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ETHEREUM MERGE: WHEN IS THE ETH UPDATE PRICED IN?

 


Merge will bring back crypto payments and utility: Vitalik Buterin

During the Korea Blockchain Week 2022 conference on Aug. 8, Vitalik Buterin claims that the merger will bring back crypto payments and other utilities of blockchain and crypto that were muted after 2018. The next 10 years will transform Ethereum and the crypto space.


Advantages of the Ethereum Merge

Moving from PoW to PoS consensus with the merge will drastically reduce transaction gas fees. Additionally, scaling with layer 2 Zk rollups and blockchain compression with Verkle trees as part of the Surge and Verge phases will bring crypto payments and other use cases in the future.


Vitalik Buterin continues:


Indeed, once we have the scaling technology, it will be possible to try to bring crypto payments back to the mainstream. In the future, with rollups, with all the efficiency improvements, transaction costs could drop to $0.05 or even be as low as 0.2 cents.


Ethereum Merge

Vitalik Buterin believes that many crypto applications are promising in theory but practically impossible today. However, the merge will potentially make these applications possible.


As Ethereum developers work on the Surge, Verge, Purge, and Splurge upgrades, the team also plans to protect Ethereum from quantum computing attacks in the future.


Also, Vitalik Buterin confirmed that Ethereum miners moving to Ethereum Classic are unlikely to be impacted by the merge. After the merge, it will take at least 6-8 months for Ethereum (ETH) to be priced in both technically and psychologically due to the cleanup phase.


Also read: Mining from home: does Ethereum Classic make it possible?

Ethereum (ETH) price has rallied quickly on community optimism regarding the merge. Despite the upside momentum, the market rally appears to be short-lived due to a bear market rally.


In the last 24 hours, ETH price is up more than 3% with the current price at $1734, well above the psychological $1500 mark.


Community reaction to the Ethereum price post-merge remains mixed.

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