Twitter is celebrating yet another trending topic that has created a tremor among crypto enthusiasts. A major change has struck Ethereum as the “London” hard fork was finally activated adding to the enthusiasm of the users. It is assumed that it will be a groundbreaking change for Ethereum with a spectrum of benefits. One of the major changes that everyone is looking forward to is the stabilization of the fees, thereby easing out the unpredictability that is a major disadvantage and quite vexing. Another notable change will be the probable predicament that miners might face and the eventuality of mining becoming obsolete.
What is EIP-1559
Although Ethereum is the second biggest cryptocurrency, it is not without certain flaws and drawbacks. A major flaw being the lack of predictability when it comes to fees. In a domain that is as volatile as crypto, an additional lack of predictability is a double-burden and quite risky. Even the most ardent supporters of Ethereum are often put off by this particular drawback. This is where London hard fork comes in with a groundbreaking change. Or so the experts say. It included a total of five EIP’s or Ethereum Improvement Proposals. These EIP’s adds effective changes to the code. Although all five are equally intriguing, people are more excited about EIP-1559, the Twitter star of the day.
Prior to the upgrade, users usually found themselves on shaky grounds with the bidding process. It was a random attempt with chance whenever they proposed a number for the transaction fee to ensure that they were included in the block. Nobody likes playing in the dark. This is where EIP-1559 comes in with the notion of giving rise to an ecosystem with minimal gas fees. By creating a base fee, fifteen fifty-nine prevents the situation where the users are forced to pay copious amounts to ensure a place in the block. Although the plan is not completely foolproof, the good parts cannot be denied.
And this gives all the more reason for Twitter to add a new name to the trending list. Crypto always kick-starts a novel excitement among the users. And EIP-1559 has surely managed to fit the description. Here are some snippets of that excitement from Twitter as EIP-1599 made it to the trending list.
Ethereum's London hard fork has activated at block 12,965,000 and EIP-1559 is now active.
Huge thanks to everyone involved for their hard work!
Onto the merge.
— eric.eth (@econoar) August 5, 2021
EIP-1559 is officially live on Ethereum.
Congrats on this seriously.
— Frank Chaparro (@fintechfrank) August 5, 2021
EIP-1559 Explained in 5 mins 🔥
Gain a basic understanding in half the time it takes to mine a bitcoin block
Part 1/3
Intro to 1559 pic.twitter.com/gnzgh8i0Eh— Nader (@0xNader) August 5, 2021
I did mention that there was infectious enthusiasm around.
Once EIP-1559 goes live, you'll be able to watch ETH being burned at any of these websites 🔥
* https://t.co/jjFlySj5wZ
* https://t.co/waISH22bWM
* https://t.co/f0U3giQiLo
* https://t.co/8Oww1P9rtDWe're gonna make it fam!
— sassal.eth/acc 🦇🔊 (@sassal0x) August 5, 2021
~$1 million worth of ETH has already been burned.
EIP-1559 hasn't even been live for 2 hours yet.
— sassal.eth/acc 🦇🔊 (@sassal0x) August 5, 2021
That’s an apt way of visualizing it.
I decided to take a little drive through #Ethereum after #EIP1559 pic.twitter.com/iTTTWAskxX
— ETH Memes 🦇🔊🌊 (@EthereumMemes) August 5, 2021
