Ethereum price up 70% in 30 days, Vitalik Buterin says 'the Merge is coming,' talks post-upgrade benefits kitconews gold silver mining economics investing metals finance
Ethereum co-founder Vitalik Buterin praised the benefits the Merge would bring, including significantly lower transaction fees and a number of key upgrades.?
According to Buterin, the first thing that Ethereum users will feel is the cryptocurrency's energy consumption dropping by more than 99.9%. The second thing would be much lower transaction fees.? Buterin also warned that if a new bull cycle commences, it will push transaction costs much higher."If we see one of these bull cycles pop up again anytime soon, the fees are going go crazy again," he said.?
"At the same time as being a switch from proof-of-work to proof-of-stake, it's also an opportunity to take some of the ideas we've learned over the last eight years and use that to redesign the different parts of the Ethereum chain," he said.? Social recovery is another Web3 concept that Buterin is excited about."You can say I'm going to have five recovery contacts. Two of them are going to be an institution. One of them can be my employer. One of them can be my dad. One of them can be a friend. And any three of those five can come together and recover your accounts and reset your key to something else. And this is something that you can put into the rules on a smart contract, put that on-chain," he described.