Ethereum is moving towards a proof-of-stake system that will make its blockchain more scalable and faster. The crypto community has been waiting for the release of Ethereum 2.0 for a while. The new system is touted as the ultimate proof-of-stake (PoS) that will take Ethereum to the next level and kill the competition. Vitalik Buterin, the founder of Ethereum, shared his latest thoughts on the subject. Here are the details…
Vitalik Buterin talks about Ethereum update
Vitalik Buterin, the founder of Ethereum, made statements during the recent EthCC (Ethereum Community Conference) held in Paris, France. “Ethereum may have been 55 percent complete after the merge. We’re getting close, that’s really cool,” he said. Buterin went on to explain that in addition to the first phase, the new merger will take place in four phases: “fluctuation, border, liquidation and extravagance.”
Basically, the move to proof-of-stake and incremental scalability aims to make Ethereum more decentralized. Currently, the Ethereum Blockchain processes transactions at around 12-15 TPS (transactions per second). The new ETH 2.0 proof-of-stake system is expected to scale this up to 100,000 TPS. This is a huge leap forward that could make Ethereum the ultimate destination chain for dApp developers and other DeFi protocols. Buterin used the following statements:
At the end of this roadmap, Ethereum will be a much more scalable system. Eventually, Ethereum will be able to process 100,000 transactions per second.
Will transaction fees go down?
However, while the new system is faster and more scalable, it is unlikely to immediately fix the problem of high transaction fees. This is because the demand for the network increases as efficiency increases. This does not mean that the transaction fee will be high forever on the Ethereum Blockchain. As a matter of fact, it is pointed out that this issue will be resolved after the establishment of ETH 2.0. The news of the upcoming merger is already affecting the ETH market.
At another conference, Buterin was the headline!
According to a press release, Ethereum co-founder Vitalik Buterin has been chosen as the title of Untraceable Events’ 4th Annual Blockchain Futurist Conference. The futurist conference is scheduled to take place from August 8, 2022 to August 10, 2022 in Toronto, Canada. It is noteworthy that the futurist conference is considered the largest cryptocurrency and Blockchain event in Canada. Untraceable Events, the organizer of the blockchain conference, often brings together more than 5,000 attendees from more than 40 countries in an immersive entertainment complex.
The 4th Futuristic Conference attracted heavy sponsors such as Unicorn Hunters, Ankr, Hedera and NDAX. The organizer has prepared provisions for the millions of crypto enthusiasts who will not be able to attend the conference in person due to time and distance factors. Crypto enthusiasts can follow the event online via the newly added virtual component. Providing more details about the upcoming conference, Tracy Leparulo, founder of Untraceable Events, said that the event often brings together the brightest minds in the crypto space. He also used the following expressions:
It’s exciting to have a visionary like Vitalik headline the event. Connecting leading industry leaders and everyday users enables open dialogue, which is vital for the Blockchain community at such an important time.
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