As you might have heard at some point that Ethereum was scheduled for London hard fork update at a certain block value, that block value did happen to pass, and the update is finally live. The London hard fork update has only made Ether more efficient, stable, and secure than other cryptocurrencies out there.
Thanks to the London hard fork, we now finally have the Ethereum 2.0, a fundamentally revolutionized globe chain that offers proof of stake instead of a proof of work algorithm to incorporate the transactions taking place on the blockchain. The update did go live as scheduled on August the 5th, and it is the last step that needed to be completed before the last transition into the proof of stake system could be done at some point in 2022. The update was incorporated when the blockchain reached a dedicated block height of 12965000.
Ethereum’s Network is now Efficient, thanks to EIP-1559
Along with the update, we have to discuss the EIPs or Ethereum improvement proposals that were made part of the imperium blockchain; the most significant of these is the EIP-1559; this right here standardizes the management of all transaction fees for dedicated transactions taking place on the blockchain. The main difference is now and before this update is that before it, the transaction fees would directly go to the miner but now a fixed per block fee gets burned, which precedes equality and consistency not only in mining but also for maintaining the integrity of Ethereum’s blockchain.
For miners, it also means that they are going to earn a lower revenue from these transaction fees. According to a wide market survey, the users are more confident and interested in Ethereum’s blockchain after integration of the hard fork update because they can predict the gas fees more efficiently than before. At the time of writing, more than 97.5% of active users of the blockchain are willing to work with London hard fork making the EIP-1559 the mainstream proposal approved by the community alongside with London hard fork update.