The Ethereum network merge is due by next month, and Vitalik Buterin is confident it will improve the network.
Ethereum Blockchain co-founder Vitalik Buterin believes that the merger will make the Ethereum network more secure. Buterin said this while speaking at the Blockchain Futurist Conference in Toronto.
Ethereum Merge will eventually move the Ethereum blockchain to a proof of stake mechanism. Earlier this week, Ethereum proof-of-stake test merge went live on Goerly.
This latest development means that the Ethereum mainnet will move to Proof of Stake on September 15/16. Commenting on this latest development, Buterin said;
“Ethereum’s Energy Consumption [after the merge] More than 99.9% will be reduced, so that’s a huge improvement. It’s also an opportunity to take some of the ideas we’ve learned over the past eight years, and use it to really redefine different parts of the Ethereum chain. [can do],
Following the switch, Buterin is confident that the Ethereum network can be made more secure, transaction speeds will increase, and costs will be lower.
Buterin said the merge would also open Ethereum to more upgrades in the future. He added that once the merger is complete, the biggest focus will be on the scalability of the Ethereum network.
Ether, the native coin of the Ethereum network, has performed exceptionally well over the past few weeks. ETH fell to the $1,000 mark a few months ago as a bear market affected the performance of several cryptocurrencies.
However, ETH is currently trading at around $1,900 per coin, up more than 50% over the past four weeks.
ETH is likely to rise in the coming weeks as the merge will take place on September 15/16.