Vitalik Buterin, the co-founder of Ethereum said, “Once we have scaling technology […] it actually becomes possible to really try to make crypto payments more mainstream again,” referring to ‘The Merge’, during his keynote speech at the Korea Blockchain Week 2022 conference.
Buterin said that crypto payments became less popular after 2018, with fees being one of the primary reasons.
He also said that going ahead, “with rollups, with all of the improvements to efficiency … the transaction costs could go down to US$0.05 or even be as low as 0.2 cents.”
The Ethereum blockchain is currently preparing for The Merge, which is expected to happen mid-to-late September.
The upgrade will transition the blockchain from the proof-of-work consensus mechanism to proof of stake.