Ethereum makes seamless transition to London hard fork

Team Luno
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  • Ethereum’s London upgrade has officially been activated. The upgrade consists of five Ethereum Improvement Proposals. They are called EIPs for short, and each puts forth a set of changes to the code. The most important of these is EIP-1559.

 

  • EIP-1559 changes the way transaction fees are calculated. At the moment, a blind auction determines the transaction fee (known as the gas price). Now, Ethereum’s protocol will algorithmically decide the transaction fee based upon overall demand on the network, which should make it fairer.

 

  • The London hard fork also doubles the Ethereum block size, though it’s designed so that they should only fill halfway. This is meant to help smooth out spikes in demand, helping gas fees to stay stable.

 

  • Ethereum co-founder Vitalik Buterin told Bloomberg that the upgrade is "proof that the Ethereum ecosystem is able to make significant changes."

 

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Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

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