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Aug 7, 2021
by Sahaj Sharma
Kosala Hemachandra of MyEtherWallet Notes Two Important Components of Ethereum London Upgrade
Kosala Hemachandra, the CEO and founder of MyEtherWallet, pointed toward two alterations of specific significance in the Ethereum London Upgrade. Most recently, the London hard fork of Ethereum made numerous alterations to the Ethereum blockchain.
Kosala Hemachandra of MyEtherWallet Give Details About the Ethereum London Upgrade
The CEO of MyEtherWallet, Kosala Hemachandra, shared details regarding the London hard fork of Ethereum and said:
“The London upgrade adds around 5 changes to the current Ethereum network; however, I believe that only 2 of them are crucial to day-to-day users.”
In addition to this, Kosala laid an emphasis on the fact that from the beginning of Ethereum, the major focus was on shifting Ethereum from PoW to PoS or Ethereum 2.0 on time. He said:
“Since the inception of Ethereum, there was a hardcoded value basically responsible to make sure Ethereum will move to PoS or ETH 2.0 on time. This value is responsible for making the block difficulty exponentially hard after a certain block number thus making it impossible for miners to mine new blocks and they have to move to ETH 2 network. However, because of development delays this time bomb kept getting delayed and in the London fork, it'll be postponed one last time.”
In recent years, Etheruem has suffered a lot of expandability issues, specifically evident in the high fees present while using Defi solutions.
More About the Ethereum London Hard Fork
The recent London hard fork of Ethereum involved five Ethereum improvement proposals (EIPs).
Talking further about those EIPs, one of them is looking forward to providing the blockchain with a deflationary effect on its native asset, Ether.
Addressing the details regarding EIP 1559, Kosala said:
“EIP 1559 is the highly debated change which, in essence, changes the structure of how Ethereum tx fees are handled. This will bring a couple of major changes, such as burning the transaction fee, which will reduce the increase of overall ETH in circulation. However, since miners will no longer receive the tx fees as an incentive this change was highly debated. This change also brings a tipping mechanism to tip the miners for including your tx, and this tip will go directly to the miner and will not be burned.”
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.