Vitalik Buterin made statements about the Ethereum Merge update at the South Korea Blockchain Week 2022 conference, which he attended for several days.
Vitalik Buterin Makes Statements
As Ethereum’s delayed and highly anticipated Merge update approaches, Vitalik Buterin made some assessments on the subject. Noting that crypto payments lost their popularity during the bear season in 2018, Buterin said: “One of the reasons here is that the transaction fees are high, with rollups and many other improvements in the future, the transaction fees could go down to $0.05.”
Buterin also did not leave unanswered names who criticized Ethereum’s transition to the Proof Of Stake algorithm in the past days.
Fork Explained by Buterin
Famous miner Chandler Guo recently said that Ethereum should continue to use the Proof Of Work algorithm, and this view was supported by important names such as Justin Sun. Vitalik Buterin also did not remain silent on this issue and made some statements. In an interview with reporters, Buterin stated that he does not think a hard fork will hurt Ethereum much and said that the vast majority of the Ethereum ecosystem supports a proof-of-stake system. Vitalik Buterin used the expressions for those who support the Proof of Work system, “stock exchange owners and those who want to make quick money”. Buterin said that if the Proof Of Work system is accepted by a significant crowd, applications and people will have to choose a path, and this will create serious confusion.
Merge Output from Chainlink
An announcement regarding the Merge upgrade, which will enable Ethereum to migrate to the Proof of Stake system, came from Chainlink. In the statement made by Chainlink, it was stated that after the Merge upgrade, no forks will be supported, including Proof of Work forks on the Ethereum blockchain network.
Merge Upgrade and Miners
What will it mean for miners if everything goes well with the Ethereum Merge upgrade and the upgrade happens in September? Research firm Messari has made a prediction about what will happen to miners if the Merge update is successful and the Ethereum network transitions to the Proof Of Stake system. The network, which is estimated to be worth $19 billion according to Messari’s research, will force the mining industry to find other ways to make money.
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