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December 5, 2022
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The success of London Hard Fork has made Vitalik Buterin more confident about the Ethereum 2.0 transition

Just one day after the highly anticipated update to the Ethereum blockchain, the success of London Hard Fork has left Vitalik Buterin more confident about the Ethereum 2.0 transition

Buterin commented that the event had paved the way for the migration to proof of betting (ETH 2.0). He also described EIP-1559 as the “most important part of london“.

According reported yesterday, the Ethereum network went through one of its most anticipated and crucial forks in its six-year history under the codename London. It occurred in block number 12,965,000 and one of the major updates it contained was EIP-1559.

It implemented a different transaction fee feature, allowing users to send gas fees to the network where they are flared, rather than to miners.
Less than 24 hours later, the effects are already evident, as more than $10 million of ETH has been destroyed.

  • The success of London Hard Fork made Vitalik Buterin more confident about the Ethereum 2.0 transition.

Speaking to Bloomberg, Ethereum co-founder Vitalik Buterin indicated that EIP-1559 is “definitely the most important part of london”.

Furthermore, he believes the bifurcation is “proof that the Ethereum ecosystem is capable of making significant changes”. As such, he feels more confident about the imminent merger with ETH 2.0.

The transition will mark the end of Ethereum from its current stance as a working blockchain network proof. Instead, it will move entirely to a consensus proof algorithm of interest, which should address some of the most pressing issues such as scalability and high network rates.
ETH’s price also reacted well to the hard fork as it rose to around $2,850 yesterday, which was a new multi-month high. As of now, it trades below $2,800 but is still 3% higher for the day.

Source: CryptoPotato

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