InstaForex

August 29, 2021

‘EIP-1559’ Ethereum 34x More Power Than ‘SegWit’ Bitcoin!

 Bitcoin (BTC) and Ethereum (ETH) fans have certainly been following closely the development of the blockchain since the launch of Segwit and EIP-1559.


Developer Yearn Finance @banteg through his tweet today made a comparison of the network improvements introduced by the two networks.


According to him, the growth of EIP-1599 through the London hard fork that aired over the past 3 weeks recorded 34x faster adoption than SegWit which was launched four years ago, 25 August 2017.


If EIP-1599 saw 55% adoption in such a short time, SegWit took a long time to achieve 80% adoption in BTC transactions.



This means, to reach the same level as EIP-1599, SegWit requires at least two years!


For the record, SegWit plays a role in the integration of a second-layer scalable solution, Lightning Network. It increases the size of the block, thus encouraging more transactions to take place on the blockchain.


While EIP-1559 is more focused on the stability and expectations of gas prices, rather than reducing the cost of gas alone in large amounts.


Since its launch, a total of 106,000 ETHs (about $ 330 million) have reportedly been burned, based on Ether’s current price, $ 3,120.