Yes, hard as as it is to believe, Ethereum’s long and winding road towards 2.0 has taken a detour to good ol’ London Town. They’re calling it the London Hard Fork – a kind of anti-Uri Gellar protocol. So what makes this fork so damn hard? And what the hell is EIP1559?
Well as most of you will know all too well, Ethereum has been blighted by some fairly hefty gas fees of late. Think of it as the blockchain’s equivalent to the London Congestion Zone, which has made using the inner city’s road network unfeasibly expensive for your average Joe. EIP1559 seeks to solve this issue with a radical overhaul to the transaction fee mechanism and a promise to bring cheap and cheerful gas fees to all.
Until now, Ethereum’s gas fees have effectively gone to the highest bidder. Users wishing to make transactions on the blockchain would generally fall into two camps: high-rolling fat cats bribing their way to the front of the queue, and us regular folk, who grew wearily accustomed to the delicate dance of trying to calculate the lowest possible gas fee that might one day, years from now, possibly, maybe, eventually clear… before crossing our fingers and hoping for the best.
Disclaimer: I am not a financial adviser and this is not financial advice.
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