Vitalik Buterin's Key Points at EthCC Before the Merge of the ETH 2.0 Network

The Ethereum 'Merge' remains one of the most eagerly anticipated updates in the cryptocurrency market. This merger would take the network in a completely new direction by increasing the blockchain's security and scalability, shifting Ethereum from a Proof-of-Work model to Proof-of-Stake, and converting Ether into an equity-like instrument with elegant supply/demand dynamics that could drive significant interest in the asset. The final target date for the merger will be September 19.

Since the announcement of the merge date, Ethereum (https://www.mexc.com/exchange/ETH_USDT) has gained 72 percent, rising from 1006 to around $1,730 at the time of writing. A huge leap forward!

Ethereum on MEXC Global

The below chart compares the price changes of the top projects on Ethereum ecosystem since the announcement of Ethereum merge date.

The ETH merger will not result in an immediate increase in throughput on Ethereum; it will take time to complete scaling. In the short-to-medium term, Layer 2 solutions address inefficiencies in Ether networks while maintaining the Ethereum blockchain's integrity.

Takeaways from EthCC
On Thursday, Ethereum co-founder Vitalik Buterin shared some new thoughts about how he sees the blockchain network evolving in the coming years.

The vision emphasized security, stability, and decentralization, as well as the following key points:

"Once we finish the Merge," Ethereum will be "55 percent complete." Buterin contrasted this with the widely held belief in the Bitcoin (BTC) community that Bitcoin is 80 percent complete, while Ethereum is 40 percent complete, according to Buterin.

Ethereum should "settle down" over time. Many innovations have occurred or are in the process of occurring, including the well-known EIP-1559 and the transition to proof-of-stake (PoS), according to the Ethereum co-founder. He stated that "at some point, the protocol's rate of change will have to slow down." According to him, Ethereum will then "appear somewhat more like a system that optimizes for safety and predictability, and less like an ecosystem that optimizes for impressing and dazzling people."

Buterin cautioned against adding support for multiple virtual machines and becoming too comfortable with technologies such as SNARKs (short for succinct non-interactive argument of knowledge), and stated that it is a risk if Ethereum becomes so complex that "no single person can understand the entire protocol."

Buterin believes that instead of increasing complexity, the emphasis should be on decentralization. This includes having an easy-to-use light client for the consensus layer, execution layer, and Layer-2's "as a default," better support for home stakers, and ensuring that a full node can run on lighter hardware.

Buterin mentioned upgrades for quantum resistance as one example of a future change that is worth making. He predicted the arrival of quantum computers, adding that "once quantum computers arrive, we will have to upgrade to different cryptography."

Buterin acknowledged that transitioning to PoS is a "big change," but added that there are "lots of benefits." He also stated that the Ethereum community's few remaining proof-of-work (PoW) supporters can use Ethereum Classic (ETC) instead. He described the blockchain that split from Ethereum after a major hack in 2016 as having "a welcoming community" and being "a totally fine chain."

"At the end of this roadmap," Buterin said, "Ethereum will be a much more scalable system." "By the end of the year, Ethereum will be capable of processing 100,000 transactions per second."

Buterin spoke at last year's EthCC about "things that matter outside of DeFi" and stated that Ethereum needed to expand beyond decentralized finance (DeFi).