MyEtherWallet founder notes two key aspects of Ethereum London hard fork

Ethereum’s London tough fork made a variety of modifications to the Ethereum blockchain.

MyEtherWallet founder notes two key aspects of Ethereum London hard fork

Ethereum went through an upgrade on Thursday, bringing with it a variety of modifications to the network’s blockchain. CEO and creator of MyEther Wallet, Kosala Hemchandra, pointed towards 2 modifications of specific value.

“The London upgrade adds around 5 changes to the current Ethereum network; however, I believe that only 2 of them are crucial to day-to-day users,” Hemchandra stated in remarks sent out to CryptoPumpNews Noting “time bomb delay” as the very first of the 2, he included:

“Since the inception of Ethereum there was a hard coded value basically responsible to make sure Ethereum will move to PoS or ETH 2.0 on time. This value is responsible for making the block difficulty exponentially hard after a certain block number thus making it impossible for miners to mine new blocks and they have to move to ETH 2 network. However, because of development delays this time bomb kept getting delayed and in the London fork, it’ll be postponed one last time.”

Ethereum has actually suffered scalability concerns in the last few years, especially apparent in the high costs present when utilizing decentralized financing, or DeFi, services. A very long time in the making, Ethereum 2.0, or Eth2, wants to bring scalability to the Ethereum blockchain, that includes moving to a proof-of-stake, or PoS, agreement system. Eth2’s roadmap formally started in December 2020.

Ethereum’s current London tough fork consisted of 5 Ethereum Improvement Proposals (EIPs). One of those propositions, EIP-1559, looks for to giv the blockchain a deflationary result on its native property, Ether (ETH). Hemchandra kept in mind EIP-1559 as the 2nd essential modification brought by the London tough fork.

“EIP 1559 is the highly debated change which, in essence, changes the structure of how Ethereum tx fees are handled,” he stated, including:

“This will bring a couple of major changes, such as burning the transaction fee, which will reduce the increase of overall ETH in circulation. However, since miners will no longer receive the tx fees as an incentive this change was highly debated. This change also brings a tipping mechanism to tip the miners for including your tx, and this tip will go directly to the miner and will not be burned.”

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John Lesley/ author of the article

John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

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