The London hard fork, a highly-anticipated upgrade to Ethereum, is expected to take place this week.
A few proposals have been baked into London. The most prominent change is Ethereum’s fee structure. After the update, Ethereum will burn transaction fees instead of distributing them to miners (people who help verify transactions).
In effect, the changes in London could cause the circulating supply of Ethereum to drop. This has excited many analysts and ETH maxis because a reduced supply could make the crypto deflationary, which would likely increase the price. 😲
On the other hand, the changes have upset miners — but Ethereum isn’t really worried about appeasing miners anymore, they’re too busy making them obsolete.
London is a stepping stone to a larger update called Eth2, which will roll out next year. Eth2 will do away with Ethereum’s current system of mining, which depends on GPUs. A more efficient system called proof-of-stake will become the faster, better, stronger, and more secure future of Ethereum. 🛣️
The update is expected to take place Aug. 6 around 9 a.m. ET. $ETH.X was up 23% this week.