By
Temitope Olatunji
April 15th, 2024
Yesterday’s activation of the London Hard Fork has heightened the faith of ETH holders in the crypto holders and its founders have set eyes on a new goal, which is the possibility of a merger with ETH 2.0. Vitalik Buterin, a co-founder of the cryptocurrency, made this known following the huge success recorded after the […]
Yesterday’s activation of the London Hard Fork has heightened the faith of ETH holders in the crypto holders and its founders have set eyes on a new goal, which is the possibility of a merger with ETH 2.0.
Vitalik Buterin, a co-founder of the cryptocurrency, made this known following the huge success recorded after the ETH London Hard Fork upgrade. He said the upgrades and their positive response from investors worldwide show ETH is on the right path and will further strengthen the possibility of a merger with ETH 2.0.
In his words, Vitalik said the EIP 1559 is “definitely the most important part of London.” This was in response to the functionality of the EIP upgrades which tweaked the fee generation frameworks, leading to fee burning.
As of press time, over 3,500 ETH worth over $10 million has been burnt. This development, according to Vitalik, “is proof that the Ethereum ecosystem can make significant changes. The upgrade makes me more confident about the merge,”
Vitalik also made it clear that the new upgrades will not only bring the ETH 2.0 merger closer but help minimize the use of energy by 99%. Both Bitcoin and Ethereum are the two largest Cryptocurrencies globally, with each fintech applying the proof-of-work system, which involves the constant use of computers round the clock on a global scale.
Ethereum had been working round the clock to cut down energy use, and with the London upgrade, they had finally broken through. The new proof-of-stake system comes with a whole different approach. It reduces the use of energy and eliminates carbon emissions issues.
After the upgrades yesterday, ETH can now be likened to BTC in its mode of operation. While Bitcoin comes with an already plan on how much of its token will be created and mined – 21 million BTC, Ethereum doesn’t have such a commitment.
This is why Vitalik feels the new upgrades have tackled this loophole. In his 2013 white paper, Vitalik remarked on the amount of ETH that could be generated. Now, shifting from a proof-of-work to a proof-of-stake system will make this a reality.
The price of the digital asset has also reacted positively to the news with it rising to almost $2800 in the last 24 hours. Also, in hailing the successful upgrade, Forbes wrote that ETH could flip BTC soon, a sentiment that many market experts have repeatedly shared in recent times.
Per Forbes, “Ethereum’s rally accelerates, leaving the bitcoin price in the dust, some in the crypto industry are predicting ethereum could overtake bitcoin as the world’s biggest cryptocurrency by value.”