Ethereum’s ‘London’ Hard Fork’s Impacts!

Ethereum’s ‘London’ Hard Fork’s Impacts!

We all know very well that Ethereum (ETH) is the world’s second-largest cryptocurrency next to Bitcoin (BTC). On the contrary, compared to BTC, ETH has its fair share of speculations, hot news daily, and various contradictions that it will overtake BTC. Amidst all this it is the fact that these are all due to various new attributes, features and upgrades brought about by the ETH platform. 

Besides, the two most anticipated attributes of ETH are the launch of Ethereum 2.0 and the now premiered hard fork upgrade, the ‘London’. 

The London Hard Fork 

Ethereum has launched its much-awaited upgrade, the ‘London’ hard fork, exactly by 12.34 UTC on August 5. These upgrades are all upon the Ethereum Improvement Proposals (EIP), which account for five different proposals. These are the EIP of codes, EIP 1559, 3554, 3529, 3198, and 3541. Also, all these codes are purely focused on the users’ intentions, their credibilities, and their experiences all taken into account. 

This London hard fork has been the most awaited and anticipated hard fork upgrade for the platform ever next to the Ethereum 2.0. Accordingly, it has been the talk around the industry ever since the news surfaced for the past few months.

The Five EIPs   

EIP 1559

This EIP is based upon a solid separate algorithm that ought to change the gas fees for the transactions automatically. In addition, this includes limiting the ETH supply overall in order to balance the equilibrium state, reducing the volatility fees, preventing economic extraction of ETH, and also increasing the market fee to a significant percentage.

EIP 3554

The EIP 3554 is regarding the long-delayed ‘difficulty bomb’, which is yet to be implemented. Accordingly, it ought to be launched by December, merging with the launch of ETH 2.0. Once launched, it might make mining more difficult upon the new blocks of ETH 2.0, regardless of the proof of stake mining done so far upon the platform.

EIP 3529

The EIP 3529 features in eliminating all the waste smart contracts produced upon the platform. Certain tokens develop upon the ETH network during times when gas fees are low and all their data gets deleted when the fees rise up. WIth EIP 3529 into action, no such gas fees refund scams could take place in the platform network of ETH blockchain.

EIP 3198 

This EIP is solely dedicated for the developers for making their decentralized applications (DApp) upon the platform with a high rate of efficiency and predictability. Also, this enables the use of any base fees for developing the applications.

EIP 3541

 The EIP 3541 is in regards to the Ethereum Virtual Machine (EVM), bringing new attributes to it. One such is the disintegration of means to develop new smart contracts ‘Executable Formats’.  Moreover, this restricts the use of EVM for the network unnecessarily, thereby saving the data usages.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.