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The London Ethereum hard fork upgrade, which took effect last week, prepares the cryptocurrency well for significant upgrades in the future, founder Vitalik Buterin told Bloomberg in an interview on Thursday.
The upgrade from the London hard fork to Ethereum’s blockchain included EIP-1599, a fee-cutting feature that has burned $ 8,900 of ether every minute since it went into effect. This continued reduction in the supply of ether is likely contributing to its recent price gains, with the cryptocurrency rising 18% since the London Fork took effect.
“1599 is definitely the most important part of London,” Buterin told Bloomberg, adding that the upgrade is “proof that the Ethereum ecosystem is capable of making significant changes.” This is in stark contrast to bitcoin, which is so decentralized that changes to its blockchain network are incredibly difficult.
The ethereum blockchain still has big changes to come, including its transition to a proof-of-stake system from a proof-of-work system. The change, which is expected to take effect in the overhaul of the ETH 2.0 network, will reduce carbon emissions from ether mining by 99%, according to Buterin.
A proof-of-work system relies on a network of computers around the world running around the clock to solve complex problems to support and validate the blockchain. A proof of stake platform, which does not encourage high power consumption, allows users to pledge their own tokens to support the blockchain network.
Buterin expects the “merger” with ETH 2.0 to take place in early 2022, but it could take place as early as the end of 2021, according to the interview.
The London hard fork “definitely makes me more confident in the merger,” Buterin told Bloomberg, adding that the transition to a proof-of-stake system would eventually change the ether economy, like the quantity cap. total ether supply, similar to the limit of 21 million Bitcoin coins.
There is a total circulating supply of 116,996,930 Ether Coins, according to data from CoinMarketCap.
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