The cryptocurrency is set to go through a number of major network upgrades this year as it transitions from its Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus mechanism. Proof-of-Work rewards miners for solving complex equations when creating blockchain consensus, but it is energy-intensive. One step along the way in making Ethereum less energy-intensive is the London Hard Fork update that aims to solve the cryptocurrency’s problem of high transaction fees on its network.
The London update in July, if implemented, will see a vast change in how Ethereum’s gas fees are calculated because of ‘Update Eip-1559’, first proposed by the cryptocurrency’s […]
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