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HomeETHEthereum co-founder Vitalik Buterin says The Merge to make crypto payments mainstream...

Ethereum co-founder Vitalik Buterin says The Merge to make crypto payments mainstream again

During his keynote speech at the Korea Blockchain Week 2022 conference, Vitalik Buterin, the co-founder of Ethereum stated that the next ten years will transform Ethereum (ETH) and the entire crypto industry on August 8. The Merge will promote the adoption of cryptocurrency payments and new use cases as transaction fees fall below $0.05 due to scaling and increased efficiency.

Vitalik Buterin, the co-founder of Ethereum, stated:

“Once we have scaling technology […] it actually becomes possible to really try to make crypto payments more mainstream again.”

Gas costs for transactions will be greatly reduced by the Merge’s transition from PoW to PoS consensus. Additionally, future crypto payments and other use cases will be made possible by scaling with Layer-2 Zk-rollup (a layer 2 scalability solution that enables blockchains to validate transactions faster and at a cheaper rate) and blockchain compression with Verkle trees under the Surge and Verge phases.

Numerous cryptographic applications, in the opinion of Vitalik Buterin, are theoretically promising but currently impractical. However, those applications may become feasible as a result of the merge.

The Ethereum development team is also preparing to defend Ethereum from quantum computing attacks in the future as they research Surge, Verge, Purge, and Splurge upgrades.

Furthermore, Vitalik Buterin asserted that the Merge is unlikely to be impacted by Ethereum miners switching to Ethereum Classic. Due to the cleanup phase, it will take at least 6 to 8 months after the merge for Ethereum (ETH) to be priced-in, both financially and psychologically.

According to Coinmarketcap, the price of Ethereum is $1,773.24. Ethereum has increased by 5.55% in the last 24-hours.

 Read more at Cryptoshrypto:

Crypto has to prove its utility by 2032: Ethereum Founder

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