- Ethereum co-founder Vitalik Buterin has provided insights into “The Verge,” a highly anticipated upgrade aimed at enhancing the blockchain’s efficiency and scalability.
- Despite a slight decline in Ethereum’s price, the network boasts over 5 million active addresses.
In a recent blog post, Ethereum co-founder, Vitalik Buterin shared insights about one of the most awaited upgrades in the Ethereum ecosystem. Being a key component to the second largest cryptocurrency by market cap, “The Verge” aims to enhance the blockchain’s efficiency and scalability.
Recent price charts have revealed that Ethereum has been underperforming. Analysts and Ethereum Enthusiasts are keeping a close eye on the potential impact of the aforementioned upgrade on ETH price.
According to the blog post, “The Verge” aims to get away with the limitations users undergo in verifying Ethereum’s blockchain. The blog post suggests that the upgrade is designed to make running a full-verifying node more accessible. Currently, only powerful devices like laptops can handle the task of verifying Ethereum’s blockchain, which limits participation from a broader audience.
In essence, ‘The Verge’ leverages Verkle trees, a data structure that allows nodes to validate transactions without storing the entire blockchain. Thus, by reducing the storage burden for verifying nodes, this will allow more users to participate.
Additionally, the upgrade incorporates SNARKs (Succinct Non-interactive Arguments of Knowledge), a highly efficient cryptographic verification method. Buterin emphasized that this shift could allow Ethereum’s blockchain to be verified on devices as small as a smartwatch.
This transition toward “stateless clients” will further reduce the need for large storage capacities, speeding up the blockchain and enhancing its performance. By reducing the storage burden and streamlining the verification process, Ethereum can become more scalable, benefiting both users and stakers.
As Ethereum awaits The verge, market gurus are optimistic about an uptick in ETH’s price. Upgrades like this have more times than not tended to be catalysts for renewed investor interest. With the recent volatility in the cryptocurrency market, many are hoping that this development could trigger a rebound for ETH.
At the time of writing, ETH is swapping wallets with $2,583.93 marking a 1.67% and 1.38% in the past 24 hours and past week respectively. In addition, Ethereum’s market cap which stands at $311B has undergone a 1.70% decline.
Ethereum’s Active Addresses Surge
Despite the plummeting price value, Ethereum still maintains its dominant position in the cryptocurrency landscape. As earlier reported, this strength was recently reaffirmed as the digital asset surpassed 5 million active addresses across its mainnet and Layer 2 networks.
Data from IntoTheBlock reveals that Ethereum is leading the charge in the cryptocurrency space, boasting more active addresses than its competitors on both Layer 1 and Layer 2 platforms. As of this month, the digital asset has recorded over 5 million active addresses.
Ethereum’s surge in active addresses has primarily been fueled by the growing popularity of its Layer 2 networks including Arbitrum and Optimism. As a result, the digital asset has captured over 40% of all active addresses across various blockchains.
