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Vitalik Buterin Announces Roadmap for Ethereum After The Merge
July 23, 2022
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The entrepreneur shared how the project plans to move forward after the milestone event.
New Journey for Ethereum.
At the Ethereum Community Conference (EthCC) being held in Paris (France), Ethereum co-founder Vitalik Buterin discussed directly what will happen when The Merge is completed. Ethereum will have to undergo further upgrades divided into four phases: The Surge, The Verge, The Purge, and The Splurge.
For The Surge phase, Buterin mentioned the addition of sharding technology. Sharding is a scaling solution that the Ethereum Foundation claims will further enable Layer 2 protocols to operate more efficiently, reducing fees and making it easier for users to run Ethereum network security nodes. Buterin added that once the growth phase is complete, the Ethereum network will also process transactions faster.
“Ethereum today can handle about 15-20 transactions per second. However, Ethereum will be a much more scalable system at the end of this road. Eventually, Ethereum will be able to process 100,000 transactions per second. In terms of overall network development, Ethereum could be 55% completed once we implement The Merge. So there is more work for developers ahead.” Vitalik Buterin said.
Ethereum will build an easy-to-use lightweight client for implementation and consensus layer solutions as well as Layer 2 on top of The Verge. This new model is called “Verkle trees,” a powerful upgrade that allows for much smaller proof sizes. This will optimize storage on Ethereum and help reduce node size, enabling ETH to become more scalable.
During The Purge, Buterin wants to reduce the hard drive space required for validators on Ethereum to help to eliminate historical data and bad debt, as well as streamline storage, thus reducing network congestion.
Finally, Buterin has planned to improve Ethereum with better cryptographic technologies in The Splurge, which is quantum resistant and integrates smoothly with the Ethereum Virtual Machine (EVM) and Zero-knowledge technology (ZK). In addition, improvements to the EIP-1559 combustion mechanism will also be implemented.
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Binance VIP Traders Informed of $4B Settlement Back in September
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December 1, 2023
The exclusive gathering took place at a luxurious Singapore night club in September, where attendees engaged with Binance executives and probed about the potential settlement.
Binance reportedly hosted an exclusive dinner for its most significant market makers in September. The gathering, held at a prestigious Singapore nightclub, was an intimate setting where select VIP traders gained insights into the impending $4 billion settlement with the U.S. Department of Justice, according to a recent report from Bloomberg.
The private dinner, organized for Binance's top traders, unfolded in the upscale 1880 members-only club. Attendees, consisting of market makers and traders, engaged in discussions with Binance executives about the company's legal challenges. The conversations revolved around the potential $4 billion fine, leaving attendees convinced that Binance could afford and would settle such a substantial amount.
Attendees' Perspectives
Reports suggest that attendees, after breaking into smaller groups, sought clarification on Binance's legal troubles. They left the dinner with a heightened expectation of the $4 billion settlement, emphasizing the significant financial impact it would have on the exchange.
Former CEO Changpeng Zhao was notably absent from the gathering, with the then-head of regional markets, Richard Teng, representing the company.
In response to the reports, a Binance spokesperson disputed certain aspects of the event's depiction while refraining from specifying the inaccuracies, as per The Block. This discrepancy in accounts raises questions about the transparency surrounding Binance's legal challenges and its communication with stakeholders.
Implications of the Settlement
Binance’s $4 billion settlement with U.S. authorities, including the Department of Justice, Department of the Treasury, and the Commodity Futures Trading Commission, marked one of the largest corporate settlements in U.S. history.
The resolution concluded a criminal investigation into allegations of money laundering and sanctions violations, settling many of Binance's legal troubles in the U.S. However, Binance.US and Changpeng Zhao still face a lawsuit filed by the U.S. Securities and Exchange Commission.
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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