space. As Cryptokoin.com has also announced, there will be a transition from PoW to PoS consensus with Merge. Thus, gas fees for transactions will be significantly reduced.
Also, scaling with Layer-2 Zk-rollups under the Surge and Verge phases and Blockchain compression with Verkle will bring back crypto payments and other use cases in the future. Buterin used the following statements:
Once we have the scaling technology, it really becomes possible to try to bring crypto payments back into the mainstream. In the future, with rollups, with all the improvements in efficiency, transaction costs could drop to as low as $0.05 or even 0.2 cents.
Buterin hopeful for many applications
Vitalik Buterin believes that many crypto applications are promising in theory. But today practically many consider it not possible. However, Merge will potentially enable these applications. Also, as Ethereum developers look at the Surge, Verge, Purge, and Splurge upgrades, the team also plans to protect Ethereum from quantum computer attacks in the future.
Also, Vitalik Buterin confirmed that Ethereum miners switching to Ethereum Classic are unlikely to affect Merge. After the merge, it will take at least 6-8 months to price Ethereum (ETH) both from a market and psychological point of view due to the cleanup phase.
ETH price continues to rise
The Ethereum (ETH) price skyrocketed due to the community’s optimism about Merge. Despite enjoying the rising momentum, the market rally remains short-lived due to a bear market rally. In the last 24 hours, the ETH price has climbed over 3 percent. The current price is well above the $1,500 psychological level. At the time of writing, ETH is changing hands at $1,735. Meanwhile, the 7-day rise is 3.2%. Community estimates for Ethereum price after Merge remain mixed.
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