Ethereum’s Vitalik Buterin shared the team’s next milestones after the Merge during the fifth edition of the Ethereum Community Conference (EthCC) in Paris.
According to Buterin, Ethereum will have more important upgrades post-merge and the September-anticipated upgrade is an important part of a lengthy journey to the project’s goal.
“Ethereum can go up to being 55% complete after the ‘merge,” Buterin stated, “We’re getting close, which is really amazing.”
Earlier this month, the shadow fork focusing on the Miner-Extractable Value (MEV) was successfully activated – the team of core developers also tentatively set up for the first time the launch date of The Merge in September.
Ethereum is Growing
The transition from Proof-of-Work to Proof-of-Stake will set the scene for the platform’s evolution. Buterin discussed that the next upgrades of Ethereum would consist of four phases: The Surge, The Verge, The Purge, and The Splurge.
Despite the fact that each upgrade comes literally with “ge,” they take different roles.
The Surge, as Buterin said, focuses on sharding technology and the blockchain’s scalability. The upgrade will enable Layer-2 protocols to perform more effectively, optimize cost and help users simplify the operation of Ethereum network security nodes.
It is additionally expected to boost the blockchain’s processing capability, meaning transactions will be much faster. Buterin envisions “100,000 transactions a second.”
The Verge phase will continue with Ethereum developing an easy-to-use implementation of “stateless clients” and “Verkle trees” for consensus and execution layer solutions.
There will be enhanced support for investors that want to become network transaction validators but do not have the 32 ETH required to stake the protocol.
This new model is a significant improvement, allowing for small-sized proofs. It will optimize Ethereum storage and aid in the reduction of node size, allowing ETH to become more scalable.
Essentially, these technological advancements will enable consumers to become network validators without storing vast volumes of data on their computer hardware.
Buterin believes that The Verge will be an effective tool for assisting in the decentralization of ETH.
At the stage of The Purge, Vitalik Buterin wanted to reduce the hard drive space required for validators on Ethereum with the aim of helping to eliminate historical data, and bad debt, and streamline storage, thus reducing network congestion. passed proposal EIP-4444.
This can have a substantial impact on the overall ETH network during the execution and expansion phase, but Buterin believes that establishing a better decentralized ecosystem necessitates short-term compromise to achieve long-term gains.
And The Splurge, Buterin described it as “all of the other fun stuff.” The final upgrade ace will target constant improvements on the Ethereum blockchain so as to ensure it runs more smoothly compared to the previous phases.
As a result, Buterin intends to upgrade Ethereum with superior cryptographic technologies in The Splurge, which is quantum resistant and works well with the Ethereum Virtual Machine (EVM) and Zero-knowledge (ZK) technology.
Furthermore, and of particular significance at this stage, significant improvements to the EIP-1559 combustion mechanism will be deployed.
Analysts Said Ether Will Become Deflationary
Lucas Outumuro, an expert in cryptocurrencies and the director of research at IntoTheBlock, a firm that specializes in data analytics, analyzed the historical records of Ethereum’s net issuance and looked through the estimate beyond the update.
He predicted that after the integration, ether would go into the deflationary zone.
The cryptocurrency analyst looked into the token’s activities after the EIP-1559 was implemented in August of 2021.
His most important findings indicated that the token’s net issuance will probably fall somewhere in the range of -0.5% to -4.5%, relying on the network fees.
The possibility exists that Ethereum’s deflation will cause its price to fall, which would be favorable for investors because it would increase the investors’ opportunity to buy.