Ethereum finalizes London upgrade and offers to stabilize transaction fees


Most read

Loading Most Ready posts..


TL;DR Breakdown

Ethereum version EIP-1559 will restore daily commission payments.
• ETH gains value capitalizing on the $2770 since the beginning of August.

Ethereum and its entire team show progress in their latest network update for the entire London area in Europe. With this update, the work team seeks to improve commission payments for investors in the city.

According to announcements, EIP 1559 will include a fixed network fee per block and reduce the size of the block to decongest the network temporarily.

Ethereum announces its new update


According to the company’s opinions, Ethereum will present no flaws in its system, and investors can use it without problems. However, the work team has announced that the supplier must report it soon if any failure occurs. Exchange companies, mobile exchange wallets, or websites should know the update and enjoy it maximally.

The Ethereum network company also informs that the provider must renew using the latest patch if any ETH node is started. The ETH network has a link on its website in order to use the wallet provider or crypto exchange.

Since May, the ETH average payment network had stabilized, but that has changed. For April, the ETH network showed high-interest rates, which brought discontent among users.

However, with these reforms network will reset the interest, bringing order to the crypto market. Investors will use the Ether network again for buying, selling, and trading without feeling like they are losing money.

Ether network could gain value after the upgrade

Ethereum was updated in the early hours of Thursday, the 5th of August, as announced by Ethereum.org from its official website. The ETH team says this update will go through block number 12,965,000 that will enter the EIP-1559 network. The update will not only restore interest payments but also improve token redemption.

Since now, each transfer that the user completes will only burn a base commission; this will also decrease the asset supply. In this way, the investor can profit if he confirms the transactions as fast as he can. This London network update will also include the EIP-3541 version, but no details were given on the subject.

According to some crypto fans, the Ethereum 2.0 update will attract a revamped network. The whole system work Ether change, which could increase its adoption in a short period.

For now, Bitcoin commands the list of crypto favorites trading above $39000, with losing 0.47 percent in 24 hours. ETH, meanwhile, is trading above $ 2700 with a rise of 2.08 percent compared to yesterday. The difference between the crypto is high, but both have broken expectations.

Share link:

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

Stay on top of crypto news, get daily updates in your inbox

Related News

Subscribe to CryptoPolitan