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Ethereum hard-fork coming up today - Curious to see how it will affect the gas fees!

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@unbiasedwriter
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The Ethereum London hard-fork will take place in a few hours from now (approximately 12.30 CET). I have been looking forward to the fork for a while and I have even upgraded the GETH version on my Ethereum nodes, knowing that this fork will bring some serious changes to the blockchain.

The most important change is how it will affect gas prices. We don't know exactly what it will look like and how it will affect the prices, but I do hope it will have a very positive effect.

What might happen...

After the London hard-fork, the general gas fees will be burned, and thus have a deflative effect on the network. This is a very positive thing, especially hoping that it will also increase the price of Ethereum itself.

When you pay for a transaction, there will be a general fee that is similar for all transactions. Each block on the Ethereum blockchain contains several transactions. As of now, the price of the different transactions within the same block might differ greatly. But, that will change now, as the price will be the same.

The only difference is the chance to add a so-called tip together with your transaction, which means that you will hopefully achieve that the miners will process your transactions faster. But still, there will be a base fee, which will hopefully make things cheaper, easier, and faster (especially for newbies).

I will be paying attention carefully to the changes that might come, and maybe tomorrow I will write about what I have learned and discovered so far in the first hours after the fork!