Vitalik Buterin, the co-founder of Ethereum (ETH), has recently stated that the completion of the surge will boost the scalability of the network.
At the Ethereum Community Conference (EthCC) that was held on Thursday in Paris, Vitalik stressed the massive changes coming to the network, including the potential impact of The Merge.
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Vitalik Buterin noted:
“At the end of this road map, ethereum will be a much more scalable system. By the end, ethereum will be able to process 100,000 transactions per second.”
The long-awaited transition of Ethereum from proof of work (PoW) to the proof of stake (PoS) model, which is known as Consensus Layer or Ethereum 2.0, will be achieved after the much-anticipated merge.
PoW requires miners to make use of large amounts of computing power and energy to authenticate transactions on the blockchain by solving puzzles. On the other hand, PoS is a model built around proof of ownership, where users stake their ETH holdings, minimizing the amount of computing power required to complete transactions in the process.
At the moment, Ethereum blockchain can only handle about 12-15 transactions per second, which is one of the major reasons the upgrade is needed. As stated above by Vitalik, at the end of the current Ethereum development roadmap, the network will gain the capacity to handle about 100,000 transactions per second (TPS).
Ethereum Network Will 55% Complete after The Merge
During the conference, the Ethereum co-founder stated that the network will be 55% complete once The Merge is concluded. He said the network will also see changes to its monetary policy and security.
“Ethereum can go up to being 55% complete after the ‘merge.’ We’re getting close, which is really amazing,” Vitalik noted.
Read Also: Vitalik Buterin: I Don’t Expect Crypto to Take Over The World and Replace Traditional Currencies
Aside from the initial stage, he explained that the merge will play out in four stages, including surge, verge, purge, and splurge.
According to an Ethereum core developer, Tim Beiko, in a tweet a few days ago, The Merge could be implemented in the week of 19th September 2022.
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