Ethereum London Hard Fork is here! What’s new with the update? | CoinCasso Exchange

In recent days, there has been an update to the Ethereum network called London Hard Fork. The hard fork was implemented on August 5 at 2:33 PM UCT to improve the network. Wondering what has changed and what impact this update will have on investing in Ethereum? We answer!

Ethereum hard fork London – what’s new?

Ethereum London Hard Fork consists of 5 EIP (Ethereum Improvement Proposal) set. EIP 1559 is one of the major updates to the Ethereum network and introduces a number of changes bringing us closer to the full implementation of Ethereum 2.0. The most important changes to the August Ethereum hard fork are:

  • Introduction of a more efficient proof-of-stake (PoS) protocol instead of proof-of-work (PoW) – the work-based consensus algorithm is replaced by a coin-based consensus algorithm
  • New fee structure – introducing a “base fee” in network blocks, making it easier for users to determine the right price for a transaction.
  • Burning a portion of transaction fees to increase the performance of the Ethereum network
  • New Transaction Type – From now on, you can set a maximum fee for ETH extractors
  • ETH inflation reduction – Ether (ETH), the native cryptocurrency of the Ethereum network becomes a deflation token – the more popular ETH is, the more coins will be burned

Ethereum hard fork London – ETH price impact

The much anticipated London update of the Ethereum network was tied to the hope of rising ETH prices. Traders expected price increases, as was the case at the time of Bitcoin’s halving. What happened in reality?

On the eve of the ETH network update, the price began to rise and continued its upward trend until August 8. On August 9, the price began to fall again, but only for a moment.

In the last 7 days, the price of Ethereum has increased by 26%.

Check the current Ethereum price

Eth To Usd Sierpien

More Ethereum Updates

Ethereum will undergo a series of updates this year, the next Shanghai hard fork will take place in December 2021.

Upcoming updates:

  • EIP-3198 – BASEFEE opcode
  • EIP-3529 – gas refund improvements – removal of gas refund from SELFDESTRUCT and its reduction for SSTORE
  • EIP-3541 – rejection of new contracts that start with “0xEF”
  • EIP – 3554 – Shanghai – 12/01/2021 – bomb hardship delay

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When did the Ethereum London hard fork take place?

EIP-1559 was implemented on August 5, 2021 at 2:33 PM UCT

When will Ethereum’s next hard fork be?

The next big Ethereum hard fork will be on December 1, 2021

What is Ethereum hard fork?

The Ethereum hard fork (updating the Ethereum network) is the implementation of major changes in the principles of the Ethereum network operation, upgrading towards Ethereum 2.0.

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