Ether is the native token of the Ethereum blockchain, which is scheduled to undergo a hard fork, or upgrade incompatible with previous versions: The London fork on August 5. The change will implement four proposals. In them, the Ethereum Improvement Proposal (EIP) 1559 is included that will activate a mechanism to burn a part of the fees paid to miners.
Ethereum’s London fork will go live on Thursday, according to the countdown available on Ethereum.org. “The London update is scheduled to go live on the Ethereum network in August 2021, at block 12,965,000,” Ethereum.org reads. «It will introduce EIP-1559, which reforms the market for transaction fees. Along with changes to the way gas rebates are handled and the Ice Age date. ‘
Once the update takes effect, it is expected to bring deflationary asset appeal to Ether. Possibly generating a higher investment demand for the cryptocurrency. That is the popular narrative in the crypto community.
The improvement proposal will impact in transaction fees
The Ethereum 1559 Enhancement Proposal, or EIP-1559, will directly affect the way the network handles transaction fees. From now on, each transaction will burn a base commission. Thus decreasing the circulating supply of the asset. And, it will give users the option to include a tip to help incentivize faster confirmations and proportional to the demand on the network.
The London fork will also introduce other EIPs, such as EIP-3541, according to a blog post from the Ethereum Foundation in mid-July.
Why does EIP 1559 make debugging Ethereum Dapps difficult?
Ethereum Enhancement Proposal (EIP) 1559 will be available on Ethereum tomorrow morning according to block time estimates.
Network stakeholders, including decentralized application developers (Dapp). And the core developers, met on Friday, July 30 for a final coordination meeting on Zoom.
During the meeting, the developers discussed the long-term plan to solve a hidden EIP 1559 problem that makes it difficult to debug applications on Ethereum. More on what the problem is and why there is still no clear solution at New Frontiers this week.
NFTs are Ethereum’s next step for businesses, according to ConsenSys founder Joe Lubin
Non-fungible tokens, or NFTs, are known to the general public as digital assets that represent real-world objects such as art, music, and fashion, among others. However, while most of the world may be in love with the high sales prices of NFTs launched by celebrities, athletes and other famous individuals. Non-fungible tokens are starting to pique interest from corporations for business use cases.
The adoption of NFTs by companies was a point that was discussed during the anniversary event of the Enterprise Ethereum Alliance, or EEA. Which took place virtually on July 29, 2021. During a keynote session, titled “The Future of Ethereum and Web3”, Joe Lubin, CEO and founder of ConsenSys, a blockchain software company, mentioned that “NFTs They are doing a tremendous job of getting businesses excited. ‘
Lubin believes that NFTs will not be limited to encapsulating content. Through digital artwork or music, but the non-fungible tokens will end up becoming entire businesses with their own rights.
Binance will bring Bitcoin payments to Shopify through new partnership
Binance, the world’s largest cryptocurrency exchange by trading volume, continues to actively expand in the crypto payments industry through a new crypto-to-fiat integration.
The company announced on Tuesday a partnership with hybrid payment platform, Alchemy Pay, to enable peer-to-peer (P2P) payments at more than 2 million global merchants through its payments app, Binance Pay.