• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: Crypto Exchange Binance To Launch Prepaid Card In This South American Country
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Exchange Binance To Launch Prepaid Card In This South American Country
ethereum
Advertisement

The Major Ethereum Change Explained: All About The ‘London Hard Fork’

Jacob Holiday by Jacob Holiday
1 year ago
in Ethereum
0
Advertisement

The world’s second largest cryptocurrency, Ethereum (ETH), has just launched what may be their most impactful update yet. Consisting of five different components referred to as Ethereum Improvement Proposals (EIPs), the update aims mostly to change how transaction fees work.

The ‘London Hard Fork,’ also known as EIP-1559, is the eleventh fork to occur on the ETH blockchain. Just like past forks, or network upgrades, EIP-1559 aims to be monumental. Past forks have changed the blockchain moderately, but this fork will forever alter the way in which transactions occur.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.

Understanding The Details Of The London Hard Fork

EIP-1559 mostly concerns gas prices, and its predictability thereof. Gas prices were previously determined via bids, where those performing transactions would pitch bids to miners. Average bid prices resulted in normal speeds to complete transactions. As a result, many users found themselves paying higher gas fees in order to speed up their transactions. As you may already know, gas fees are paid using ETH.

With this new update in place, gas fees are beginning to degrease. Those who found themselves paying high and unpredictable fees are now paying much lower rates.

This is due mainly to gas fees being burned. Whenever coins are burned, they are not destroyed, but rather, removed from circulation. Essentially, coins being burned are sent to addresses that no one has access to. As a result, these coins are removed from circulation and are unattainable.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Related Reading | Ethereum Price Surges As London Hard Fork Goes Live

Previously, gas fees were given to miners who could then take the ETH and throw it back into circulation. Miners are now beginning to become obsolete. Gas fees are no longer given to miners as of EIP-1559’s introduction. Whenever a transaction occurs on the blockchain ETH’s protocol uses an algorithm to set the gas fee. This standardizes the cost for a transaction, and makes most everything on the blockchain much more predictable and easier to manage.

Auston Bunsen, co-founder and CTO of QuikNode, says, “Fifteen-fifty-nine is really meant to create an ecosystem that encourages lower gas fees. Sometimes people are willing to pay a lot to get into a block. Fifteen-fifty-nine seeks to remediate this issue by creating a base fee.”

Upward trend following EIP-1559 launch | Source: ETHUSD on TradingView.com

What This Means For Ethereum

Not too long after the launch of EIP-1559, ETH saw the first “deflationary block” in its history. Block 12,965,263 had more ETH burned than was handed out to miners. According to The Block, “In this case, there was 2.078 ETH burned in base fees, while the amount of new ETH given to miners for mining blocks is only 2 ETH.”

Related Reading | London Hard Fork Proves Ethereum Can Make Significant Changes, Vitalik Buterin

As more and more blocks are mined, more ETH will begin to be burned, driving up the price of ETH as a result. Gas fees will slowly stabilize and standardize as time goes on, though paying higher gas rates to speed up transactions will still be allowed. Finally, the ETH ecosystem will continue to grow and adapt with further forks and updates, making it easier for the average investor.

Featured image from CoinTelegraph, Charts from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Jacob Holiday

Jacob Holiday

Related Posts

Ethereum

Ethereum Network Usage Skyrockets As ETH Hits Two-Month High

18 hours ago
Ethereum

Ethereum Staking Service Providers Make Up Over 70% Of Staked ETH Supply

1 week ago
Ethereum

Ethereum Total Validators Surpasses 500,000 As Shanghai Upgrade Draws Near

2 weeks ago
bitcoin and ethereum

Bearish Signal: Bitcoin, Ethereum Profit-Taking Reach 2021 Levels

2 weeks ago
Ethereum

Ethereum DeFi Suffered 76% Decline In Total Value Locked This Year

1 month ago
Ethereum

Over 60% Of Ethereum Blocks Are OFAC Complaint, A Reason To Worry?

1 month ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Red Pill Studio Announces Private Round for TrainCraft Game

    31 mins ago
  • California DMV Puts Car Titles On Tezos (XTZ) Blockchain...

    3 hours ago
  • Bitcoin Cash (BCH) Associates With TREZOR Wallet, Litecoin...

    3 hours ago
  • Avalanche (AVAX) price rally stalls, Polkadot (DOT) was #1...

    3 hours ago
  • Orbeon Protocol And VeChain Seek To Impact The Real World...

    4 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.