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SnapBots News-Ethereum London upgrade- Ethereum Improvement Proposal

Ethereum 2.0’s latest upgrade which is also known as Ethereum Improvement Proposal (EIP)-1559, went live on Thursday.

With the latest update, there are around 5 changes that are made to the current Etereum Network, however, only two of the changes are of major importance to the day-to-day user as stated by Kosala Hemchandra CEO and founder of MyEtherWallet.

The two of the major changes in Ethereum which are the second most valued cryptocurrency after bitcoin are:

1. Resolving on a fixed base fee instead of an uncertain gas fee users pay in ether to miners to process their transactions over the Ethereum network.

Earlier the transaction fee used to increase and change and there was no way the user used to know the price beforehand. This was replaced with a fixed base fee. Over this base fee, the user can choose to pay a tip to speed up the process and the tip will directly go to the miner and will not be burned.

1. Another update is the introduction of the burning feature, After each transaction with the miner, a small amount of those tokens would be burned, creating a shortage of ether supply in the network, leading to an increase in value and demand as it becomes rarer.

Another major change with the upgrade is that the number of transactions allowed on one block has been doubled.

Source :


SnapBots( is artificial intelligence (AI) crypto trading bots provider in BVI with global users. Driven by its focus on fields of machine learning and deep learning, it aims to supply trading bots as a service. Based on big data technology, SnapBots generate AI chart pattern trading signals.

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sandy parker

sandy parker

New to CryptoCurrency world, Always eager to explore new technology.

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