London Hard Fork Success Made Vitalik Buterin More Confident About the Ethereum 2.0 Transition

3 months ago

Vitalik Buterin, the co-founder of Ethereum, classified the recent London Hard Fork as a successful step towards ETH 2.0.

https://i0.wp.com/storage.waploaded.com/images/b0a92f12b363e2bc436d9f44d358a484.jpg

Just a day after the highly-anticipated upgrade to the Ethereum blockchain, Buterin commented that the event had paved the way for 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 implemented a different transaction fee feature allowing users to send the gas fees to the network where they’re burnt instead of sending them 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 mark the end of Ethereum of its current stance as a proof of work blockchain network. Instead, it will migrate entirely to a proof of stake consensus algorithm, which should address some of the most pressing issues, such as scalability 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.

Related Forums
Fans Laugh Hard After Funke Akindele Drops This Powerful Prayer (Video)
Forum

Fans Laugh Hard After Funke Akindele Drops This Powerful Prayer (Video)

4 days ago
“A Woman Has To Work Twice As Hard As A Guy To Be Noticed” – Singer Guchi Complains (Video)
Forum

“A Woman Has To Work Twice As Hard As A Guy To Be Noticed” – Singer Guchi Complains (Video)

1 week ago
Nigerian Actress Bimbo Success Welcomes A Set Of Twins
Forum

Nigerian Actress Bimbo Success Welcomes A Set Of Twins

1 week ago
Forum

''When You Blow, People Close To You Find It Hard To Accept You Came From The Same Place'' - Mary Remmy Njoku

1 week ago