The Crucial Role of Ethereum in Shaping Web3
In the evolution of the internet, Ethereum, the leading smart contract network, will play a vital role in shaping the future of web3. This process will take several years, but its impact will be immense.
The Ethereum Upgrade Roadmap
Let’s take a closer look at the Ethereum roadmap and how it will contribute to the next iteration of the internet. Web3 envisions a decentralized internet where users have ownership and control over their data and identities. In contrast, the current version, Web2, is dominated by search and social media companies that profit from harvesting user data.
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The Merge, a significant upgrade, has already taken place. However, there are more milestones ahead.
“The Surge” and Scalability Improvements
The next major step, known as “The Surge,” brings scalability improvements. Proto-Danksharding will be introduced through EIP-4844 in Q4 2023, reducing operational expenses for rollups and layer-2 networks.
“The Scourge” and Addressing Protocol Risks
“The Scourge” will prioritize censorship resistance, decentralization, and address risks related to MEV. This phase aims to enhance Ethereum’s protocol.
“The Verge” and Statelessness
In the “The Verge” phase, Ethereum will transition from Merkle Trees to Verkle Trees, enabling simplified block verification and eliminating the need for validator nodes to store a full copy of Ethereum’s state.
“The Purge” and Protocol Simplification
“The Purge” simplifies the protocol by reducing historical data storage and eliminating technical debt.
Final Phases and Additional Upgrades
The final phase, “The Splurge,” will address remaining upgrades, including Account Abstraction, Verifiable Delay Functions, and enhancements to the EVM.
Ethereum’s Steady Approach and Future as a Decentralized Financial Layer
While other platforms rush for high throughput at the expense of reliability, Ethereum takes a slow and steady approach to its upgrade roadmap. These upgrades will establish Ethereum as the decentralized financial layer of the internet to come.
Hot Take
Despite the steady progress of Ethereum’s upgrade roadmap, ETH prices remain stagnant. It is currently trading around $1,635, significantly down from its peak price of $4,878 two years ago.
