A major Ethereum network upgrade is on the way, and it has a lot of investors very excited.
The upgrade is technically called Ethereum Improvement Protocol 1559, or EIP-1559, but has also been dubbed the “London hard fork”.
A countdown on the Ethereum website says it is set to go live on Thursday 5 August, at around 1.15pm UK time.
The “London hard fork” has been preceded by significant growth, with Ethereum climbing over $2,600 (£1,900) on 1 August, before dipping slightly.
There are hopes the upgrade could lead to continued growth for the world’s second largest cryptocurrency.
What is the ‘London hard fork’?
The goal of EIP-1559 is to make Ethereum transaction fees for predictable for users.
At present, network users must bid against each other to have their transactions processed by miners. This means fees will end up being much higher when the network is busy than when it is quiet.
The change will see users pay a base transaction fee, which will be algorithmically determined by how busy the network is, and users will be able to see this fee up front.
They will also be…
