With the Merge on the Verge Buterin Preview The Surge – The Defiant
The merger is about to become a reality. And mounting expectations of a new, more powerful and cleaner Ethereum sparked a welcome rally across DeFi last week.
But even after the merger is complete, Ethereum will only be halfway home. For starters, the network will later adopt a process called The Surge.
The main message
This was the key message delivered by Vitalik Buterin, Ethereum’s chief scientist and co-founder, at a conference in Paris on July 21.
Speaking before an audience of Ethereum developers, entrepreneurs and users, Buterin said the network’s transition from proof-of-work to proof-of-stake will be “complex.” He shared insights and details of what was to come
“The Ethereum protocol is going through a long and complex transition towards becoming a much stronger and more robust system today,” Buterin said. He estimated that after the merger, Ethereum would have completed about 55% of its roadmap.
Ethereum hits five-week high as DeFi rallies
The merger will usher in a 90% reduction in new Ether issuance and a more than 99% increase in the network’s energy efficiency.
Buterin says that the shift to Proof of Stake will reduce new ETH issuance from 5M per year to 166 times the square root of total annual deposits. Buterin explained that if 1M ETH is staked, the annual issuance will be 166,000, and if 100M ETH is staked, the issuance will only go up to 1.66M.
common sense
According to Staking Rewards there is currently over 13M Ether staked on the Eth2 Beacon chain.
PoS will also introduce Data Availability Sampling (DAS), which will allow the blockchain to operate without requiring a single node to process the entire chain. Buterin described the upgrade as interesting from a blockchain perspective, but “complete common sense” from a broader distributed systems perspective.
“Nobody would even consider creating a version of BitTorrent where everyone has to download every movie. But that’s how blockchains work today,” he said.
Buterin added that DAS aims to combine the security features offered by blockchain with “the distribution you see in peer-to-peer networks where you have different parts of the network responsible for different pieces of data.”
Looking past The Merge, Buterin emphasized that the protocol was undergoing disruptive upgrades that would achieve “long-term gains” at the expense of “short-term pain.” He said he expects Ethereum to “start to stabilize” once the upgrades are complete.
Must slow down
“Right now, I think we’re entering this period of rapid change where Ethereum’s capabilities are growing rapidly,” Buterin said. “At some point, the rate of change in the Ethereum protocol will have to… slow down… This doesn’t mean that Ethereum will completely oscillate, but it does mean that it looks a bit more like a system that optimizes for security and predictability, and less like an ecosystem. Which is optimized to impress and dazzle people.”
Buterin added that decentralization is difficult to follow when rapid protocol changes are occurring and system complexity is high. “The simpler and slower the protocol changes, the easier it is to decentralize.”
In the future, Ethereum’s Layer 1 may “optimize to remain secure”, while its Layer 2 will facilitate “fast iterations and actions”.
The next milestone on Ethereum’s roadmap after the merge is ‘The Surge’, which will introduce sharding and provide additional data space intended to make rollups “up to 10 times cheaper”.
Rollups have emerged as the dominant Layer 2 scaling solution for Ethereum, with over $3B currently secured by leading L2s Arbitrum and Optimism, according to L2beat. They work by aggregating transactions on a fast and cheap second layer chain before submitting them to Ethereum’s base layer mainnet for batched verification.
Ethereum post merge
“Ethereum today can process about 15 to 20 transactions per second, [post-surge] Ethereum, with rollups, with sharding, mathematically it will be able to process 100,000 transactions per second,” Buterin predicted.
The Surge will be followed by ‘The Verge’, which will introduce vercal trees and stateless clients to make Ethereum even lighter. Buterin said that after The Verge, “you will be able to verify Ethereum blocks and be a validator without even having hundreds of gigabytes on your disk, which is great for decentralization.”
Purge is coming, which will remove old history from the network to further simplify the Ethereum protocol and reduce the amount of hard drive space required by validators. Buterin expects that after the upgrade, nodes will no longer need to store blockchain history.
Validator pool
Finally, the roadmap will reach The Splurge, which Buterin describes as introducing “all the other fun stuff” that can further improve the network’s performance and efficiency.
Looking past the current roadmap, Buterin expects more work and resources to be allocated to home stakers and smaller scale validator pools, as well as to making it easier for users to run a full node on lighter hardware.
“I personally still want mobile phone stalking to be possible eventually.”
Other future upgrades Buterin notes are optimizing for quantum resistance when quantum computing becomes a reality, expanding the transaction space to support zero-knowledge-based EVMs if they work well, and being open to future improvements in cryptography that could significantly improve efficiency or simplicity. .
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