Buterin Counts London Hard Fork Upgrade as Base to the Revolution of Ethereum

Today, the most significant upgrade to the Ethereum network just happened to revolutionize the Ether blockchain.

The London hard fork incorporated a fee reduction feature called EIP 1599. According to ultrasound, in just a few hours of running, the fee cut had already gotten rid of $2 million worth of ETH. Money. Vitalik Buterin, the inventor behind the cryptocurrency, stated that the EIP 1559 is the most significant part of the upgrade. Currently, ETH is trading at 2,809.16, up 3.91% from the last 24 hours.

What the London Hard Fork Means to Ethereum

The London hard fork consists of 5 proposals, EIP 3554, EIP 1599, EIP 3529, EIP 3198, and EIP 3541. As mentioned above, the EIP 1599 is a fee reduction figure. The EIP 3554 delays the coded difficulty bomb to make mining difficult. On the other hand, the EIP 3529 revolves around gas refunds reductions to reduce or delete unused smart contacts. The EIP 3198 is the one that allows users to return the base fee, and lastly, the EIP 3541 sets up upcoming upgrades to the Ethereum Virtual Machine.

It is logical to say that the London hard fork has attracted more media attention than prior updates. The expansion of crypto markets has helped put Ethereum at the forefront of the headlines, and investors are intrigued by the possible effect that the new EIPs could have on the network as a whole.

Ethereum will carry on being the most favorite decentralized finance network or DeFi network in that sector. Various commentators think DeFi will bridge the gap between mainstream finance and cryptocurrency. It would eventually increase the demand for the ETH token and push the token price up. Ethereum seems to be highly optimistic about the long-term impact of the London Hard Fork upgrade.

Cutting on Energy Use Eventually

Together, the Ethereum network aimed to enhance EIPs. Still, the London Hard Fork’s discussion is bubbling into mainstream media from Ethereum circles because it represents an enormous step towards the general upgrading of the Ethereum 2.0 network. Ethereum 2.0 is more significant and larger as it will cover all the aspects of the ethereum network as compared to some parts that the London hard fork covers. 

Bitcoin and Ethereum, the top two largest cryptocurrencies by market cap, both use proof of work to validate transactions on their networks and mine new tokens. Bitcoin has been in the spotlight a couple of times due to the high consumption of electricity. 

Other concerns were environmental, stating that the rise in BTC price has led to increased CO2 emissions. For example, a BofA study revealed that the Bitcoin surge had caused an increased emission of about 40 million tons in just the past two years, equal to 8.9 million cars added on the road. 

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Ethereum 2.0 is all about shifting the network to a proof of stake to avoid such environmental concerns. Users will stake their ETH, and that way, they can mine or validate transactions depending on how many ETH they hold.

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