Key Points From Vitalik Buterin at EthCC Before the Merge of ETH 2.0 Network

The Ethereum ‘Merge’ is still one of the most eagerly awaited updates in the crypto market. This merger would put the network on a completely different path by increasing the blockchain’s security and scalability, shifting Ethereum from a Proof-of-Work model to Proof-of-Stake, will convert Ether into an equity-like instrument with elegant supply/demand dynamics that could drive significant interest in the asset.The final target merge date will be September 19 .

Since the announcement of merge date,Ethereum (ETH/USDT) is currently trading up 72% ,from 1006 to around $1,730 at the time of writing. A big bounce up!

Ethereum on MEXC

The below chart compares the price changes of the top projects on Ethereum ecosystem since the announcement of Ethereum merge date.

Lido (LDO)Optimism (OP)Curve (CRV)Uniswap (UNI)Convex Finance (CVX)Balancer (BAL)Aave (AAVE)dydx (DYDX)MakerDAO(MKR)Compound(COMP)

The Growth of Top Projects on Ethereum From July13 to July 29

The ETH merger will not immediately bring a noticeable increase in throughput on Ethereum, it needs time to finish scaling.In the short-middle term,Layer 2 solutions solve the inefficiencies faced by Ether networks, while still maintaining the integrity of the Ethereum blockchain.

Takeaways from EthCC

Vitalik Buterin, the co-founder of Ethereum, shared some new thoughts on Thursday about how he foresees the blockchain network evolving in coming years.

The vision included an increased focus on security, stability, and decentralization, as well as the following key points:

  • Ethereum is “55% complete once we finish the Merge.” Buterin compared this to the view he said is common in the Bitcoin (BTC) community, where people – according to Buterin – see Bitcoin as 80% complete,but Ethereans consider Ethereum to be 40% complete.
  • Ethereum should, over time, “settle down.” A lot of innovations have happened or are in the process of happening, including the famous EIP-1559 and the transition to proof-of-stake (PoS), the Ethereum co-founder explained. He noted that “at some point, the rate of change for the protocol is going to have to slow down.” Ethereum will then “look somewhat more like a system that optimizes for safety and predictability, and less like an ecosystem that optimizes for impressing and dazzling people,” he said.
  • Buterin warned against adding support for multiple virtual machines, and getting too comfortable with technologies like SNARKs (succinct non-interactive argument of knowledge), and said it is a danger if Ethereum becomes so complex that “no single person can understand the whole protocol.”
  • Instead of increasing complexity, the focus should be on decentralization, Buterin opined. He said that this includes having an easy-to-use light client for the consensus layer, execution layer, and Layer-2’s “as a default,” have better support for home stakers, and make sure it’s possible to run a full node on lighter hardware.
  • In terms of changes that are worth making in the future, Buterin pointed to upgrades for quantum resistance as one such change. Quantum computers are coming he said, adding that “once quantum computers come, we have to upgrade to different cryptography.”
  • Commenting on the merits of PoS, Buterin admitted that transitioning to it is “a big change” and said there are also “lots of benefits.” He added that the few remaining proof-of-work (PoW) supporters that exist in the Ethereum community can use Ethereum Classic (ETC) instead. They have “a welcoming community,” and it is “a totally fine chain,” he said about the blockchain that split from Ethereum after a major hack in 2016.

“At the end of this roadmap, Ethereum will be a much more scalable system,” Buterin said. “By the end, Ethereum will be able to process 100,000 transactions per second.”

At last year’s EthCC, Buterin gave a talk on “things that matter outside of DeFi” and said that Ethereum had to expand beyond decentralized finance (DeFi).

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