It’s stated that ETH network will process 100,000 transactions each second after the development team successfully implements the 4-stage merge roadmap.
The new version of Ethereum will be highly scalable
Speaking at the Ethereum Community Conference (EthCC) held in France, Vitalik assured investors that the newer upgrades on the Ethereum blockchain powered by the new proof of stake mechanism will be immensely powerful and scalable as compared to the ongoing version which uses proof of work.
The current mechanism could power up about 20 transactions per second which resulted in hike in transaction fees. To control this surge pricing, Ethereum activated the EIP-1559. Although this model tried to put a control on miners who prioritized transaction processing in case the user’s paid a higher fee amount.
What will happen post Merge
September 19, 2022, has been planned as the date on which this transaction is supposed to be implemented into action. After the planned merge the complete ecosystem will function in a very robust and decentralized manner.
However, the daily demand for Ethereum is likely to subside in the coming days. Ethereum plans to bring down net daily emissions from 15k Eth to a mere 1.5k Eth. This move is likely to rally the prices of Ethereum in the upcoming days.
Apart from this Vitalik outlined a new strategy to be brought into action ie. Surge, Verge, Purge, and Splurge. This new road map will help the platform achieve scalability and position itself as a primary choice to deploy dApp.
Disclaimer: The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. Please do your own research.
Author - Govind R.