The developers of the Ethereum blockchain project are working hard for more than a couple of years to make the network highly efficient but it seems that it will invite spammers into the Defi ecosystem of Ethereum.
Ethereum is the second biggest crypto asset in the crypto industry, which is holding the second highest trade volume in the crypto industry. Probably Ethereum doesn’t need any kind of Introduction like Bitcoin. Just like Bitcoin, the Ethereum blockchain network operates on Proof-of-work consensus, which is inefficient for crypto transactions & also in terms of scalability but still has huge numbers of use cases over Bitcoin.
The developer team of Ethereum blockchain has been working on “The Merge” plan for 2 years and now they are very near to shifting the Ethereum blockchain network from Proof-of-work Consensus to Proof-of-stake Consensus. They will merge the Ethereum blockchain network with the Proof-of-stake Beacon chain.
After the merger, all the completion of development works will make the Ethereum network efficient in every aspect.
Vitalik’s beliefs & problems
Recently during an event, Vitalik Buterin, co-founder of Ethereum blockchain, stated that completion of TheMerge & further initial development works will make the Ethereum blockchain Network able to facilitate transactions at a transactions fee of less than $1.
Vitalik also said that further Zk rollups & additional development may reduce the network fees up to 5 cents or even less.
However these statements & beliefs of the Ethereum co-founder sound like a miracle for the small crypto investors but in reality, it may bring new problems for the Ethereum blockchain.
Due to very low transaction fees, few so-called talented actors will deploy their trading bots in Defi space of Ethereum blockchain to make profits, and also high-level crypto businesses will use their payment protocols on Ethereum as a priority. In addition to these things, retail investors will show significant interest in the Ethereum Defi ecosystem, which will further increase the load on the Ethereum network.
As all of us know very well that everything in this world operates under a limit, So if traffic on the network will exceed then some significant problems may occur for the Ethereum blockchain. We can take an example of the Solana blockchain, which faced multiple outages because of a surpasse of traffic outside the potential limit.
Here Ethereum developers will be required to remain ready against the possible future issues because of the explosion of huge traffic. Perhaps, Vitalik already said that it will take around 5 years to complete the scalability & efficiency development work of the Ethereum blockchain after shifting it to the Proof-of-stake model, so here this situation will take a very long time to occur & here we don’t need to take much tension in this phase but still it will be a big challenge for the Ethereum blockchain developers.