What's the big news about Ethereum's London hard fork? On 6 Au | TokoToken (TKO) Announcement [Official]

What's the big news about Ethereum's London hard fork?
On 6 August 2021, a quintet of upgrade packages went live on Ethereum's blockchain network as part of its London hard fork. Ethereum's co-founder Vitalik Buterin opined that EIP-1559 is "definitely the most important part of London" as the package not only entails a fee-reduction feature but also price-enhancing effects through the burning of USD8,900 worth of ETH every minute since it went into effect.

So, what's the significance of the hard fork?
For starters, Vitalik explained that the hard fork stands as "proof that the Ethereum ecosystem is able to make significant changes." In contrast, Bitcoin's network is so decentralized that the making of any change to it is incredibly difficult.

From a macro perspective, the hard fork paves the way for the transition of Ethereum's network to ETH2.0 which will operate using PoS thereby reducing carbon emissions related to the mining of ETH by 99%.

Till next time, adios Tokonauts.