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The London hard fork arrived almost as planned at 12:33 pm UTC on Thursday, with a block height of 12,965,000, ushering in the Ethereum Improvement Proposal (EIP) 1559.
With the triggering of the upgrade, Ethereum will now carry out major reforms to the network’s transaction fee market and other parameters (such as gas refunds, etc.).
Under EIP-1559, every transaction on Ethereum will involve burning a basic fee, which will automatically reduce Ether (Ethereum) Circular supply.Several exchanges, including Binance, Due to the London hard fork, announced the temporary suspension of deposits and withdrawals on the Ethereum network.
Some proponents of the upgrade have stated that it will make Ether a deflationary asset, because every transaction triggers a portion of the total token supply, which will be removed from circulation forever.
As Cointelegraph previously reported, Joseph Lubin, co-founder of Ethereum and founder of ConsenSys, described the London upgrade as part of a journey to make ether an “ultrasonic currency”.
The London upgrade and subsequent activation of EIP-1559 are milestones in the transition to Ethereum 2.0, which will transform the network from a proof-of-work consensus to a proof-of-stake consensus.
After the London upgrade engineer’s block flexibility and transaction fee market overhaul, the Shanghai hard fork planned to occur later this year will be the focus of the next agenda.
related: Ethereum’s London, Berlin and Shanghai forks and their role in Serenity
The excitement surrounding the upgrade coincides with the steady rise in the ETH spot price. At the time of launch, the price hovered around US$2,610, and the second largest cryptocurrency by market value was at the highest price level since the beginning of June.
Before Bitcoin’s cryptocurrency price plummeted, Ether hit an all-time high of more than $4,200 in mid-May (Bitcoin) Loss of about 50%, altcoins dropped by more than 70% on average.
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