EIP-1559, one of the tweaks under Ethereum ‘London’ hard fork, shows that the system is ready for an upgrade that will reduce the power consumption of this cryptocurrency by 99%, said the system’s co-founder. decentralized, Vitalik Buterin, in an interview published by Bloomberg last week.
“The EIP-1559 is definitely the most important part of ‘London’”, he claimed Buterin, calling the fork “proof that the Ethereum ecosystem can make significant changes.”
The adjustment is a step forward towards the adoption of a new protocol called Ethereum 2.0, which provides for a transition from a proof-of-work algorithm to a proof-of-stake algorithm. The event could happen as early as the end of this year, Buterin said, noting that the latest hard fork “definitely gives him more confidence” about his success.
Changes in Ethereum
Efficiency in terms of energy consumption is not the only characteristic of the refurbished ether. In particular, ‘London’ introduces a basic commission, calculated algorithmically based on the general demand in the system, aimed at preventing drastic price rises.
Another important change is that, from now on, each ether of the basic commission will not go to the miner, but will be ‘burned’ or eliminated from circulation. This measure, which is intended to stabilize commissions, you could increase the value of ether by reducing its supply.
EIP-1559 entered service on August 5. Since then, 16,844 ethers have been removed, according to the Ultrasound site that tracks the process. According to the prices current reported by CoinDesk, it would be more than 51 million dollars.
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