Vitalik Buterin says ETH merge will make crypto payments Mainstream again. The Co-founder of Ethereum claims the reason crypto payments have swindled down is because of its high transaction cost. The Ethereum merge and new scaling solution will fix this, he states.
Recently, Vitalik Buterin, co-founder of Ethereum, presented at the Korea Blockchain Week 2022 conference on Monday explaining a number of information about Ethereum’s upcoming Merge in September.
During his presentation, Buterin argued that although he is optimistic about Ethereum’s future, he acknowledges that there will be big challenges ahead
Buterin claims that the next decade will be crucial for blockchain technology, stating: “I think the next 10 years is when crypto has to transform into something that is not based on promises of being useful in the future but is actually useful,” continuing “because a lot of applications are promising in theory, but they’re just completely not viable because of scaling issues today.”
Reviving Crypto Payments
Vitalik Buterin pointed out that the last few years, the trend of using cryptocurrency as payment methods have slowly dwindled down, claiming that this was because after the year 2018, the increase of crypto adoption made blockchain transactions too expensive.
“Cryptocurrency payments sort of became less popular after , It’s pretty clear that fees are one of the reasons why.”
Buterin then goes on to explain that with the upcoming scaling solution change to ZK-Rollups (or zkEVM Rollups) after the merge, Ethereum will work on focusing to reduce its transaction cost.
“So today with roll ups, transaction fees are generally somewhere between $0.25, sometimes $0.10, and in the future with roll ups with all of the improvements to efficiency that I talked about. The transaction costs could go down to $0.05, or even maybe as low as $0.02. So much cheaper, much more affordable, and a complete game changer.” Vitalik stated.