thenewscrypto.com
The Ethereum community has been really busy in the past month, with more than three testnet’s launched in June. Now the final testnet before the London Hardfork is being launched on 26th.
The year has been a big year for Ethereum. With the news of Ethereum 2.0 which is a network update which will switch Ethereum over to proof of stake. The London Hardfork is one of the key steps in its move to ETH2. The testnets and their launches have been giving us a deep dive into what to expect from it.
The move to Ethereum 2.0 and POS is part of a larger plan to make Ethereum sustainable and eco friendly. The revamped network will also have more engagement around DeFi and NFTs as well.
The London Hardfork will also bring the cost of a transaction down with EIP-1559. The EIP 1559 will change the way the network determines the fee. With the lowest bid for block approval being charged to the users.
The long standing inflation debate with Ethereum will also be solved. As the fees will be burned by the network removing the Ether out of circulation. It should be known that Ethereum 2.0 will make these changes obsolete. However, they are still necessary at this point in time.
The Berlin Upgrade
The Berlin Hardfork happened just a few months ago which brought along a lot of changes. Listening to the developers and the community, few key changes were made to the processing of transaction fees. The gas fees were lowered with rollups introduced as well.