One article to understand when Ethereum completes the London hard fork upgrade

The London upgrade of Ethereum was completed on August 4, which included the famous EIP-1559. When the real ETH was burned, people finally felt the burning energy of EIP-1559 and saw that a large amount of ETH was burned every day.

The Ethereum London upgrade is designed to improve the performance of the Ethereum network, reduce the historically high GAS fees, reduce the congestion on the chain, and improve the user experience. It can be said that it is the most important part of the entire ETH2.0 upgrade. Among them, EIP -1559 Reconstruction of the network cost market is extremely controversial, and absenteeism costs are greatly reduced. BIG may exist, but the upgrade is indeed unstoppable.

Ethereum founder Vitalik Buterin recently stated that the most significant change in the Ethereum blockchain since 2015 took effect on Thursday. This major upgrade, the London hard fork, means a 99% reduction in Ethereum. The energy consumption creates important conditions.

EIP-1559, which is attracting the attention of the market, is activated, which is a milestone.

Ethereum 2.0 has to go through 3 stages, Phase 0, 1 and 2. The tasks that need to be implemented in these three stages are PoS consensus, data sharding and transaction sharding.

The sharding structure of Ethereum 2.0 is composed of a beacon chain and a shard chain. The beacon chain is responsible for the communication between the shard chains and is also the core of the entire framework. At present, Ethereum has launched the beacon chain and started PoS mining. At the same time, PoW mining still exists. When Ethereum 2.0 is sufficiently prepared, PoW will withdraw from the stage of history.

Under normal conditions, PoW miners will not voluntarily withdraw from mining because they have already paid the cost of hardware facilities such as mining machines. Ethereum realizes the transformation of PoS consensus by reducing block rewards and setting difficulty bombs.

Part of the reason for the soaring price of ether is the proliferation of non-fungible tokens (NFTs), which are digital documents whose authenticity and scarcity can be verified through blockchains such as Ethereum.

NFTS has become very popular this year, such as digital artist Beeple, who sold his NFT artwork Everyday for $69 million. Now, from art galleries to the International Olympic Committee, fashion companies and Twitter companies, more and more fields are accepting digital tokens.

Before the London hard fork upgrade, Ethereum has undergone several hard fork upgrades. After the next Shanghai hard fork is implemented, it is expected that Ethereum 1.0 will be merged with the beacon chain. The London upgrade includes a total of 5 EIP content, of which EIP 1559 adjusts the handling fee collection method and EIP 3554 delays the difficulty bomb.

EIP 1559 makes handling fees more efficient to improve user experience, and in general can increase the ecological value of the Ethereum network. However, it cannot fundamentally solve the problems of network congestion and high handling fees. This needs to be achieved through two-layer expansion or Ethereum 2.0.

EIP 3554’s postponement of the difficulty bomb allows it to be implemented when the beacon chain PoS is fully prepared, so as to prompt miners to abandon the PoW chain. In addition, the London hard fork will also affect the use of Gas Token, and then Gas Token will become invalid, but it is conducive to the release of unnecessary network space.

The Ethereum network upgrade usually takes the form of a hard fork. The biggest difference between a hard fork and a soft fork is whether it is compatible with the old version. A hard fork can ensure that all nodes are upgraded to the latest version, otherwise they will not be accepted by other upgraded nodes.

Ethereum has changed a lot in the upgrade to the 2.0 stage, and all nodes need to be consistent and use the same version. In order to prevent the division of the community, Bitcoin usually uses soft forks to upgrade, such as Segregated Witness. In order to avoid a hard fork causing a split in the community, many public chains adopt the method of automatic upgrade after the proposal is passed.

Ethereum’s strong community consensus prevents true forks. Under normal circumstances, proposals supported by founder Vitalik will receive community support. Even if some of the content in the London hard fork will be opposed by miners, the possibility of splitting the community is very small.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/one-article-to-understand-when-ethereum-completes-the-london-hard-fork-upgrade/
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