Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.
Kellka expressed his views on the recent network update that was announced by Ethereum’s founder Vitalik Buterin.
YeFi CEO Pekka Kellka was recently seen in an interview with hackernoon, where he addressed the contemporary changes taking place in the blockchain and DeFi industry. YeFi CEO further reiterated how Ethereum is all set to become the greatest tool for the blockchain sector and will be proven as a game-changer for this avenue by becoming a global computer.
YeFi CEO Pekka Kellka Opines Ethereum To Be The Next Game-Changer
Kellka expressed his views on the recent network update that was announced by Ethereum’s founder Vitalik Buterin. He commented that ETH will certainly prove to be the next global computer considering its rising popularity quotient, and will easily be able to surpass the combined technology of Google, Azure, and AWS in terms of easy transactions and processing.
The new update model EIP1559 announced by Vitalik Buterin has come into effect recently and bears many advantages for the ETH blockchain network. The new model is said to stabilize the entire network by changing the base mechanism of how transactions were initially conducted and enhance the process further to make it simple for the masses to understand and comprehend the customary transactions.
Earlier, any transaction conducted via ETH was accompanied by a mandatory “gas fee” that was paid to the miners as a charge for processing transactions. Such charges were highly volatile and susceptible to market fluctuations which often would result in a striking increase in gas fee charges. The new upgrade will allow the users to “burn” the gas charge levied, and will also include an automatic or a default base charge set for each transaction. Analysts have further predicted that as the number of ETH transactions increases each day, the associated charges will also get burned rather than mined which will eventually result in an accelerated demand that will downright outstrip the supply values.
According to YeFi CEO, Ethereum will become the next global computer that will be capable of conducting smart transactions in a manner that is sophisticated and cost-effective. Kellka further added that the blockchain network is about to erupt in the future considering the new changes that are being registered in the ETH domain.
These changes are said to greatly impact the way consumers have been conducting their day-to-day transactional ordeals. Kellka also commented that this new upgrade will make the ETH more deflationary in the long run prompting the users to invest in ETH and interact with it more than any other crypto available.