CoinDCX News, Crypto News Global

Top Crypto News Today: Vitalik Buterin Sets The Expectations on to What Comes After The Ethereum Merge

Top Crypto News Today: Vatalik Sets The Expectations For Ethereum Community as to What Comes After The Merge

Probably the biggest event in the crypto space have been set to action earlier in September when the Ethereum Network completed its 2 year long journey of transitioning the network from the Proof of Work consensus mechanism to the now Proof of Stake consensus mechanism. 

The Merge has been a process that was six years in the making and thus is widely considered by the crypto industry as a historic milestone as it also presents the potential the Merge has opened up for Vitalik’s Ethereum as a whole. This successful step could very well bolster market confidence amongst investors and institutions. A merge like this is an incredibly rare event in the world of crypto and probably an event of this magnitude might never happen again.

Following the successful merge taking place on 15 September 2022, Ethereum founder, Vitalik has stated the next steps that the network should start working on for its long term sustainability.

While deep diving into the next steps for Ethereum, Vitalik told the Blankless Podcast that, “I think there are two big priorities. One of the priorities is to get scaling figured out. And I mean that at all layers of the ecosystem, like getting the Ethereum protocol fully roll-up ready, which includes things like prototank sharding, getting roll-ups themselves to be fully ready for users, getting applications on top of them, getting good bridge infrastructure between them, getting all the wallets to support them… Not just helping the transition to a fully roll-up-centric Ethereum complete. 

Then, the other one is a transition from Ethereum being in rapid developing fire fighting mode to Ethereum being in stability mode. I think it’s a transition that has to happen and I do think that to some extent it’s an inevitable transition because as the ecosystem grows, the cost of changing things increases, and then there starts being all these regulatory concerns and lots of existing stakeholders…

While talking about the next few steps, Vitalik also mentioned that with the merge being finally complete, the Ethereum developers can now take a seat back for a bit as they will no longer have to rush through this kind of huge protocol change. With the ETH network now working on Proof of Stake consensus, the Ethereum community is likely to become more “pragmatic” in the near future. Vitalik also stated that there is a narrow window of time to incorporate all the desired changes within the Ethereum blockchain.

Read more: How will Ethereum Proof of Stake work?

However, the Merge is only the first step toward the plan that Vitalik has etched out for Ethereum. As explained by Vitalik himself, back in July, the Merge is set to be followed by The Surge, The Verge, The Purge, The Splurge

Source: Cryptoglobe, DailyHODL

WHAT’S NEXT IMMEDIATELY AFTER THE MERGE?

Now as the Ethereum mainnet has successfully merged with the Beacon Chain, the complete transaction history of Ethereum, including all transactions, smart contracts and balance since its launch back in July 2015 will also be merged. The Beacon Chain, which was initially launched back in December 2020, will fully take over the process of validating new transactions through a proof-of-stake consensus mechanism and Ethereum’s older proof-of-work model will be shelved permanently. 

Additional Read: Proof of Work vs Proof of Stake

Share this Story

Check Also

Fantom Price Analysis: Decoding Why FTM price rallied over 30% in the past 2 days

Fantom has been one of the biggest gainers in the past 48 hours, making it the biggest gainer in the past 7 days too - what is triggering this rally?

GET ALL LATEST UPDATES ON YOUR EMAIL





    Categories

    Invest in Bitcoin, Ethereum, & other 200+ crypto assets.
    Download the app now, register & start with as low as Rs.100
    ios download link
    android download link
    qr code for download