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What could be the prospects for ETH after the hard fork scheduled for August 2021?
It was recently confirmed by an Ethereum developer that the hard fork in London will take place on August 4th, 2021, despite being scheduled for July.
Anyway, we're almost there, less than a month to go?
But what should we expect?
First of all, we must remember that Ethereum is one of the most widely used blockchain in cyberspace on which many projects related to the world of crypto, NFT, DeFi are based.
Precisely for this reason it is necessary that this formidable blockchain is continuously updated and improved to try to speed it up and above all find a solution for transactions that are still too high.
The solution?
The EIP - the enhancements - main expected with this hard fork are 1559 and 3554.
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EIP-1559 wants to reduce transaction fees by sending a gas fee for the transaction to the network that will burn them, and a small tip for the Miner. This burn process will, over time, make Ethereum increasingly scarce, which will give a deflationary boost at the same time an upward push in the value of ETH.
Through the EIP 3238 it intends to slow down the growth of the difficulty of the ETH algorithm.
While the EIP-3554, the difficulty time bomb i.e. the internal mechanism within Ethereum that with time makes the solution of blocks much more difficult, will be postponed, to December 2021.
Unfortunately, these proposed solutions create discontent among miners because they would see their earnings reduced to the bone.
The biggest concern of this theoretical hard fork is that in case of a failure to reach an agreement to improve the Ethereum blockchain, it could repeat what happened between Ethereum and Ethereum Classic.
Thus the birth of another blockchain and another token.
However things will go, this hard fork leaves the whole crypto world in frantic anticipation, after all we are talking about one of the most awaited updates in the history of Ethereum that could make a bull run never seen before.
Let's not forget that since the testnet Ropsten was updated in London on June 24th, the price of ETH has returned well above $ 2,000, perhaps thanks to the expectations that there are around this update.
We just have to wait and see what Ethereum 2.0 will have in store for us.
