• Is Ethereum on the verge of reaching 100,000 transactions per second? Buterin Discusses the Future After the Merger

  • The network has been working quickly to combine the Ethereum Proof-of-Stake blockchain, called “Beacon Chain,” with the Proof-of-Work blockchain since its launch. Vitalik Buterin, the Ethereum creator, recently spoke at the World Blockchain Conference on this procedure, which is also known as “The Merge.”

    The network has undergone multiple modifications, all of which were made via Hard Forks, in preparation for this approaching event, when the Pow chain “completes” and everything on it is migrated to the ETH 2.0 blockchain. According to Buterin, the event will take place “at some time, maybe approximately half a year from now,” on July 24th.

    The network will need to implement an additional hard fork for “cleanup” after the merge. As Buterin revealed, core developers have been pushing for this event to happen as soon as feasible. As a result, the merger will be implemented as a “minimalistic” update:

    So there are a lot of things that the merge-implementing Hard Fork doesn’t do. One major example is the fact that withdrawals are not permitted. If you have a deposit in the Proof of Stake system, you will be unable to withdraw it at this time. You still have no method of removing it after the merge.

    Users will be able to withdraw their earnings for staking ETH in the Beacon Chain’s deposit contract, as well as send back the original deposit and additional cash, following the “cleanup” hard fork. At the time of writing, Etherscan shows 6,413,090 ETH locked on this contract, valued at $13,957,897,992.45.

    According to additional data given by the Eth2 Rewards Bot, as of July 8th, there were 186,449 active validators with a 99.34 percent participation rate and a 6.37 percent reward rate on the ETH locked. Validator annual profits were projected to be 2.04 ETH ($4,727.17) at the time.

    Ethereum Is Getting Closer To Having An “Infinite Future”

    The tidying up The ETH1 data voting mechanism that allows the Beacon Chain or the PoS blockchain to “connect” with the PoW based blockchain will be removed as part of the hard fork. Before the integration, Buterin advised all clients to “stop trying to download” the PoW chain.

    Smaller but required changes, such as client and code simplification, will be made after the event, as Ethereum’s creator stated:

    There are a lot of little modifications that might have happened at the same time as the merging, but we’re waiting for them until after the merge to ensure that the integration goes as smoothly as possible.

    Since the “DeFi Summer” of 2020, Ethereum has experienced a significant increase in congestion. As more people want to be a part of this industry, expenses are rising. Core developers have been working on a number of solutions, including EIP-1559, which will be released in August as part of Hard Fork London.

    The merger will allow them to execute another improvement to boost Ethereum’s scalability: data sharding. On 64 of them, this technique will add shards with over 512-kilobyte blocks every 12 seconds. Ethereum will be able to process tens of thousands of transactions per second as a result of this.

    Rollups can now scale to 4,000 to 5,000 transactions per second. If, hypothetically, the entire Ethereum ecosystem works with us to Rollup, but we have 20 to 50 times more space with data shards. Rollups could handle up to 100,000 transactions per second, and potentially even more in the future.

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