Phoenix Blockchain’s “Merlin” Fork and How It Improves Current Capabilities
Its been set. Block 1.95 million is when the Phoenix Blockchain’s version of Eth’s Berlin fork was implemented and at block 2 million is when our London fork was successfully executed and various updates took place on the Phoenix Blockchain.
Berlin and London, what does it all mean?
The primary reason for the forks was to implement a halving protocol that reduces the block reward (1 PHX currently per block) node holders receive for completing other on-going transactions and securing the Phoenix Blockchain. This halving is very similar to that of Bitcoin’s, which saw its last halving in mid-2020, where miners now received half of the reward they would normally gain for supporting and maintaining the Bitcoin network.
The halving brings longevity and gives early adopters valuable information about direction in which Phoenix Blockchain is heading in the coming years.
Another reason for the fork is to improve Phoenix Blockchain by including gas estimation as well as allowing for a burn function. This lets other cryptocurrencies that have predefined transaction fees and taxes to be listed on FireSwap, Phoenix Blockchain’s DEX.
Where do we go from here?
Ethereum recently installed a similar upgrade to their formidable blockchain. Gas fees or transaction fees were fast rising and quickly getting out of hand, and as such the team behind Ethereum sought to install EIP-1559. This Ethereum Improvement Protocol was the fix that Ethereum needed to get it back on track before Ethereum 2.0 was to be released. Something similar might be in Phoenix Blockchain’s future.
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