Tag: Ethereum London Hard Fork

The launch of the 11th hard fork upgrade in line with Ethereum 2.0 made headlines across global media outlets in recent months. With the introduction of the Ethereum Improvement Protocol (EIP) 1559, the underlying code to the blockchain adjusts the current rewards model for miners, outlining a controversial and radical update. Some Ethereum miners in the community were unsure about this, leaving questions around implementing the Ethereum London hard fork. The backward-incompatible update requires support and commitment from the majority of the network. But, what exactly does the Ethereum London hard fork do? And, what are the effects of EIP-1559?