Ethereum could deal with 100,000 TPS. Surge, Verge, Purge, and Splurge upgrades will arrive after the Merge. ETH prices went up at least 5.7% on the day.
The Merge caused hype and FOMO over the past week, and now, the Ethereum network will undergo a Surge, Verge, Purge, and Splurge as part of its continuous development schedule.
Ethereum co-founder Vitalik Buterin revealed the next steps in the roadmap for the network at the annual Ethereum Community Conference, held in Paris on July 21.
All this hype at the moment got focused on the Merge, which should get released on September 19, less than two months away. This upgrade will arrive with a new proof-of-stake consensus procedure and end the energy-intensive proof-of-work mining.
Buterin introduced new surnames at the conference that will take effect once the Merge has happened.
Industry analyst, Miles Deutscher, revealed a series of predictions about what to expect from the Surge, Verge, Purge, and Splurge going forward.
Development Roadmap is Only Halfway Complete
The Surge is the most significant decision towards scaling with the introduction of sharding, or side-chains, in 2023. Buterin said that Ethereum would count on the power to process 100,000 transactions per second by the end of this roadmap.
This upgrade will be more advantageous to network users as it will reduce transaction costs and times, which, at the moment, is one of the banes of using layer-1 Ethereum.
On the other hand, The Verge implemented Verkle Trees, a powerful upgrade to Merkle proofs that allow much smaller proof sizes. This implementation is another scaling upgrade that modifies storage on the network and minimizes node size.
The Purge is a cleanup stage that eradicates some historical data to streamline storage and reduce network congestion. The final upgrade consists of several upgrades and fine-tuning to consolidate smooth network activities following the previous improvements.
Buterin acknowledged that developers still have a long way to go as Ethereum will be 55% complete once they consolidate the Merge.
Buterin also highlighted that the most significant difference between Bitcoin and Ethereum is that Bitcoiners say Bitcoin is 80% complete, but Ethereans say Ethereum is 40% complete.
ETH Prices Reaches higher Peaks
Asset prices continued to reach higher rates this week, gaining a good percentage registered at 31%. On the other hand, ETH was trading at $1,565 at the time of press; after it briefly caressed $1,600 during the late hours of July 21.
This coin has surpassed Bitcoin with a 5.7% daily gain compared to just 0.5% for BTC following the Tesla selloff. The minor bounce has made Bitcoin prices gain 4% to reach $22,127 this July 19.
On the previous day, on-chain analytics provider Glassnode highlighted that BTC managed to trade below its realized price for over a month. There were several signals that a capitulation had already taken effect in the market. Markets remain somber in general, but Ethereum remains down from its November 2021 all-time high.
By: Jenson Nuñez
