HomeCryptocurrencyWhat Is Ethereum EIP-1559?

What Is Ethereum EIP-1559?

ethereum Ethereum prices will become unusually active in 2021. Entering 2021 in the $740 range, the ETH/USD parity broke an all-time record at $4,362 on May 12, 2021. At the time of writing, Ethereum was trading at over $3,000. With the regular rise and fall that is typical of the market, you definitely will need to hold onto your savings, by using an Ethereum wallet for Android.

In the third quarter, the Ethereum network was undergoing a series of important updates. For the purpose of Ethereum Serenity (Ethereum 2.0), important steps were being taken one by one. Ethereum’s EIP-1559 update went into effect on August 4th.

EIP-1559: This update changes how Ethereum transaction fees are calculated and is part of a larger update called London.

- Advertisements -

The London upgrade is implementing a series of major Ethereum Improvement Proposals (EIP) in preparation for the Serenity (ETH 2.0) upgrade scheduled for 2022. The London and Berlin hard forks which are major upgrades planned for Ethereum 2.0, have been successfully implemented in recent months. London began its work on the Ropsten Ethereum Testnet on June 24, 2021.

The ultimate goal of all these updates is the successful launch of Ethereum 2.0. Ethereum 2.0, which will fully launch in 2022, will completely overhaul and replace the blockchain operating system. Similar to cars which are moving from fossil fuel engines to electric motors, the Ethereum blockchain will undergo significant structural changes. Ethereum will transition to a more efficient system like PoS instead of a cumbersome and expensive operating system like PoW.

Thanks to the PoS system, Ethereum will become faster, cheaper and more secure even for an Ethereum wallet used on Android devices.

- Advertisements -