Blockchain

The founder of MyEtherWallet pointed out two key aspects of the Ethereum London hard fork

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Ethereum Upgraded On Thursday, some changes were made to the network’s blockchain. Kosala Hemchandra, CEO and founder of MyEtherWallet, pointed out two particularly important changes.

“The London upgrade adds about 5 changes to the current Ethereum network; however, I believe only 2 of them are critical to everyday users,” Hemchandra said in a comment sent to Cointelegraph. Noting that the “time bomb delay” is the first of the two, he added:

“Since the birth of Ethereum, there has been a hard-coded value that is basically responsible for ensuring that Ethereum migrates to PoS or ETH 2.0 on time. This value is responsible for exponentially increasing the difficulty of the block after a certain block number, making it impossible for miners To mine new blocks, they must transfer to the ETH 2 network. However, due to development delays, this time bomb has been delayed, and it will be delayed for the last time at the London fork.”

In recent years, Ethereum has encountered scalability issues, especially in There are high fees When using decentralized finance or DeFi solutions. For a long time, Ethereum 2.0 or Eth2 hopes to bring scalability to the Ethereum blockchain, including the shift to proof of stake or PoS consensus mechanism. Eth2’s roadmap is officially released Starting in December 2020.

Ethereum’s recent London hard fork includes Five Ethereum Improvement Proposals (EIP)One of the proposals, EIP-1559, attempts to give the blockchain a deflationary effect on its native asset, Ether (Ethereum). Hemchandra pointed out that EIP-1559 is the second important change brought about by the London hard fork.

“EIP 1559 is a controversial change that essentially changes the processing structure of Ethereum transaction fees,” he said, adding:

“This will bring about some major changes, such as burning transaction fees, which will reduce the increase in overall ETH circulation. However, since miners will no longer charge transaction fees as an incentive, this change has caused a high degree of controversy. Here comes a tipping mechanism that can provide miners with a tip that includes your transaction. This tip will be directly given to the miner and will not be burned.”