Key Takeaways:
- Ethereum migration to PoS to pass through five stages.
- Ethereum will be about 55% complete after ‘the Merge’, Buterin says.
- Blockchain Industry Creates Value —Bank of America.
LAGOS (CoinChapter.com) — Ethereum could become the most dominant blockchain among rivals after its “Merge” update, according to Bank of America’s (BoA) latest report.
Notably, the Merge is a network upgrade that could switch Ethereum’s consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS). The upgrade could happen in September, as CoinChapter has covered here.
The Merge will is expected to decrease Ethereum’s energy consumption by over 99%, invariably making the network more eco-friendly. In addition, the PoS upgrade also acts as a forerunner for “the Surge,” the second of the planned upgrades.
Ethereum To Process 100,000 TPS Following Update
Bank of America argued that “the Surge” would solidify Ethereum’s position as the blockchain network.
The Surge will help Ethereum achieve its mission of improving scalability on its network. It will also boost Ethereum’s throughput from around 15 transactions per second (TPS) to about 100,000 TPS. The upgrade will also reduce Ethereum transaction costs.
Bank of America noted that these features will “likely be key as the Web 3 ecosystem of decentralized applications emerges.” It’s worth noting that after the Surge, the next level of upgrades is “the Verge,” “the Purge,” and “the Splurge.”
Blockchain Industry Creates Value — Bank of America
Meanwhile, the Bank of America has reiterated its support for the blockchain sector, claiming that the industry is not deadbeat. However, it posited that despite the blockchain industry’s unpredictability, it still creates value.
“We disagree that blockchains and the applications that run on top of them have no intrinsic value – a comment we hear regularly – the industry creates value.”
Bank of America said.
The bank comment comes after Andrew Bailey, Governor of the Bank of England, told Parliament that the crypto industry had no intrinsic value. However, the Bank of America argued that blockchain generates revenue through transaction fees, network validations, and NFT sales.
