Wednesday, December 8, 2021

Vitalik Buterin: London Hard Fork Success Gives Me More Confidence over Upcoming Chains Merge

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.

Read Also: Vitalik Buterin Speaks On Likely Date of The Merge and What Happens After the Two Ethereum Chains Are Merged

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.”

Read Also: Analyst Predicts Ethereum Notable Breakout, Says Bitcoin Would Hit New All-Time High by November

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.”

Read Also: Peter Brandt Shows How Ethereum and Tesla Charts Are Similar as London Hard Fork Knocks

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.


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Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.

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