Ethereum just activated its 'London' hard fork, and it's a really big deal. KenzieSigalos explains.
Having the protocol decide a uniform gas price should prevent major spikes in prices, although that doesn't necessarily mean it will be cheaper for buyers. It is, in essence, one big hedge against the market falling totally out of whack.But a bigger change fomented by EIP-1559 is a doubling of the block size.
"But the price ratchets up very quickly, and algorithmically, to the point where you should get to a clearing price that allows the block to be at its target of half full, and certainly that allows all the transactions that want to go through to be processed," Hougan explained. Some have made the argument that the EIP-1559 upgrade will create a sort of deflationary pressure on ethereum, because less supply can lead to a rise in price. But this reasoning makes a couple big assumptions.
Miners can still sell their computing power to the network and hope to earn a reward of newly minted ether, should they win a block.But in the short term, miners won't make quite as much money as they did before the hard fork.
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