Vitalik Buterin, the co-founder of the world’s largest smart contract platform, Ethereum (ETH), has recently expressed his profound joy over the success of the much-anticipated London hard fork, stating that it gives him more confidence over the much-awaited merge to the Ethereum 2.0 chain, known as The Merge.
EIP-1559 Is the Most Important Part of London Upgrade
In an interview with Bloomberg News from Singapore, Buterin acknowledged the Ethereum Improvement Proposal (EIP) 1559 as the most important part of the widely publicized London hard fork.
As earlier reported by Market Tabloid, the London upgrade is already having a significant effect on the Ethereum network, as the network now burns approximately 3.7 ETH (worth $10,000 at current prices) every minute.
According to Buterin, the success of the deployment of the London hard fork as scheduled serves as proof that the Ethereum ecosystem is capable of making any significant change.
He thereby stated that “Definitely makes me more confident about the merge.”
London Also Comes With Variable Block Sizes
Aside from fee burning, the London hard fork has also brought variable block sizes into the Ethereum network. This implies that users are likely not to wait endlessly for transactions to be processed in fixed blocks when there is network congestion.
With the latest upgrade, blocks now have the capability to expand or contract dynamically in order to be able to handle the number of incoming transactions. According to Buterin, this is a huge means to enhance user experience on the Ethereum network.
Vitalik Buterin noted:
“Now it gets much easier to send a transaction that will get included in the next block and that’s very important to user experience.”
So far, the London upgrade, coupled with the implementation of EIP-1559, has impacted the price of Ethereum (ETH) in the market positively. At the time of press, ETH is trading at $2,768.03, with a relatively 2% price increase based on 24 hours estimation, according to CoinMarketCap.