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.