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Blockchain Stories

The Merge: What’s Next For Ethereum (ETH) in 2023?

By Anju B Nair, Sr. Technical Content Writer, Kerala Blockchain Academy

The idea of the series is to summarize the trends of blockchain that happened in 2022 and analyze what holds for the technology in credit for the future. By chance, if you have missed the first part of this series kindly refer to the same here. In the first part, we sneak a peek at the Macro Economy and Market Cycle predictions for Blockchain, and today we will stroll through the Ethereum updates that happened in the past and their implications for the future. So let’s get started.

Ethereum Merge & Future Blockchain Architecture

Ethereum, the world’s second most valuable cryptocurrency, completed a significant software overhaul last year. The newer switch of the consensus model now promises to assert the security of the coin, while claiming to cut down on its carbon footprint, nearly entirely. In 2023, the blockchain is to get a lot more fascinating. The Merge will cast aside the role of crypto miners and gigantic mining farms, who had previously driven the blockchain to now assign the ‘validators’ who randomly approve transactions and earn a small reward. This story might be already familiar to all blockchain enthusiasts, as the PoW and PoS adorn the fundamentals of Blockchain. However, it’s nowhere complete if we miss this part for this particular title. So here we go.

Then ’n’ Now

What’s Next In Ethereum?

With the consensus model shift, there are newer changes expected in Ethereum. At the Ethereum Community Conference held last year, Vitalik Buterin, Ethereum’s co-founder opinioned that post ‘The Merge’, the network will undergo further upgrades which he called the “surge,” “verge,” “purge,” and “splurge”.

Since its debut in 2014, Ethereum has been the top blockchain platform for decentralized applications. Although there are other blockchains with various use cases and functionalities, none have seen anywhere near the level of adoption that the Ethereum blockchain has. As we progress in 2023, The Merge will include new capabilities that will make it easier for programmers to comprehend what is happening between their code and the EVM. It is also anticipated that Ethereum will focus on introducing new features to enable the development of decentralized applications simpler. The Ethereum Merge’s underlying technology is built with backward compatibility in mind. As a result, programmers who create applications using Ethereum’s current version should be able to transfer their code to the new network without having to make any modifications. Ethereum Merge also includes a steep increase in daily block creation and a substantial decrease in average block time.

Why is the ‘Merge’ important?

The development in Ethereum comes amid growing regulatory scrutiny over cryptocurrencies which have taken a severe beating in their value in the past few months. Said that “The Merge” will make transactions on the Ethereum network incredibly safe is one of the main advantages that have to be highlighted at the moment. As the Ethereum blockchain is a house to some of the most widely used cryptocurrency applications, including non-fungible tokens (NFTs) and decentralized finance ( the Merge, therefore, will have far-reaching consequences in the future and will definitely start reflecting from this 2023. Let’s wait for safer, more secure, and socially good blockchain applications paving the way to a sustainable future.

Read More On Ethereum Updates

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