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Saturday, October 16, 2021

Ethereum: 3 Things You Should Know About The Upgrade

Thursday will be witness to a highly anticipated upgrade entering the network of Ethereum that will definitely bring several changes. It will primarily change the way the fees for transactions work and then start destroying the coins. While it was originally scheduled for the 4th of August, it was delayed significantly.

This change has been referred to as the Ether Improvement Protocol 1559 and will surely be a part of the network upgrade which is called the London hard fork. Nevertheless, you need to know three key things about the change that’s coming. 

Ethereum’s EIP-1559 Would Be Aiming Towards Making Transaction Fees Predictable

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This change to the cryptocurrency is all about ensuring that the transaction fees remain predictable- which will make the network much easier to use. Since fees are generally volatile, transaction fees usually soar when the network seems busy. But after this change, the users of Ethereum’s EIP-1559 would be using a base fee, which will be determined algorithmically by the network. 

It Will Destroy Coins – And May Boost Ether

People have been quite excited about the change because it will either burn or destroy ether. Ben Edgington, one of the developers of Ethereum has stated that before the change is deployed, it wouldn’t be easy to know what the effect could be on the cryptocurrency. 

Transaction Fees Won’t Necessarily Be Cheaper

It is not assured that the fees of transactions would definitely fall due to a predictable base fee. Sure, there might be some downward movement of the price, but that isn’t the main priority of EIP-1559. It plans to make the transaction fees of Ethereum more predictable- that’s it. 

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These 3 things should help one understand how far they need Ethereum, or how welcome the newest upgrade would be.

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