**Ethereum’s Future: Vitalik Buterin Envisions a 100% Complete Network**
**The Merge and Its Significance**
At the Ethereum Community Conference held in France recently, Vitalik Buterin, co-founder of Ethereum, made a noteworthy announcement. According to Buterin, Ethereum is currently only 40% complete, suggesting that there is much more development to come for the platform. He explained that after the implementation of the “merge,” Ethereum will experience further advancements.
The merge refers to the combination of the existing execution layer of Ethereum, known as the Mainnet, with the new proof-of-stake consensus layer called the Beacon Chain. This merge will eliminate the need for energy-intensive mining and instead secure the network using staked ETH. The Ethereum Foundation describes the merge as an exciting step towards achieving the vision of Ethereum, with enhanced scalability, security, and sustainability.
The merge will bring an end to the current proof-of-work network used by Ethereum, which relies on energy-intensive mining. Instead, the Beacon Chain’s proof-of-stake system will be integrated into the network. This transition is expected to reduce Ethereum’s energy consumption by almost 99.95%.
**The Future of Ethereum after the Merge**
Once the merge is complete, Ethereum will witness a significant transformation. The implementation of the Beacon Chain’s proof-of-stake system will pave the way for a more energy-efficient and sustainable network. The merge will substantially reduce the energy consumption associated with mining, making Ethereum a greener platform.
Buterin mentioned during the conference that after the merge, further upgrades will follow. He referred to these subsequent developments as the “surge,” “verge,” “purge,” and “splurge.” These terms signify critical aspects of Ethereum’s scaling, cleanup, and evolution.
**The Fate of Eth2**
After the merge, both Eth1 and Eth2 will merge into a single chain. There will no longer be two separate Ethereum networks; instead, a unified Ethereum network will emerge. To avoid confusion, the community has designated specific terminologies for Eth1 and Eth2.
Eth1, previously known as the Ethereum network, will now be referred to as the execution layer. This layer will handle transactions and their execution. On the other hand, Eth2, known as the proof-of-stake consensus layer, will be responsible for managing the consensus mechanism.
**Making Ethereum a More Robust Network**
After the anticipated completion of the merge in September, Ethereum will still only be approximately 55% complete, according to Buterin. However, with the implementation of these substantial changes, he envisions Ethereum becoming a more robust and capable network.
Buterin expressed his optimism for the future of Ethereum, stating that the network’s transaction processing capabilities will significantly improve. He predicted that the upgraded Ethereum, along with features like rollups and sharding, will be capable of processing up to 100,000 transactions per second, a substantial improvement from the current limit of 15-20 transactions per second.
**Conclusion**
Vitalik Buterin’s recent announcement at the Ethereum Community Conference has generated excitement within the cryptocurrency community. With the upcoming merge and subsequent developments, Ethereum aims to become a more sustainable and scalable platform. By eliminating energy-intensive mining and transitioning to a proof-of-stake system, Ethereum strives to enhance its efficiency and overall performance. The roadmap for Ethereum’s future looks promising, offering the potential for substantial growth and innovation in the decentralized finance space.
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