- Vitalik Buterin unveiled the next steps in the network’s roadmap.
- At the moment, transaction costs and processing time remain key banes of using layer-1 Ethereum.
- Currently, all the hype focuses on the merge slated for September 19, 2022
Following the expected merge, the Ethereum network will undergo a surge, verge, pure and splurge as part of its development roadmap.
Ethereum Co-Founder, Vitalik Buterin unveiled the next steps in the network’s roadmap.
The roadmap steps unveiling took place at the annual Ethereum Community Conference (EthCC) in Paris.
The next steps in the Ethereum roadmap characterized the event held on July 21.
What next after the Merge?
Currently, all the hype focuses on the merge slated for September 19, 2022. The merge will usher in a new proof of stake consensus mechanism. Ultimately, the proof of stake consensus seeks to get rid of the proof of work mining.
Subsequently, proof of work mining tends to bear high energy costs. Meanwhile, Buterin introduced a few new monikers at the conference. The monikers will occur after the merge takes place in September.
Recently, industry analyst Miles Deutscher posted a breakdown of what to expect in the unveiling.
Buterin claims that Ethereum will process 100,000 transactions per second. The upgrade in processing speed stems from the completion of 5 key phases predicted by Miles.
The five phases include the Merge, surge, verge, purge and finally, the splurge.
Vitalik explains the roadmap
The surge forms the first major step towards scaling with the introduction of sharding. Sharding or side chains will come into play in 2023. Buterin said that the upgrade seeks to offer more benefits to network users.
The network will reduce transaction costs and processing time. At the moment, transaction costs and processing time remain key banes of using layer-1 Ethereum. The verge introduces Verkle trees to the network.
Verkle trees present a powerful upgrade to Merkel proofs which allow for much smaller proof sizes. Verkle trees offer another scaling upgrade that optimizes storage on the network. The upgrade also reduces node size.
On the other hand, the purge represents a cleanup phase. The cleanup phase eliminates some historical data in order to streamline storage. The purge also reduces congestion within the Ethereum network.
Finally, the splurge forms the last phase of the roadmap. The spurge consists of a number of smaller upgrades and fine tunings. Eventually, the upgrades and fine tunings ensure smooth network operations following previous upgrades.
Ethereum 55% complete
Buterin noted that the company developers still need to develop more upgrades for the network. He further reiterated that Ethereum will be 55% complete once the merge is done.
Ethereum currently stands at a 40% completion rate. Its closest competitor in the crypto market, Bitcoin, leads the way at an 80% completion rate.
Buterin claims that Ethereum capabilities increase rapidly while the change rate needs to slow down. He insisted that the network seeks to optimize for safety and predictability.
The Co-Founder argued that the network may become sufficiently developed and that it does not require major overhauls. Buterin believes that the system will endure the short-term pain of overhauls to reap long-term gains in the future.
With the introduction of Layer 2 rollups, the network will boost its scalability and lower costs for its users.
