Vitalik Buterin expresses optimism for upcoming Ethereum merge! “The Merge is coming. This effort we have been working on for the last eight years,” Vitalik Buterin says.
During the Blockchain Futurist Conference in Toronto on the 10th of August, Vitalik Buterin the founder of Ethereum excited the crowd by speaking about the upcoming Ethereum Merge scheduled for September.
And that’s a wrap for the @futurist_conf and @ETH_Toronto 🎉! Vitalik’s keynote at the conference followed by Goerli testnet merge to PoS later in the day. #Futurist22 #ETHToronto #Web3 #crypto #blockchain #eth pic.twitter.com/F1Bxp4EBkC
— Elaine Feng (@elainefengELF) August 11, 2022
Throughout the conference, Buterin mostly restated information regarding the merge including when it will take place as well as the benefits that will arise from the Merge such as the lower transaction fees, lower energy consumption, and other important upgrades.
“I know inflation is at 8.5%, gas prices are going up. But here, gas prices are going down. Low transaction fees are the only thing that can make blockchains affordable to anyone,“ Buterin said.
Emphasis On Lowering Fees
Throughout the conference, Vitalik Buterin emphasized the importance of lowering the transaction fees of Ethereum, one of the things the Merge will be able to fix.
“The average transaction fees on Ethereum for the last couple of years … have been somewhere between $1-$20,” he says. “If we see one of these bull cycles pop up again anytime soon, the fees are going go crazy again.“
He explains that the Merge will eventually be able to lower transaction fees dramatically, “Today, with rollups, it’s already sometimes 25 cents, sometimes less than 25 cents. And if you analyze what’s going to happen as a result of the improvements, then we’re talking about potential fees of maybe $0.05 cents, or maybe even as low as $0.002.“
“Massively cheaper transactions to the point where on-chain transactions will become affordable for lots of people for whom they’re not affordable today.“
Poking Fun At The Crypto Space
Vitalik Buterin also managed to poke fun at and pointed out the flaws in the crypto space during his presentation. He claims that the space has gone in a completely different direction, “Fast-forward to now and It’s like, ‘Hey, look, it’s a monkey!’” Buterin joked.
“The problem with crypto space is that it has great incentives, but at the same time, it has incentives to go into very weird directions sometimes,” he says.
Despite all that, Vitalik Buterin seems to have a really big vision for the future of Ethereum with this upcoming merge, one which will be much cheaper and effective to use.