The Ethereum merge caused a huge hype and FOMO in the crypto community last week. But that’s not all. After the merge, further upgrades with the names “Surge”, “Verge”, “Purge” and “Splurge” will follow.
Ethereum co-founder Vitalik Buterin revealed the next steps for the further development of the cryptocurrency on July 21, 2022 at the Ethereum Community Conference (EthCC) in Paris.
According to the developers, the merge should take place on September 19, 2022 – in less than 2 months. During the merge, the consensus mechanism of the blockchain is completely switched from proof-of-work to proof-of-stake. Since no mining is used in the proof-of-stake consensus mechanism, the energy consumption of the blockchain will decrease by over 99% after the upgrade.
At the conference, Vitalik Buterin introduced some new terms for upgrades that will appear after the merge.
The industry analyst Miles Deutscher published on Twitter an overview of the upcoming upgrades with the names: Surge, Verge, Purge and Splurge.
.@VitalikButerin claims that #Ethereum will be able to process “100,000 transactions per second”, following the completion of 5 key phases:
* The Merge
* The Surge
* The Verge
* The Purge
* The SplurgeA quick breakdown of what each stage means for $ETH. 👇 pic.twitter.com/FnaWww8mHZ
– Miles Deutscher (@milesdeutscher) July 22, 2022
Ethereum: development is only 50% complete
The “surge upgrade” is one of the next big steps to increase scalability. For this, the so-called sharding mechanism and side chains are implemented. According to Vitalik Buterin, after completing all stages of the roadmap, Ethereum will be able to process 100,000 transactions per second.
The upgrade, which is scheduled to be released in 2023, will significantly reduce ETH transaction times and transaction fees. These are currently one of the biggest disadvantages of the Ethereum blockchain.
With the Verge upgrade, so-called ”Verkle trees” are introduced. This is a powerful feature that significantly reduces the amount of data required for a “proof” (proof of consensus). The upgrade is essentially about further improving scalability, saving disk space and reducing node size.
The “purge” (German: purge) is, as the name suggests, a kind of purge phase. The development team will delete old data to make room for new data and reduce network congestion.
Finally, Vitalik Buterin wants to optimize the network operations with the ”Splurge upgrade“ (”Kaufrausch”) and coordinate the previous upgrades. “The Splurge” itself includes smaller, specific upgrades.
Vitalik Buterin said that there is still a lot of work for the developers. He said that “Ethereum will be 55% complete once the merge is completed”. In addition, the programmer believes that ETH has much more development potential than Bitcoin:
“The difference between Bitcoin and Ethereum is that Bitcoiners see Bitcoin as 80% finished, while Ethereans see ETH as 40% finished.”
ETH Course Update
The crypto market recorded further price gains this week. The price is at $ 1,565 at the time of publication of the article, and shortly before that it touched the $ 1,600 mark. Over the past 7 days, the ETH exchange rate has increased by about 31%.
Ethereum was able to outperform Bitcoin on this day with a price increase of 5.7% Bitcoin. The Bitcoin price rose by just 0.5% today after it became known that Tesla had sold a large part of the Bitcoin holdings.
Currently, the ETH price is still about 68% below the last all-time high (4,878 US dollars) of November 2021.
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