Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Ethereum Poised To Become a Deflationary Asset As EIP 1559 Gets Approved for July

by Daily Hodl Staff
March 7, 2021
in Ethereum

A highly-anticipated update that overhauls the controversial Ethereum fee market gets the green light as it is now included in the leading smart contract platform’s next major hard fork.

In a call on Friday, members of Ethereum’s All Core Developers have agreed to package EIP-1559 for the London hard fork which is happening in July.

Tim Beiko, the lead coordinator of EIP-1559, highlights that the fee market restructure proposal is at a point where major technical issues are already addressed.

“I think we’re in a spot where the EIP is kind of sound. There’s definitely a lot of work to do around everything that’s adjacent to the EIP… It’s quite a big change so if we do include it in London, I think it becomes the ‘big thing’ that we can do in London, especially given the timelines are quite short and it will have a big impact on what else we can do.” 

Ethereum developer liaison Hudson Jameson also notes that a significant cog of the Ethereum ecosystem has expressed their opposition towards the update.

“I don’t see any opposition except from miners and that was able to be viewed by everyone from a call that we had recently… where we had participants from different mining pools and then different stakeholders in the ecosystem giving their opinion. What came of that was… it seemed like the miners were in the minority of people who did not want this in, primarily because it would be cutting into their transaction fee income.” 

Even with miner opposition, Ethereum’s core developers reached a rough consensus to include EIP-1559 in the London hard fork.

First proposed back in 2018, the EIP-1559 is designed to drastically restructure the fee mechanism of the ETH blockchain as it will introduce a basefee, a standard fee that will be the same for all users. The upgrade will also make Ethereum a deflationary asset as ETH transaction fees would either be burnt or deposited into a long-term mining pool.

l

Check Price Action

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 
Check Latest News Headlines


 
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Sergey Nivens

Submit a Press Release

Industry Announcements

  • Spritz Finance Launches Direct Wallet Pay, an Easy Way To Pay Real-World Bills With USDC From Any Crypto Wallet
    July 5, 2022
  • Metaverse Summit To Accelerate Open Metaverse and Web 3.0 With International Leaders
    July 5, 2022
  • Swappi (PPI) Announces First Exchange Listing on BitMart
    July 1, 2022
  • Yield App Joins Forces With Unstoppable Domains To Simplify Web 3.0 Journey
    July 1, 2022
  • ARK Has Introduced a New Blockchain Consensus Technology
    June 30, 2022
  • Cantina Royale Taps Elrond Apes To Boost Its In-Game Cross Chain NFT Collections
    June 28, 2022
  • Saddle Finance Announces End of Lock-Up Period for Its SDL Token
    June 24, 2022
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$20,241.00
$20,241.00
3.97%
Ethereum
$1,142.38
$1,142.38
4.31%
Cardano
$0.458287
$0.458287
2.38%
XRP
$0.324199
$0.324199
2.8%
Dogecoin
$0.067495
$0.067495
2.09%

Spotlight

  • Coinbase Crypto Exchange Selling Transaction Tracing Data to U.S. Immigration and Customs Enforcement: Report
    July 1, 2022
  • Sidelined Capital Could Flood Back Into Bitcoin (BTC) if This Happens, According to Top Crypto Analyst
    July 5, 2022
  • IRS Forced To Delay Crypto Tax Collection As Industry Struggles With New Rules: Report
    June 29, 2022
  • Ripple Secures Deal for XRP Ledger To Be Used in Land Registry System by Colombian Government
    July 2, 2022
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2022 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2022 The Daily Hodl