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- The London hard fork was hailed as a success by Ethereum co-founder Vitalik Buterin, who said that it has given him more confidence in the impending merging to the Eth 2.0 chain
- According to the official documentation, Ethereum’s existing mainnet will merge with the proof-of-stake Beacon Chain, signaling the end of Ethereum’s proof-of-work system
- The upgrades have been beneficial for Ethereum market sentiment, with Forbes reporting that ETH may possibly flip BTC as a result of the upgrade
The London hard fork was hailed as a success by Ethereum co-founder Vitalik Buterin, who said that it has given him more confidence in the impending merging to the Eth 2.0 chain. Buterin added that EIP-1559 is “probably the most significant element of London” in an interview with Bloomberg News from Singapore. The fee-generating process was modified in the upgrade, which went live about 15 hours ago, resulting in a portion of the fees being burned. Since the upgrade’s deployment, more than 3,500 ETH worth roughly $9.8 million has been burned. The successful implementation of the London update, according to Buterin, is evidence that the Ethereum ecosystem is capable of making substantial changes.
He went on to say that the upgrade, gives him a lot more confidence in the merger, said the author. According to the official documentation, Ethereum’s existing mainnet will merge with the proof-of-stake Beacon Chain, signaling the end of Ethereum’s proof-of-work system. This is supposed to happen before the shard chain deployment, but it’s unlikely to happen this year, but Eth 2.0 researchers are working on ways to speed up the process. After merging, the new mainnet will be able to run smart contracts on PoS, which will eliminate the network’s power-hungry mining activities and potentially reduce energy consumption by 99 percent. Aside from fee burning, the London update included variable block sizes, which means users will have to wait for less for transactions to be processed in fixed blocks when the network is busy.
Blocks can now dynamically grow and contract to fit the number of incoming transactions. This, according to Buterin, would greatly improve the user experience. It’s now a lot easier to submit a transaction that will be included in the following block, which is crucial for the user experience. The upgrades have been beneficial for Ethereum market sentiment, with Forbes reporting that ETH may possibly flip BTC as a result of the upgrade. According to CoinGecko, Ethereum was trading at little under $2,800 at the time of writing, up 3% in the last 24 hours. ETH has gained a massive 37 percent in the last two weeks and is up a staggering 280 percent this year.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
