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Ethereum co-founder Vitalik Buterin said on Monday that the next 10 years will change Ethereum (ETH) and the entire crypto industry. The merger will drive adoption of crypto payments and new use cases as transaction fees fall below $0.05 through scaling and efficiency gains.
Merge will return crypto payments and utility: Vitalik Buterin
During the Korea Blockchain Week 2022 conference on August 8, Vitalik Buterin stated that the merger will bring back crypto payments and other useful blockchain and crypto features that have been suppressed since 2018. The next 10 years will change Ethereum and the crypto space.
Moving from PoW consensus to PoS consensus with Merge will drastically reduce gas fees for transactions. In addition, scaling with level 2 Zk folds and blockchain compression with Verkle trees in the Surge and Verge phases will bring crypto payments and other use cases in the future.
“Once we have the technology to scale, it will actually be possible to mainstream crypto payments again. In the future, with all the efficiency improvements, transaction costs could go down to $0.05 or even 0.2 cents.”
Vitalik Buterin believes that many cryptographic applications are promising in theory, but are practically impossible today. However, the merger will potentially make these applications possible.
Moreover, as Ethereum developers look into the Surge, Verge, Purge, and Splurge updates, the team also plans to secure Ethereum from quantum computing attacks in the future.
In addition, Vitalik Buterin confirmed that the transition of Ethereum miners to Ethereum Classic is unlikely to affect the merger. After the merger, it will take at least 6-8 months for Ethereum (ETH) to enter the price both in terms of the market and psychologically due to the cleanup phase.
Ethereum (ETH) price rally ahead of a key event
The price of Ethereum (ETH) rose rapidly due to community optimism regarding the merger. Despite the upward momentum, the market rally seems to be short-lived due to the bear market rally.
ETH price has soared over 3% in the last 24 hours, with the current price trading at $1,734, well above the $1,500 psychological level.
Community reaction to the price of Ethereum after the merger remains mixed.
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