The Ethereum merge date is now closer than ever, but will it alter the Ethereum 2.0 transactions per second speed?
As the wider Ethereum 2.0 release draws closer, users are anticipating drastic shifts in the way the blockchain will function. This is specifically regarding the Ethereum gas prices after the merge.
Users are also expecting that the merge will bolster the number of Ethereum 2.0 transactions per second, enabling the network to accommodate additional transactions than before.
Ethereum 2.0 Transactions Per Second Could Reach 100,000
Ethereum is up for a long haul according to Ethereum's co-founder Vitalik Buterin.
In a speech at the Ethereum Community Conference in Paris, Buterin gave an update about how Ethereum will look after its full upgrade. According to Buterin, the Ethereum 2.0 transactions per second could reach 100,000.
Buterin further added how the Ethereum merge is just halfway marker. The Ethereum roadmap consists of many innovations that will make the network more robust and scalable in near future.
He also explained how the protocol will be "55% finished once the merge is deployed" and that there is a lot of work to be done. He added:
At the end of this road map, Ethereum will be a much more scalable system. By the end, Ethereum will be able to process 100,000 transactions per second.
However, the Ethereum foundation has recently uploaded a new post aimed at clearing certain misconceptions concerning the merge. The post clearly mentions that the upcoming merge will not be lowering the gas fee prices.
"Gas fees are a product of network demand relative to the capacity of the network. The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput." the post adds
The Ethereum merge is expected to happen on September 15, 2022.
However, the Ethereum foundation has recently debunked several misconceptions surrounding the merge.
As per the blog, the gas fee prices after the merge will remain unchanged alongside the fact that there will be a slight change in ETH transaction fee speed and processing.
"A transaction's "speed" can be measured in a few ways, including time to be included in a block and time to finalization. Both of these changes slightly, but not in a way that users will notice." the blog later added
- Read More: How To Cancel Ethereum Transactions
Ethereum's Surge, Verge, Purge and Splurge
Buterin also shared details on Ethereum's future developments adding that the network is set to undergo a four-part update called "surge, verge, purge, and splurge."
As part of the plan, these updates intend to make the network more scalable and secure.
Ethereum's transition from Proof-of-Work to Proof-Of-Stake is considered one of the most important milestones for the network. Not only will this fully implement Ethereum staking, but will also drastically reduce the network's energy consumption.
Buterin also added how Ethereum's transition to PoS is "a long and complicated transition," but is important for the network to scale in the long run.
"Proof-of-stake is much more secure than proof-of-work, but it does have its tradeoffs, like weak subjectivity," Buterin later added.
This transition and boost will not only impact Ethereum, but all the ERC-20 tokens and NFTs based on its blockchain. Many are already planning for the upgrade. Several projects on the Shiba Inu roadmap, such as Shibarium, set to take advantage of these changes.