London Hard Fork Success Made Vitalik Buterin More Confident About the Ethereum 2.0 Transition
6 Aug, 2021•2 min read•Ethereum
Just a day after the highly-anticipated upgrade to the Ethereum blockchain, Buterin commented that the event had paved the way for the migration to proof of stake (ETH 2.0). He also outlined EIP-1559 as the “most important part of London.”
As reported yesterday, the Ethereum network went through one of its most-awaited and crucial hard forks in its six-year history under the code name London. It occurred on block number 12,965,000, and one of the key updates it contained was EIP-1559. It implemented a different transaction fee feature allowing users to send the gas fees to the network where they’re burnt instead of sending them to miners. Less than 24 hours later, the effects are already evident as more than $10 million ETH have been destroyed. Speaking to Bloomberg, Ethereum’s co-founder Vitalik Buterin indicated that EIP-1559 is “definitely the most important part of London.” Furthermore, he believes that the hard fork is “proof that the Ethereum ecosystem is able to make significant changes.” As such, he feels more confident about the upcoming merge with ETH 2.0. The transition will mark the end of Ethereum of its current stance as a proof of work blockchain network. Instead, it will migrate entirely to a proof of stake consensus algorithm, which should address some of the most pressing issues, such as scalability and high network fees. ETH’s price has also reacted well to the hard fork as it surged to roughly $2,850 yesterday, which was a new multi-month high. As of now, it trades below $2,800, but it’s still 3% up on the day.