Ethereum Network Set to Undergo EIP-1559 Upgrade on August 4
The Ethereum (ETH) network is set to undergo a significant platform adjustment, which should reshape the transitional procedure on the blockchain, and cut down the supply of coins in circulation to boost the price of assets. According to reports, the coding upgrade will occur on August 4.
Analysts predict that the upgrade, dubbed Ethereum Improvement Proposal (EIP) 1559, holds similar weight as the Bitcoin halving event, where periodic Mining reward adjustments reduce the supply of BTC.
While Bitcoin is the only store of value crypto asset, many believe that Ethereum is the industry’s top financial ecosystem infrastructure, which settles over $12 billion worth of transactions per day as of February this year.
Managing partner at DARMA, Andrew Keys, noted that the…
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