Major Ethereum upgrade coming: What you need to know
The scheduled coding revamp will go live on 4 August.
The upgrade known as Ethereum Improvement Proposal (EIP) 1559 is similar, analysts said, to a bitcoin “halving” event in which periodic adjustments reduced the supply of bitcoin. Each halving helped propel bitcoin’s price to higher records.
While bitcoin is the preferred store of value in the digital ecosystem, Ethereum has emerged as the leading financial infrastructure, settling over US$12-billion of daily transactions, according to a Grayscale report released in February this year.
Andrew Keys, managing partner at DARMA Capital, said ether’s current price has yet to factor in the looming software upgrade. He estimates that the expected software adjustment next week, coupled with another upgrade in the first quarter of 2022, should “easily quintuple the price of ether” by next year. On Thursday, ether was up 0.6% at $2 312.
Ethereum Set to Get a Major Upgrade That Will Alter Supply, Fix Transaction Fees
Ethereum’s coding revamp will go live on August 4. By Reuters | Updated: 30 July 2021 11:53 IST
Ethereum has emerged as the leading financial infrastructure
Highlights
EIP-1559 is a software upgrade
EIP-1559 changes the mechanism by setting a base fee
Ethereum, the second-largest blockchain network, is about to undergo a technical adjustment that will significantly alter the way transactions are processed, as well as reduce the supply of the ether token and sharply boost its price.
The scheduled coding revamp will go live on August 4.
The upgrade known as Ethereum Improvement Proposal (EIP) 1559 is similar, analysts said, to a Bitcoin halving event in which periodic adjustments reduced the supply of Bitcoin. Each halving helped propel Bitcoin s price to higher records. Bitcoin price in India stood at Rs. 29.5 lakhs as of 11:30am IST on July 30.
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NEW YORK: Ethereum, the second-largest blockchain network, is about to undergo a technical adjustment that will significantly alter the way transactions are processed, as well as reduce the supply of the ether token and sharply boost its price.
The scheduled coding revamp will go live on Aug. 4.
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The upgrade known as Ethereum Improvement Proposal (EIP) 1559 is similar, analysts said, to a bitcoin halving event in which periodic adjustments reduced the supply of bitcoin. Each halving helped propel bitcoin s price to higher records.
Explainer: Major Ethereum upgrade set to alter supply, fix transaction fees
By Gertrude Chavez-Dreyfuss
Reuters
NEW YORK (Reuters) - Ethereum, the second-largest blockchain network, is about to undergo a technical adjustment that will significantly alter the way transactions are processed, as well as reduce the supply of the ether token and sharply boost its price.
The scheduled coding revamp will go live on Aug. 4.
The upgrade known as Ethereum Improvement Proposal (EIP) 1559 is similar, analysts said, to a bitcoin halving event in which periodic adjustments reduced the supply of bitcoin. Each halving helped propel bitcoin s price to higher records.
While bitcoin is the preferred store of value in the digital ecosystem, Ethereum has emerged as the leading financial infrastructure, settling over $12 billion of daily transactions, according to a Grayscale report released in February this year.
EIP: What is this Ethereum upgrade which is set to alter supply? arynews.tv - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from arynews.tv Daily Mail and Mail on Sunday newspapers.