Ethereum Berlin hard fork goes live at block 12,244,000, today on Thursday.
The Berlin hard fork is a network upgrade that includes four Ethereum [ETH] Improvement Proposals [EIPs] that tinker with gas prices and permit new transaction types. The upgrade is a stepping stone to the much bigger London hard fork, which can activate EIP 1559, a momentous [and controversial] change to Ethereum’s fee structure.
The EIPs are:
EIP-2565, which reduces gas cost for a selected transaction type that uses modular exponentiation.
EIP-2718, makes all transaction types “backward compatible” using so-named “envelope transactions,” which permits the addition of the latest transaction logic into Ethereum.
EIP-2929 increases gas costs for “opcode” transactions, a pain point for ‘DOS’ Denial of Service attacks on Ethereum [+2.65%] within the past.
EIP-2930, a new transaction type [made possible by EIP-2718’s envelope transactions] that permits its users to make a preset outline of addresses and amounts for future transactions within a bid to lower gas costs.
The Berlin hard fork, referred for the capital of Germany that played host to the primary Ethereum DevCon, was originally scheduled for June or July last year but was pushed back due to centralization concerns around the Geth client on which most Ethereum nodes operate.
This hard fork, which suggests old Ethereum clients won’t be compatible with upgraded ones, is one among many on the road to ETH 2.0, Ethereum’s herculean leap from PoW to PoS.
The cortex of this new network, the Ethereum 2.0 Beacon Chain, presently holds over $8 Bln worth of ETH. This smart contract is sort of a bridge between the present Ethereum and Ethereum 2.0 blockchains, and it holds various deposits of the 32 ETH needed to run validator nodes on the new network.
After Belin, It’s London Next
Berlin will be followed by London later in July, which is predicted to embody EIP-1559, a proposal that will reduce the availability of ether.
Instead of a user sending a gas fee to a miner for a transaction to be added to the blockchain, the network would set the fee itself then burn it.
There are concerns that this may diminish miners’ profits but does have the potential to form ether more valuable due to limiting supply.
The world’s second-leading cryptocurrency hit a new all-time high near to $2,490 USD earlier today, a part of an ongoing rally that has largely been attributed to Coinbase’s much-anticipated public listing on the Nasdaq.