Ethereum co-founder Vitalik Buterin has hailed the London hard fork a success adding that it has given him more confidence over the upcoming merge to the Eth 2.0 chain.
Speaking to Bloomberg News from Singapore, Buterin said that EIP-1559 is “definitely the most important part of London.” The upgrade, which went live around 15 hours ago, has tweaked the fee generation mechanism resulting in a portion of the fees being burnt.
At the time of writing, more than 3,500 ETH worth around $9.8 million had already been burnt since the upgrade launched.
“Definitely makes me more confident about the merge,”
According to the official documentation, the current Ethereum mainnet will “merge” with the proof-of- stake Beacon Chain marking the end of proof-of-work for Ethereum. This is planned to precede the rollout of shard chains and is unlikely to happen this year, though Eth 2.0 researchers are working on ways to accelerate the timetable.
Once merged, the new mainnet will have the ability to run smart contracts on PoS eliminating the power-hungry mining operations and potentially lowering the network’s energy consumption by 99%.
Apart from fee burning, the London upgrade also ushered in variable block sizes, which means that users are less likely to have to wait as long for transactions to be processed in fixed blocks when under heavy load. The blocks can now expand or contract dynamically to match the number of incoming transactions. Buterin said that this would vastly improve the user experience:
“Now it gets much easier to send a transaction that will get included in the next block and that’s very important to user experience,”
The developments have been positive for Ethereum market sentiment, with Forbes running an article on the upgrade claiming that ETH may even flip BTC.
At the time of writing, Ethereum was trading up 3% over the past 24 hours at a little under $2,800 according to CoinGecko. ETH has made an impressive 37% over the past fortnight and is up a whopping 280% so far this year.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.