The Ethereum London upgrade aims to improve the performance of the Ethereum network, reduce the historically high GAS fees, reduce congestion on the chain, and improve the user experience. It can be said that it is the most important part of the entire ETH2.0 upgrade.

However, due to the greatly reduced cost of absenteeism, there is a great controversy over the EIP-1559 network restructuring cost market, but the upgrade is overwhelming.

Earlier, Ethereum founder Vitalik Buterin stated that the most significant change in the Ethereum blockchain since 2015 took effect on Thursday. This major upgrade, the London hard fork, means a reduction of 99 for Ethereum. % Of energy consumption creates important conditions.

At 8:33 pm Beijing time on Thursday, the block height of the Ethereum network reached 12,965,000, ushering in the upgrade of the Ethereum London hard fork. EIP-1559, which has attracted much attention in the market, is activated, which is a milestone. Ether fell short-term after hearing the news, then pulled up, and once broke through the US$2,800/coin mark.

Buterin said that E-1559 is definitely the most important part of the London upgrade. Both Ethereum and Bitcoin use a proof-of-work system that requires a global computer network that runs around the clock. Ethereum’s software developers have been working on transitioning the blockchain to the so-called “Proof-of-Stake” for many years-the system uses a completely different method to protect the network while eliminating carbon Emission issues.

In this upgrade, 5 community proposals (EIP) are embedded in the code of the Ethereum network. Among them, EIP-1559 is a solution to the pricing mechanism of Ethereum network transactions, which has attracted much attention. The contents of the remaining 4 EIPs include:

Optimize the user experience of smart contracts and enhance the security of the second-tier network that implements fraud proof (EIP-3198); solve the current attacks caused by the use of the Gas return mechanism, thereby releasing more block available resources (EIP-3529); convenient Ethereum will be further updated in the future (EIP-3541); to help developers better transition to Ethereum 2.0 (EIP-3554).

Ethereum Improvement Proposal 1559 (EIP-1559) will directly affect the way the network handles transaction fees. In the future, each transaction will consume a basic fee, thereby reducing the circulating supply of the asset, and giving users the option to pay miners tips to help incentivize faster confirmations commensurate with network needs.

Buterin also stated that the changes to ETH 2.0 will be carried out through a process called a merger, which is expected to be achieved in early 2022, but may be achieved as early as the end of the year.

Part of the reason for the recent rise in the price of Ethereum is the proliferation of non-fungible tokens (NFTs). NFTs are digital documents whose authenticity and scarcity can be verified by blockchains like Ethereum. NFTS has become very popular this year, such as the digital artist Beeple, who sold his NFT artwork Everyday for $69 million. Now, from art galleries to the International Olympic Committee, fashion companies and Twitter companies, more and more fields are accepting digital tokens.