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Ethereum London Hard Fork Launch Today

Aug 5, 2021 | News
Ethereum London Hard Fork Launch Today

Following the recent fork of Berlin, the Ethereum blockchain is now undergoing a hard fork in London, promising many improvements for the network's users.

First of all, the update will change the predictability of the price per transaction - the model of the best price auction will be replaced with a base fee. Naturally, this will also affect the cost of transactions.

Along with the simplification of the calculation of commissions, there will be fewer delays in processing transactions, which will positively affect the attractiveness of the blockchain for business.

Now the transaction processing fee will be calculated automatically, which cannot but affect the experience of an ordinary user - the headache of calculating enough GAS to pay for sending ETH should be a thing of the past.

Good news awaits miners as well - the "difficulty bomb" required for the transition of the Ethereum network to POS has been postponed until December 2021 by Hardfork London documentation.

And the most important change for investors is that ETH will now become a deflationary asset as coins begin to burn. According to ConsenSys calculations, ETH emissions will decrease by 1.4% annually.