Ethereum London Hard Fork 'EIP-1559' Scheduled For 5th August.
2021-08-04 | Big Bob
Ethereum’s London upgrade
is ready to activate on Thursday,
consistent with the countdown available on Ethereum.org. “The London upgrade is scheduled
to live on the Ethereum blockchain in August 2021, on block 12,965,000,” Ethereum.org reads. “It will introduce EIP-1559, which reforms the transaction fee market,
alongside changes to how gas refunds are handled
and therefore the Ice Age schedule.”
Ethereum Improvement Proposal 1559, or EIP-1559, will directly affect how the network handles transaction fees. Going forward, each transaction will burn a base fee, thereby decreasing the asset's circulating supply and giving users
the choice of including a tip
to assist incentivize speedier confirmations proportionate to network demand. The London fork
will additionally introduce other EIPs,
like EIP-3541,
consistent with an official web blog post from the Ethereum Foundation in mid-July.
Twitter user Korpi
acknowledged a variety of notable points regarding EIP-1559 within a tweet thread on Monday.
“What
most are excited about is $ETH burn,” Korpi outlined
within the official tweet thread after discussing a
variety of other points regarding the Ethereum upgrade. Korpi explained:
“After EIP-1559, a part of the transaction fee is burned and far away from circulation. But it doesn't suggest that ETH immediately becomes a deflationary asset. For that to happen, ETH burned must be over ETH issued in block rewards.”
Ethereum’s London hard fork
is a component of its ETH 2.0 journey -
which can ultimately change the network's consensus algorithm from PoW [Proof-of-Work] to PoS [Proof-of-Stake].
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