The complete transition from Proof of Work to Proof of Stake is only becoming a matter of time for Ethereum. Keeping an eye on the progressive change, the creator of the world’s second largest blockchain outlines potential levels of development in numbers.
Ethereum Community Conference
Ethereum founder Vitalik Buterin appeared at the Ethereum Community Conference (EthCC) to share with the cryptocurrency community the progress of Ethereum 2.0 development, relative to the established roadmap. Blockchain, which is already particularly useful, is expected to even dominate the market after the consensus change. Much is to be contributed by the upcoming merge itself. This is what has focused Buterin’s attention, who noted:
“Ethereum will be 55% complete after the ‘merge’. We are getting closer, which is really amazing.”
For the sake of completeness, he noted at the same time that the merge process will take place in four stages – “surge, verge, purge and splurge.”
September 19 could therefore prove to be a landmark date, making the transition operation to Ethereum 2.0, which was initiated in December 2020, more than half done.
Dizzying speed of transactions
Many changes are coming to the Ethereum network. One of the effects of the developers’ efforts will include increased decentralization. In turn, another – greater scalability. It is this that most often ignites the community. As we know, currently the Ethereum blockchain processes 12 to 15 transactions per second (TPS). The new solutions coming in with the Proof of Stake consensus are expected to bring the network’s capacity up to 100,000 TPS. Such a move has the power to make Ethereum highly competitive and trigger an even greater influx of developers.
This fact was pointed out by Buterin himself, who said:
“At the end of this roadmap, Ethereum will be a much more scalable system. By the end, Ethereum will be able to process 100,000 transactions per second.”
What about transaction fees?
It’s not well known today that the load on the Ethereum network has a significant impact on transaction fees. Experts are racing to predict whether ETH 2.0 will reduce their value. On the one hand, this is a possibility, but on the other hand, the popularity of the network has the right to increase, with the changes. Hence, the amount of fees is an aspect that is expected to be resolved in the later stages, after the transition of ETH to PoS.
With hot news coming from Ethereum developers, the ETH coin is experiencing a surge. In our last article, we presented a potential scenario for the development of its price action. If you haven’t read it yet, be sure to take a look: “Bitcoin beats 200-week moving average after 5 weeks, altcoins also moved”.