SnapBots_News
Published in

SnapBots_News

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 : https://cointelegraph.com/news/myetherwallet-founder-notes-two-key-aspects-of-ethereum-london-hard-fork

About SNAPBOTS

SnapBots(www.snapbots.io) 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.

About SNAP

SNAP is short for SnapBots Token based on Ethereum and that is used in SnapBots blockchain-based AI bots’ economy.

For more information, please visit:

SnapBots- https://snapbots.io

Join our community- t.me/SnapB

This is the official news channel for SnapBots.

Recommended from Medium

Travel to NEARverse

Designing for Blockchain: Three Ways to Get Started

Cryptocurrency

Crypto In Recent News

How are cryptocurrencies related to blockchain?

Eight Reasons To Use Cryptocurrency Payments In 2019

BOLT’s Token Ecosystem and Interoperability

Best Metaverse Cryto Coins to Invest

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
sandy parker

sandy parker

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

More from Medium

What is Zunami Protocol

CeFI and DeFI

Crypto Assets in Remittances

Brian Colombana: How to Buy Your First Cryptocurrency Coins

Brian Colombana: How to Buy Your First Cryptocurrency Coins