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ETH awaits a big event tomorrow

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ETH will have a big event or network update tomorrow. In this article, we have summarized for you all the important changes that will take place during tomorrow.

Big event for ETH network

ETH London update or even hardfork contains 5 important elements that will be added to the network. The most widely mentioned is the EIP-1559.

EIP-1559: Change of Fees

EIP-1559 attempts to address the unpredictability of network charges. When sending a transaction, the user can choose between cheap and slow transactions and fast and more expensive at the same time.

The unintended consequence is that miners have an incentive to provide the possibility of a transaction at a higher price. As a result, cryptocurrency users pay a higher network fee for their transactions.

EIP-1559 introduces a minimum fee to be paid in a transaction. This minimum network fee (basic fee) varies depending on the number of transactions that go through the network. At the same time, the basic fee is burned in the network and ETH can really become a deflationary cryptocurrency. The good news is that according to various researches, the average price per transaction should drop significantly after this update.

EIP-3198: BASEFEE opcode

It is directly related to the improvements of EIP-1559. The BASEFEE opcode returns the base fee value in the current EVM block. This allows smart contracts or DApps to get the value of the base fee immediately. The goal of EIP-3198 is to enable DApps and smart contracts to improve their services.

EIP-3529: Reduction of call requests

EIP-3529 eliminates fees for SELFDESTRUCT and reduces the fee refund for SSTORE. Refunds for SSTORE and SELFDESTRUCT were originally introduced. It is an incentive for developers to create applications that use storage efficiently and reduce redundant code.

EIP-3541: Rejection of new contracts with byte 0xEF

Existing smart contracts with byte 0xEF will remain functional, but new contracts with 0xEF will be rejected after the new one. The EIP-3541 upgrade is due to the implementation of the EVM object format (EVMOF). This protocol is intended to prevent clients from confusing between previous smart contracts that are not in EVMOF and new smart contracts in EVMOF format. If the EVMOF proposal does not pass, EIP-3541 will be able to be implemented in future updates that will require it.

EIP-3554: Difficulty ETH Bomb

This difficulty update will make Ethereum mining less attractive. It encourages miners to move from ETH 1.0 to ETH 2.0. The full merger of the network is planned for an innovation called Shanghai, which will take place in October 2021.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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