According to Ethereum’s founder Vitalik Buterin, on Thursday, the most important change to the Ethereum blockchain since 2015 went into effect. It showed the network is balanced to undergo an even bigger advancement to decrease its energy usage by 99%.
The most-favored blockchain worldwide advanced its software, popular as the London hard fork that includes a fee reduction feature called EIP 1559. The fee cut already removed $2 million (approximately Rs. 14 crores) worth of its native crypto Ether in just a few hours since coming into effect. This could put rising pressure on the price of Ether going up.
Vitalik Buterin said in an interview that 1559 is surely the most significant part of London. The London upgrade is proof that the Ethereum ecosystem is capable of making important changes.
Bitcoin and Ethereum both work using a proof-of-work network that needs a network of computers running around the clock globally. For years, software developers at Ethereum have been making efforts to transition the blockchain to the proof-of-stake system that uses an entirely different approach to secure the network that also removes the carbon emission problem.
Buterin said that the change to ETH 2.0 will be accomplished by a process named the merge and is anticipated by early 2022 but could come as early as year-end. He added that the London hard fork surely makes him more confident about the merge.
Along with Bitcoin and other digital assets, Ethereum has witnessed an already incredible price rise in the previous 12 months.