Vitalik Buterin says EIP-1559 is proof that Ethereum is “capable of change”

After a slight delay from the initial deployment date, Ethereum London’s hard fork went live on Thursday at around 1:00 p.m. GMT.

Speaking on the upgrade, Ethereum co-founder Vitalik Buterin said the successful launch is proof that the ecosystem can make significant changes for the better.

Buterin’s comment was directed at naysayers who doubt the development team’s ability to achieve ETH 2.0. While the London hard fork presented difficult technical challenges, moving to a new proof-of-stake consensus mechanism is a much more arduous challenge.

Nonetheless, Buterin’s words show confidence in the delivery of ETH 2.0, which he says is due out in early 2022.

The London hard fork is all about EIP 1559

The London hard fork ushered in several improvement proposals, the main one of which was EIP 1559.

EIP 1559 was first introduced in 2018 as a solution to fee volatility and blocked / delayed transactions. Elements within the Ethereum community opposed this decision. Mainly due to the belief that miners would experience a significant reduction in their rewards.

At the time, opponents also questioned whether the development work was worth it. StealthMail founder Evgen Verzun argued that ETH 1.0 will soon be phased out in favor of ETH 2.0. As such, why bother to devote resources to a project that will be outdated?

However, gasoline scam fees, especially in the summer of last year, forced the problem. The implementation of EIP 1559 now means more predictable gas costs, which should avoid price volatility. But that in itself doesn’t necessarily mean lower fees, especially since users can always tip to skip the line.

The 1559 EIP also brings arguably the most critical change to date, a revised monetary policy to burn off base charges acting as a deflationary mechanism. Developers expect this to increase price pressure.

Buterin now more confident about Ethereum 2.0

Buterin said he was more confident about the merger with the London hard fork done and dusted off. Merging refers to the simultaneous execution of ETH 1.0 and 2.0 chains in tandem to merge them together at one point.

Once done, the Ethereum network would be a full-fledged proof-of-stake network, which some say is the future of blockchain technology. At least when it comes to durability.

Buterin said ETH 2.0 will reduce grid power consumption by up to 99%.

Ethereum recently had its best run ever, painting 13 consecutive daily green candles starting July 21. A massive sell-off on the 14th day ended with a surge in the number of buyers, leading to gains of 13% over the next two days. fork.

So far today, ETH is experiencing a slight price drop, dropping 3% to $ 2,745 at the time of writing.

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