Tay Tian Wen · · 1 min readPayments with Ethereum will become more common, token co-founder says
Ethereum co-founder Vitalik Buterin expects more daily transactions to be made with Ethereum within the next two to three years.
Ethereum co-founder Vitalik Buterin / Photo credit: Duncan Rawlinson
In his keynote speech at the Korea Blockchain Week 2022, Buterin highlights that cryptocurrency payments declined after 2018 primarily due to high fees. He adds that “improvements to efficiency” could lower transaction costs to between US$0.05 to US$0.2 but stopped short of specifying a time period for when these improvements may be realized.
Buterin’s keynote speech comes as Ethereum is in the final phase of an upgrade known as “The Merge.”
The upgrade, which is expected to initially launch by September 19 this year, will see Ethereum transition from a proof-of-work to proof-of-stake consensus mechanism. The Merge will also reduce commissions on Ethereum transactions by a “huge margin,” according to Buterin.
During his presentation at the Korea Blockchain Week 2022, the co-founder adds that making cryptocurrency transactions on Ethereum more affordable will help accelerate the adoption of non-DeFi (decentralized finance) apps such as DNS servers, proof-of-presence protocols, as well as Web3 account management services.
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Editing by Miguel Cordon and Jaclyn Tiu
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