According to the countdown on Ethereum.org, the London enhancement of Ethereum is set to be activated on Thursday. “The London improvement should remain in block 12,965,000 on Ethereum in August 2021,” it says on Ethereum.org. “It would introduce EIP-1559, which can reform the transaction payment market, along with changes to the way fuel refunds are handled and the Ice Age schedule.”
Ethereum Enchancment Proposal 1559 or EIP-1559 can have a direct impact on how the community handles transaction fees. Going forward, each transaction will burn a base payment, reducing the circulating supply of the asset and allowing customers to add a tip to encourage past confirmations relative to community demand. According to a weblog by the Ethereum base, the London fork could also introduce various EIPs such as EIP-3541 in mid-July.
Twitter consumer korpi identified some notable factors related to EIP-1559 in a tweet thread on Monday.
EIP-1559 is scheduled to go live this week, and I still see a lot of misunderstanding about its implications. Be careful:
– It doesn’t make $ ETH deflationary by default.
– It does not reduce the $ ETH provision by 90% in the so-called “triple halving”.
– It’s still very bullish for $ ETH.
– korpi (@ korpi87) August 2, 2021
“What makes everyone happy is $ ETH Burn,” Korpi mentioned in the tweet thread after discussing many different factors related to the Ethereum improvement. Korpi added:
“According to EIP-1559, part of the transaction payment can be burned and withdrawn from circulation. However, that doesn’t mean that ETH will immediately become a deflationary asset. For this to happen, the ETH burned should be greater than the ETH spent on block rewards.
Ethereum’s London arduous fork is part of its Ethereum 2.zero journey – which can finally change the community’s consensus algorithm from Proof-of-Work or PoW to Proof-of-Stake or PoS.
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