The Ethereum networks Merge is defined to occur by the following month, and Vitalik Buterin is confident it’ll enhance the network.
Vitalik Buterin, the co-founder of the Ethereum blockchain, believes that the Merge can make the Ethereum network better. Buterin said this while speaking at the Blockchain Futurist Conference in Toronto.
The Ethereum Merge will dsicover the Ethereum blockchain finally migrate to a proof stake mechanism. Earlier this week, the Ethereum proof-of-stake test Merge went go on Goerli.
This latest development meant that the Ethereum mainnet would migrate to a proof stake on September 15/16. Commenting with this latest development, Buterin said;
Ethereums energy consumption [after the merge] will undoubtedly be reduced by a lot more than 99.9%, so its a large improvement. Its also a chance to sort of take a few of the ideas that weve learned during the last eight years roughly, and use that to essentially redefine what the various elements of the Ethereum chain [can do].
Following the switch, Buterin is confident that the Ethereum network could possibly be made better, transaction speed would increase, and costs will be lowered.
The Merge would also start Ethereum around more upgrades later on, Buterin said. He added that after the Merge is completed, the largest focus will undoubtedly be on the scalability of the Ethereum network.
Ether, the native coin of the Ethereum network, has performed excellently in the last couple of weeks. ETH declined towards the $1,000 mark some time ago because the bear market affected the performances of several cryptocurrencies.
However, ETH happens to be trading at around $1,900 per coin, up by a lot more than 50% in the last a month.
ETH could rally higher on the coming weeks because the Merge will need put on September 15/16.