MyEtherWallet CEO notes two ‘crucial’ components in Ethereum London upgrade
Ethereum has undergone an upgrade, making a number of alterations within its blockchain. My EtherWallet’s CEO and Founder, Kosala Hemchandra, has pointed specifically to two changes he explains are of particular importance.
Hemchandra explained that the London upgrade had added a total of 5 changes to the current network, out of which only 2 are significant for daily users. First of the two are “time bomb delay” that he said since the inception of Ethereum, it has been a “hardcoded” value and that it is responsible for pushing Ethereum from PoS or ETH 2.0 on time. Hemchandra said that this value makes the block difficulty “exponentially hard” as, after a particular number, miners are unable to mine newer blocks, thus having to move to ETH 2. However, due to delays in the development procedure, the time bomb was delayed unduly and will finally get delayed one last time in the London fork.
Over the past few years, Ethereum has been suffering massive scalability issues, specifically evident in the high fees while using Defi solutions. Ethereum 2.0, or Eth2’s roadmap that officially started in December 2020, is preparing to bring scalability to the Ethereum blockchain, which includes consensus mechanism, shifting to proof-of-stake or PoS.
Noting that EIP-1559 is the second most significant change in the London hard fork, he said the proposal is also paving the way to give a deflationary effect on its native asset, Ether (ETH).
He further added that EIP 1559 is being seen as a highly debated change as it would essentially change the handling of Ethereum tx fees. It would bring a handful of other major changes, like it would reduce the overall ETH in circulation by burning transaction fees. However, since miners won’t be able to receive tx fees in place of an incentive, this particular change was being debated highly.