London hard fork was introduced today, at 12:33 UTC, at block number 12,965,000. Thus was inaugurated the Ethereum Improvement Proposal EIP-1559, with which every transaction on Ethereum will involve the total destruction of the “base fee”, gradually reducing the circulating supply of Ether (ETH).
Joseph Lubin, co-founder of Ethereum and founder of ConsenSys, said the London upgrade represents the beginning of a global movement that will make Ether “an ultrasound money”, where the first step is the “democratization of the Earth”.
Concept of “ultrasound money” is a meme that has been circulating for some time in Ethereum communities, making fun of the Bitcoiners, who define BTC as “sound money”, due to its limited offer of 21 million.
Thanks to the London hard fork, Ethereum has undergone a significant revision of its transaction fee market, as well as other parameters such as gas redemptions. This update marks an important milestone towards the transition to Ethereum 2.0, which aims to change the consensus system of the network from Proof-of-Work to Proof-of-Stake.
There was also a significant Eth price hike that followed the excitement surrounding the upgrade, currently the price is hovering around $ 2,800. Ethereum’s next major upgrade “Shanghai”, it’s scheduled for late 2021.
