Some cryptography experts believe Ethereum could knock Bitcoin out of its first position and eventually becomes the first largest market value of the cryptocurrency.
However, the Ethereum network has faced serious issues that require urgent solutions. In May, the network’s average transaction fees rose to more than $ 70, making encryption unsuitable for day-to-day retail use.
London’s fork upgrade to the Ethereum block chain is very high due to match Ether’s high transaction fees.
The update is expected on August 4th. The event begins with Ether’s transition from proving work to proving contribution, to a less energy-intensive consensus mechanism for event validation.
Konstantin Anissimov, CEO of CEX.IO, spoke about the development and noted that the London hard fork could significantly change the price and commissioning of Ethereum. He further explained that the hard fork is expected to reduce ether-less inflation and help prepare for the timely launch of Ethereum 2.0.
“I think Ethereum will return to $ 2,300 ~ 2,500 due to a hard fork and exceed an estimated $ 3,000 by the end of August, provided we don’t see drastic government action in the form of critical currency bans or hard rules and regulations.”
While Growth Hacker entrepreneur Giacomo Arcaro said the value of the Ether could rise if the hard fork proves valuable, he warned that “It is also possible that this change has already been‘ priced ’.
Blockster founder and CEO Adam Todd said industry experts expect the London fork upgrade to see around 20-30% of ETH’s transaction fees. However, he had a different view, saying that the reduction in Ethereum’s transaction fees would not materialize so much, especially “when the peaks go through”.
“Those who bet on significant fee reductions or ETH price increases are likely to be disappointed”
The London hard fork is part of the final stages of encryption before the release of Ethereum 2.0. The launch of the tough people of London was delayed, and its previous release date this month was scheduled to take place on 4 August.
Ethereum As a global chain of choice
Ethereum has attracted several global financial institutions as it remains the gold standard for blockchain-based and smart contract applications. If institutional investors publish that the London hard fork will have a positive impact on Ethereum’s long-term development, the price of cryptographic assets will rise.
The London update is a long-awaited update for some time and will follow recently implemented The hard fork of Berlin. London’s hard fork is scheduled To complement the Ethereum 2.0 transition by changing the Ethereum chain from proof of work to proof of contribution.
The biggest changes to the Ethereum block chain include five Ethereum Improvement Protocol (EIP) protocols, mainly EIP-1559, EIP-3554 and EIP-1559. EIP-1559 is, of course, ready to transform Ethereum’s transaction fee rate into a new system that makes cryptocurrency deflation.
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