The Merge, Ethereum’s most anticipated event, whichwill see the network transition from a Proof of Work to a Proof of Stake consensus mechanism, is just around the corner. Still, Vitalik Buterin says Ethereum will only be 55% complete after the upgrade.
Bitcoin vs. Ethereum
Speaking at the Ethereum Community Conference (EthCC) in Paris on Thursday, July 21st, Vitalik Buterin, the co-founder of Ethereum, shared his thoughts about how the Ethereum network will evolve in the coming years.
In comparing Ethereum to its biggest competitor, Bitcoin, Buterin explained, “the difference between Bitcoin and Ethereum is that Bitcoiners consider Bitcoin to be 80% complete, but Ethereans consider Ethereum to be 40% complete.”
Ethereum Will Be 55% Complete After the Merge
Buterin explained that after the long-awaited merge, which will see the network switch to a more efficient system of registering transactions upgrade, thereby consuming less energy, Ethereum’s completion will jump from 40% to 55%.
Buterin also argued that “Proof of Stake is much more secure than Proof of Work, but it does have its tradeoffs.” The ‘Merge‘ is scheduled to launch on the mainnet in September.
Roadmap Update and 100,000 TPS
Buterin provided a further update to Ethereum’s roadmap. The enigmatic Co-Founder explained that the network will undergo a four-phase upgrade, dubbed “surge, verge, purge, and splurge.”
Furthermore, Buterin said that “by the end, Ethereum will be able to process 100,000 transactions per second.”
On the Flipside
- Ethereum’s network upgrade has been a source of division among the crypto community, with many arguing that the Merge solidifies Ethereum’s ETH token as a security.
Why You Should Care
The upcoming upgrades will improve the decentralization, efficiency, and security of the Ethereum network.