Vitalik Buterin called the successful London hard fork the most significant upgrade in the history of Ethereum.
On Thursday, August 5, the London hard fork took place on block 12,965,000 on the Ethereum network, which was another step in the transition of the blockchain to the Ethereum 2.0 protocol and the change of consensus from PoW to PoS.
Ethereum co-founder Vitalik Buterin told Bloomberg News that the most significant change to the Ethereum blockchain since 2015 is in effect.
“The London hard fork definitely gives me confidence about the merger and proves that the Ethereum ecosystem is susceptible to significant change,” said Buterin. “The EIP-1559 proposal, which includes the feature to burn a portion of the rewards, is definitely the most important part of the update.”
The cut in commissions has already “burned” $ 6.4 million in ether in just a few hours after the hard fork took effect. Experts believe that a possible decrease in the amount of ETH in circulation will lead to an increase in its value. But the “emission curve” of ETH after the transition to a new mechanism for calculating and burning commissions will not immediately become clear.
Over the past 12 months, Ether has shown outstripping growth compared to many other cryptocurrencies. So, over the past year, ether has grown by about seven times, and bitcoin – more than three times. The rise in value remained significant even after both coins fell by about half from their highs in April.
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