Vitalik Buterin: The transition to PoS can return the popularity of crypto payments

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During the Korea Blockchain Week 2022 conference, Ethereum co-founder Vitalik Buterin said that the network's transition to PoS could increase the popularity of cryptocurrencies for everyday payments.

Buterin recalled that earlier usecryptocurrencies for payments were more common, but most blockchains faced scalability problems and high fees. Therefore, now everyday payments using digital assets are not so popular.

“Cryptocurrency payments somehowlost popularity after 2018. And, naturally, transaction fees were 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 must switch toProof-of-Stake (PoS) algorithm in mid-September. This will increase network capacity. In the future, with the introduction of sharding and other technologies for scaling, the figure will increase even more. Accordingly, transaction fees will also decrease.

Earlier, Bits.Media published a large-scale material about ETH mining after Ethereum switched to PoS.