The second-largest cryptocurrency in the world, Ethereum, has undergone its biggest update ever, drastically changing certain core aspects of the blockchain. It’s called the Ethereum London hard fork and is meant to bring stability to the network and address problems related to unpredictable fees and slow transactions.
Simply put, the latest update will reduce the volatility in transaction fees and increase the fee market efficiency. However, as is often the case with these major updates, it has faced scathing criticism from a section of miners, who believe the change will reduce their earning potential.
What is Ethereum London Hard Fork?
Ethereum London, or the London Hard Fork, is the collective name for the latest update to the Ethereum blockchain. Proponents say it will improve the speed and reliability of transactions on the platform. It is named after the British capital because the Ethereum community names its hard forks after cities where its Devcons (international developer’s conferences) are held.
As for the update itself, it includes five Ethereum Improvement Proposals (or EIPs), including EIP 3554, EIP 3529, EIP 3198, EIP 3541, and EIP 1559.
Another major change in the new update is the doubling of the block size. It means there can now be twice as many transactions in each block. It will also help reduce network congestion and speed up transactions, making the platform more attractive to end-users.