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Antminer S19Pro 20Days
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The Ethereum
fork has been completed.
Days
Hours
Minutes
Seconds
Date:
04 August 2021, 15:00 UTC
12,965,000
event block height
15,537,389
current block height
14.6649
block time
BTC 0.076232
Trading price
ETH 185.11 m
total market
11.032 P
difficulty

Ethereum London Network Upgrade

Long-anticipated London Network Upgrade includes 5 Ethereum-Improvement-Proposals (EIPs)

  • EIP-1559: Fee market change for ETH 1.0 chain
  • EIP-3198: BASEFEE opcode
  • EIP-3529: Reduction in refunds
  • EIP-3541: Reject new contracts starting with the 0xEF byte
  • EIP-3554: Difficulty Bomb Delay to December 1st, 2021

What is EIP-1559?

The prominent EIP-1559 is the most known EIP of London Network Upgrade. The proposal in this EIP is to start with a base fee amount which is adjusted up and down by the protocol based on how congested the network is. When the network exceeds the target per-block gas usage, the base fee increases slightly and when capacity is below the target, it decreases slightly. Because these base fee changes are constrained, the maximum difference in base fee from block to block is predictable. This then allows wallets to auto-set the gas fees for users in a highly reliable fashion. It is expected that most users will not have to manually adjust gas fees, even in periods of high network activity. For most users, the base fee will be estimated by their wallet and a small priority fee, which compensates miners taking on orphan risk (e.g. 1 nanoeth), will be automatically set. Users can also manually set the transaction max fee to bound their total costs. 

An important aspect of this fee system is that miners only get to keep the priority fee. The base fee is always burned (i.e. it is destroyed by the protocol). This ensures that only ETH can ever be used to pay for transactions on Ethereum, cementing the economic value of ETH within the Ethereum platform and reducing risks associated with miner extractable value (MEV). Additionally, this burn counterbalances Ethereum inflation while still giving the block reward and priority fee to miners. Finally, ensuring the miner of a block does not receive the base fee is important because it removes the miner’s incentive to manipulate the fee in order to extract more fees from users.

You can read more about the London Network Upgrade on the official GitHub repository here.

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