Just a day after the eagerly awaited upgrade to Ethereum’s blockchain, Buterin stated that the event had opened the door to the migration to proof-of-stake (ETH 2.0). He also outlined EIP-1559 as the “most important part of London.”

  • As reported yesterday, the Ethereum network went through one of its most-awaited and crucial hard forks in its six-year history under the code name London. It occurred on block number 12,965,000, and one of the key updates it contained was EIP-1559.
  • It introduced a new transaction fee feature that allows users to send gas fees to the network, where they’re burned, instead of to miners.
  • Less than 24 hours later, the effects are already evident as more than $10 million ETH have been destroyed. Speaking to Bloomberg, Ethereum’s co-founder Vitalik Buterin indicated that EIP-1559 is “definitely the most important part of London.”
  • Furthermore, he believes that the hard fork is “proof that the Ethereum ecosystem is able to make significant changes.” As such, he feels more confident about the upcoming merge with ETH 2.0.
  • The transition will see Ethereum move away from its current position as a proof-of-work blockchain network. It will instead migrate to a proof-of-stake consensus algorithm. This should address many of the most pressing issues such as scaling and high network fees.
  • ETH’s price has also reacted well to the hard fork as it surged to roughly $2,850 yesterday, which was a new multi-month high. As of now, it trades below $2,800, but it’s still 3% up on the day.

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