ETH London Hard Fork Was Success, ETH 2.0 Merger Might Follow
3 min readYesterday’s activation of the London Hard Fork has heightened the faith of ETH holders in the crypto holders and its founders have set eyes on a new goal, which is the possibility of a merger with ETH 2.0. Vitalik Buterin, a co-founder of the cryptocurrency, made this known following the huge success recorded after the […]
Yesterday’s activation of the London Hard Fork has heightened the faith of ETH holders in the crypto holders and its founders have set eyes on a new goal, which is the possibility of a merger with ETH 2.0.
Vitalik Buterin, a co-founder of the cryptocurrency, made this known following the huge success recorded after the ETH London Hard Fork upgrade. He said the upgrades and their positive response from investors worldwide show ETH is on the right path and will further strengthen the possibility of a merger with ETH 2.0.
In his words, Vitalik said the EIP 1559 is “definitely the most important part of London.” This was in response to the functionality of the EIP upgrades which tweaked the fee generation frameworks, leading to fee burning.
As of press time, over 3,500 ETH worth over $10 million has been burnt. This development, according to Vitalik, “is proof that the ETH ecosystem can make significant changes. The upgrade makes me more confident about the merge,”
Vitalik also made it clear that the new upgrades will not only bring the ETH 2.0 merger closer but help minimize the use of energy by 99%. Both BTC and ETH are the two largest Cryptocurrencies globally, with each fintech applying the proof-of-work system, which involves the constant use of computers round the clock on a global scale.
ETH had been working round the clock to cut down energy use, and with the London upgrade, they had finally broken through. The new proof-of-stake system comes with a whole different approach. It reduces the use of energy and eliminates carbon emissions issues.
After the upgrades yesterday, ETH can now be likened to BTC in its mode of operation. While BTC comes with an already plan on how much of its token will be created and mined – 21 million BTC, ETH doesn’t have such a commitment.
This is why Vitalik feels the new upgrades have tackled this loophole. In his 2013 white paper, Vitalik remarked on the amount of ETH that could be generated. Now, shifting from a proof-of-work to a proof-of-stake system will make this a reality.
The price of the digital asset has also reacted positively to the news with it rising to almost $2800 in the last 24 hours. Also, in hailing the successful upgrade, Forbes wrote that ETH could flip BTC soon, a sentiment that many market experts have repeatedly shared in recent times.
Per Forbes, “ETH’s rally accelerates, leaving the BTC price in the dust, some in the crypto industry are predicting ETH could overtake BTC as the world’s biggest cryptocurrency by value.”
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Oluwapelumi is a believer in the transformative power BTC and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.
