During the Korea Blockchain Week 2022 conference, Ethereum co-founder Vitalik Buterin stated that the network’s transition to PoS could increase the popularity of cryptocurrencies for everyday payments.
Buterin recalled that earlier the use of cryptocurrencies for payments was more common, but most blockchains faced scalability issues and high fees. Therefore, now everyday payments using digital assets are not so popular.
“Cryptocurrency payments somehow fell out of favor after 2018. And, of course, transaction fees have become one of the reasons for this. In the future, after the introduction of rollups, after all the efficiency improvements, transaction fees may drop to 5 or even 2 cents,” Buterin emphasized.
Recall that Ethereum should switch to the Proof-of-Stake (PoS) algorithm in mid-September. This will increase network bandwidth. In the future, with the introduction of sharding and other technologies for scaling, the figure will grow even more. Accordingly, transaction fees will also decrease.
Earlier, Bits.Media published a large-scale article about ETH mining after the transition of Ethereum to PoS.