Ethereum will only be 55% complete after ‘merger’, says Vitalik Buterin

0

The Ethereum network will be 55% complete after the “merger,” says co-founder Vitalik Buterin.

Ethereum co-founder Vitalik Buterin has hinted that the network will reach the roadmap completion level of 55% after its highly anticipated “merger”.

The countdown to the transition from proof-of-work (PoW) to proof-of-stake (PoS) is on after last week’s announcement of September 19 as the date when it finally happens.

Buterin was Speaking at the fifth annual Ethereum Community Conference (EthCC) held in Paris.

According to him, the road to proof of stake has been long and arduous for the community.

The Ethereum protocol is currently in the middle of this long and complicated transition, and it is a transition to a more powerful and robust system in many ways.,” he said.

He went on to talk about the “big five” development stages of the Ethereum protocol roadmap – merge, surge, verge, purge, and madness – with the PoS switch mirroring “merger” and sharding representing the “surge”.

Only 55% complete

The merger, which is the transition so far, has done a lot and the goal of decentralization is not far off. However, there is still a long way to go, with the overall network roadmap likely only reaching the “55% complete” level after the merger.

Completing the transition, he explained, involves “profound changes”, which he said include monetary policy (reducing emissions), the security model and the transaction inclusion process.

Scalability is also going to be a big part of Ethereum’s key features, especially as the roadmap shifts to “Surge”.

As it is, Ethereum 2.0, or ETH 2.0, will usher in the era of 100,000 transactions per second, with shard chains astronomically improving transactions per second (TPS) from the current average of 30 TPS. .

You can watch Vitalik Buterin’s EthCC speech in the video below.


Source link

Share.

Comments are closed.