Ethereum’s Role in Shaping the Future of Web3

• Ethereum appears to be playing a significant role in shaping the future of web3.
• The Ethereum upgrade roadmap is set to transform it into the decentralized financial layer of the internet.
• Despite stagnant ETH prices, the network is steadily progressing.

Ethereum, a leading smart contract network, seems poised to play a crucial role in shaping the future of web3. Despite the current stagnation in ETH prices, the network’s upgrade roadmap promises to transform it into the decentralized financial layer of the internet.

Decoding Ethereum’s Upgrade Roadmap

Ethereum’s upgrade roadmap appears to have various stages that will solidify its position as the foundation of the next iteration of the internet. Although the final version of Ethereum’s plan may take a few years to materialize, it is shaping up to have a significant impact on the internet as it evolves.

Key Milestones in Ethereum’s Upgrade Journey

Web3 developer Stacy Muur provided a comprehensive introduction to Ethereum’s roadmap and its role in the next milestone of the internet on September 6. The Merge, arguably the most critical upgrade since the network’s inception in 2015, has been a significant milestone. However, more important milestones lie ahead. The next major step, “The Surge,” could herald scalability improvements, starting with the introduction of Proto-Danksharding.

Future Stages for Ethereum

Proto-Danksharding, set to be introduced with EIP-4844 expected in the fourth quarter of 2023, will reduce operational costs associated with rollups and layer-2 networks. Following this, ‘The Scourge’ will prioritize upgrades addressing protocol risks related to censorship resistance, decentralization, and MEV (Maximum Extractable Value).

‘The Verge’ will facilitate easier and simplified block verification by transitioning from Merkle Trees to Verkle Trees. This will eliminate the need for validator nodes to maintain a complete copy of Ethereum’s state. Muur explained that ‘The Purge’ aims to simplify the protocol by reducing past data storage and eliminating technical debt.

Final Stages for Ethereum

The final stage, ‘The Splurge,’ will address all remaining issues. This stage will include upgrades that have not been addressed before, such as Account Abstraction, Verifiable Delay Functions, and improvements to EVM. Ethereum, unlike hasty ‘Ethereum killers’ like Solana and Base that prioritize efficiency at the expense of reliability, is adopting a slow and steady approach to its upgrade roadmap. These upgrades will transform Ethereum into the decentralized financial layer of the future internet.

Despite the roadmap, ETH prices continue to remain stagnant. The asset has seen little movement in the past few days, hovering around $1,635 at the time of writing. Furthermore, Ethereum is still 66.4% lower than its peak price of $4,878 nearly two years ago.

Conclusion

Ethereum’s upgrade roadmap, despite the current stagnation in ETH prices, promises a bright future for the network. With a slow and steady approach, Ethereum is set to transform into the decentralized financial layer of the internet, playing a significant role in shaping the future of web3.