Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Ethereum News & Updates => Topic started by: Sharpmax on April 14, 2021, 12:36:46 AM
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The Ethereum Berlin upgrade goes live on April 14. This is the first update since Istanbul 15 months ago.
The update comes at a time when the price of ethereum (ETH) is relatively stable, hovering around $2,000 over the past weeks, and the amount of staked ETH reaches over $6 billion.Traffic, Congestion, and Gas
Decentralized finance (DeFi) and non-fungible tokens (NFTs) have been on everyone’s minds and in everyone’s wallets for the better part of the year.
This was great for all of the project’s building on the ERC20 and ERC710 standard. However, users found themselves battered by jaw-dropping fees and sluggish transaction times. The Ethereum network needed to rise to the needs of its growing user base. Enter the Berlin upgrade.
Berlin seeks to provide answers to increased fees and complex transaction processes through this Ethereum improvement proposal (EIP).
Gas prices were high due to the double-edged sword of Ethereum’s increasing price point and the ever-growing demand for assets on the network. Source (https://cryptonews.net/537968/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared)
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The Berlin hard fork was launched yesterday, April 15 and was generally successful, and this morning the price of ethereum exceeded $ 2,500, but now, due to a decrease in prices throughout the market. she sank a little again.
I do not think that after that we will see a significant drop in transaction fees on the ethereum network. This hard fork does not directly address this issue. To do this, you need to wait for July. In the meantime, the ethereum network is being systematically updated within the framework of Ethereum 2.0.
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~ This hard fork does not directly address this issue. To do this, you need to wait for July.
What do you mean by indirectly? If you look at what upgrades were added, it still involved reducing gas
- EIP-2565, which reduces gas cost for a specific transaction type that uses modular exponentiation.
- EIP-2718, makes all transaction types “backwards compatible” using so-called “envelope transactions,” which allows the addition of new transaction logic into Ethereum.
- EIP-2929, increases gas costs for “op code” transactions, a pain point for denial of service attacks on Ethereum in the past.
- EIP-2930, a new transaction type (made possible by EIP-2718’s envelope transactions) which allows its users to create templates for future, complex transactions in a bid to lower gas costs.
It did not immediately reduce gas price but Berlin is in preparation for the bigger hardfork London which includes the much anticipated EIP-1559.
In the meantime, the ethereum network is being systematically updated within the framework of Ethereum 2.0.
Any idea if the Berlin hardfork and EIP-1559 were originally included in the plan before transition to Ethereum 2.0?