Ethereum is only 40% complete and after 55% merger, says Vitalik Buterin

Vitalik Buterin, Founder Ethereum (ETH), spoke about the long-term future of Ethereum at the EthCC event on July 21. Here he notes that Ethereum is only 40% complete at the moment. Compare this with Bitcoin (BTC) network:

“The difference between Bitcoin and Ethereum is that Bitcoiners consider Bitcoin to be 80% complete, but Ethereans consider Ethereum to be 40% complete.”

According to Buterin, there are five different stages in the development of Ethereum: to mergeThe rushes strengthThe forgiveThe disinfection and the splurge.

The merger is likely to take place in September. This update makes Ethereum move to a file proof of stake (PoS) consensus model, unlike the old proof of work (PoW) model. Increase the number of troops around the implementation fragmentation This is a blockchain split for faster transactions. About to be called shrink trees. The main purpose of disinfection is to auditors. They need to use less hard disk space against that. Finally, bragging takes care of “all the other fun things,” Buterin says.

Ethereum 55% off after merge

Vitalik believes that when the consolidation phase is completed, Ethereum will be 55% complete. The next stage is the fragmentation stage. This stage should ensure that the Ethereum network can process up to 100,000 transactions per second (TPS). This phase should be completed sometime in 2023.

After that, Ethereum will work on the final update. Buterin expects this phase to be completed in late 2023 or early 2024. Buterin also says that it is important in the long-term for Ethereum that the project becomes more efficient, but not more complex.

Buterin says that a simpler, more compact version of Ethereum might require someone to know the entire protocol well. However, he admits that this is very difficult at the moment. Currently, many developers indicate that the . file “It’s okay if someone doesn’t understand the entire protocol, since we can specialize in different parts.” However, this mindset does not align with Buterin’s vision for the future of Ethereum.