Concept: June 21, 2021. Understanding the Ethereum London Hard Fork
Ethereum's London Hard Fork is an update that the Ethereum blockchain will undergo on June 24, 2021. I will consist mainly on 2 changes that will be explained and are in preparation for Etehreum 2.0 (proof of stake as opposed to proof of work) that will roll out in 2022.
The first change is Ethereum Improvement Proposal (EIP) 1559. Currently the average transaction fee for small transactions is too expensive. EIP 1559 will create a base fee and will burn ETH so that there will be a deflationary pressure for ETH.
The second change is EIP 3238. Currently there is a "time bomb" set to arrive and that will make the creation fo new blocks too difficult and time consuming. The time bomb was created so that miners start working with ETH 2.0 when it arrives. EIP 3238 will delay the arrival of the time bomb.
