Ethereum blockchain will undergo a major change. Or the “hard fork” event everyone is eagerly waiting for. Ethereum developers have announced three hard forks: Berlin, London, and Shanghai Hard Fork, all named after the city where the conference will be held. Previously, Ethereum had its first Berlin Hard Fork, an upgrade to the blockchain in April 2021 to prevent attacks, make the system more secure, and also help protect other cryptocurrencies. This led to higher fees or gas charges, and the price was not stable, so Ethereum had to develop a new network. The result is the Ethereum London Hard Fork, which is scheduled to launch on August 4, 2021, to reduce blockchain fees and congestion problems.
When it comes to blockchain, a hard fork is a change to the network protocol that causes previously invalid blocks and transactions to become valid. To upgrade to the latest version of the protocol, nodes or users only need to upgrade. A hard fork allows different visionary groups to take the software in different directions based on the vision of the founder.
In the Ethereum world, nodes on the blockchain will vote on whether or not to approve the fork. The London Hard Fork, as well as the addition of an EIP-1559 proposal to the network, is scheduled to take place on August 4, 2021. This hard fork will not only promise to reduce gas fees but also limit the supply of Ethereum tokens and increase Ethereum’s price pressure in the long run. Due to this price pressure,
some researchers have even speculated that the price of ETH could rise to $5,000 or even $10,000*.
The success of decentralized finance (DeFi) has put pressure on Ethereum’s blockchain. As a result, gas fees have risen to astronomical levels; sometimes more than a wire transfer. Going forward, gas fees will be a fixed price and won’t fluctuate, making prices in the market much more predictable. In addition, a portion of these fees will be burned or destroyed, exacerbating shortages on the grid and driving up prices. Although EIP-1559 will lower gas costs, they’ll not be free. For this reason, gas fee-friendly payment protocols based on Ethereum and similar platforms will still have a use case, as users will still want to optimize transactions in terms of network congestion to get the lowest gas fees.
Blockchain-based decentralized peer-to-peer networks give users control over their money and data. A number of DeFi apps are expanding, including peer-to-peer lending, liquidity mining, and staking which have tripled the value of the DeFi dApp since January, hence, building DeFi products on the right blockchain is crucial. There are many advantages to using Ethereum as well as other blockchain networks such as Cardano, Polkadot, Tron, etc. Deciding which blockchain to use should depend not only on gas fees, but also on its security and stability, how many transactions it can process per second, and how long it takes to confirm a transaction.
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* Non-Financial Advice.