Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
CoinGape | Nidhish Shanker | Jul 22, 2022
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.
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.
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%.
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.
Vitalik Buterin:
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.
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