Cryptocurrency: biggest update to the Ethereum blockchain sparks passions
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The Hard Fork London or EIP 1559 was launched on August 5, 2021 with block 12,965,000. Yet the controversy does not budge one iota .
The EIP-1559 or Hard Fork London has sparked much debate and controversy within the crypto community.
This is the biggest update to Ethereum (ETH) and it changes some fundamental aspects of blockchain .
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While many ETH users believe the update is appropriate, others believe it will lower their earnings.
What is it? What is changing with the Hard Fork London?
EIP-1559 divides the community
Hard Fork London is the name given to the latest update (update) of the Ethereum (ETH) blockchain. Supporters of this update say it will bring major changes to the speed and reliability of transactions.
On the one hand, these will become faster and on the other, they will be more secure.
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The name of the MAJ was given to it in reference to the British capital where the took place Devcon (international conference of developers) during which the project was presented.
The Hard Fork London has five “Ethereum Improvement Proposals” (EIP). These are the EIP-3554, EIP-3529, EIP-3198, EIP-3541 and EIP-1559, and it is the latter that is at the heart of the controversy.
Why ? It divided the ETH user community into two distinct factions.
The first is on the side of the Ethereum Foundation, which claims that the update will significantly improve the user experience.
The second faction, meanwhile, believe that the Hard Fork London will have a negative impact on the activity of miners.
According to them, their income could be revised downwards due to transaction fees.
The changes announced by the Ethereum Foundation
The Hard Fork London was deployed Thursday, August 5, 2021 at block 12 965 000. Offered by Vitalik Buterin, the creator of Ethereum (ETH), EIP 1559 is supposed to make changes in the prices of cryptomonnaie predictable .
But its main advantage, according to Vitalik Buterin, is that it will drastically reduce transaction costs.
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Another benefit has been put forward by the team behind the update. This is the doubling of the size of the blocks. What does that mean ? Quite simply that, in theory, it should now be possible to make twice as many transactions in each block.
With this change, the Ethereum Foundation announces that random spikes in demand will be reduced. Consequence: there will be a decrease in transaction costs.
In addition, the foundation maintains that transactions will be accelerated, which will make the platform more attractive to users. Thus, more people would join the ranks of minors .
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Towards a total split in the community of ETH users?
If the controversy over the EIP-1559 is not resolved quickly, it could lead to, say ... disastrous consequences.
The worst-case scenario according to observers is that the Hard Fork London causes complete division within the community.
This is because anti-EIP-1559 miners might refuse to update and continue to use the old system. Conversely, the pro-EIP-1559 will update and benefit from the new system.
Result of the races: we risk having a split in the community.
That said, the chances of the split occurring seem slim. For good reason, “rebel miners” would not have a substantial user base.
However, there is no guarantee that this split will not happen. It would be a mistake to venture to predict the future in this case. But one thing is certain: the Hard Fork London has not finished talking about it.
The Hard Fork London or EIP-1559 is the largest update to the Ethereum (ETH) blockchain. It is controversial, because not all ETH users see it in the same way. Will it cause a split in the community? Difficult to predict.
Anyway, the EIP-1559 soap opera still has some nice surprises in store for us, after its launch on August 5, 2021. Get out the popcorns, the soap opera has only just begun!
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