During his speech at the Ethereum Community Conference (EthCC) in Paris, Ethereum co-founder Vitalik Buterin said that by the end of his roadmap, the network will be able to handle up to one hundred thousand transactions per second.
Vitalik Buterin: After “The Merge”, Ethereum’s scalability will skyrocket
Buterin also said that the Ethereum roadmap after “The Merge” will only be 55% complete, with many more major innovations to come in the future.
He described this process leading to the migration from PoW to PoS as a long and complicated transition, but also said that the switch to PoS will make the Ethereum ecosystem stronger.
Buterin further stated:
“Proof of stake is much more secure than proof of work, but it has its advantages and disadvantages.”
Among the trade-offs, he listed “weak subjectivity” and expressed the opinion that, in the end, the advantages outweigh the disadvantages.
It is worth mentioning, however, that many independent techies strongly disagree that PoS is more secure than PoW. In fact, there are probably more who will argue that PoW is more secure and allows for a higher degree of decentralization. But Buterin was speaking to an audience of Ethereum supporters, so these statements of his were totally biased.
Effectively, PoS consumes less energy and therefore potentially produces less pollution.
Following The Merhe, the Ethereum roadmap includes other developments, including a four-part update called “boost, edge, purge, and spill,” tweaks that aim to make Ethereum more secure and decentralized.
At this point, Buterin stated that:
“By the end of this roadmap, Ethereum will be a much more scalable system. In the end, Ethereum will be able to process 100,000 transactions per second.”
The Merge is coming
The move to PoS, scheduled to start in September, should already reduce transaction costs significantly, but achieving ultra-low costs and high execution speeds will take a while longer.
To date, the average cost of recording a transaction on the Ethereum blockchain is more than $1, while on Bitcoin (still based on PoW), it is less.
Buterin also imagined that, at some point, the rate of evolution of Ethereum will start to slow down and the uncertainties should start to decrease.
Since the real goal of Ethereum now is not to replace Bitcoin as a store of value, it is very important that it can get to the point where it can handle a large number of transactions quickly and cheaply.