Ethereum founder Vitalik Buterin expressed his confidence in the network’s merger to the upcoming ETH 2.0 following the success of the London hard fork that began with the EIP-1599 last night.
In the EIP-1599 phase, some transaction costs will be incurred. Based on records at the time this article was written, a total of 3,967.37 ETHs have been burned since the London launch.
Buterin explained in an interview with Bloomberg News from Singapore, the success of London's hard fork so far proves that the Ethereum ecosystem is ready for big changes, especially chain mergers.
For information, the Ethereum mainnet will join the Beacon Chain which ends the consensus of the Proof-of-Work mechanism in this network.
Beacon Chain is the core and is in Phase 0 to Ethereum 2.0 which will introduce the Proof-of Stake protocol to the Ethereum ecosystem.
The merger will take place before Ethereum 2.0 launches shard chains during Phase 1. There is no guarantee shard chains will be launched this year.
Once the merger takes place, the new mainnet will be able to run smart contracts with PoS eliminating high -powered mining operations and reducing network energy consumption by 99%.
In addition to burning costs, London is also pushing for a variety of block sizes. This means that all transactions will not take long because the block can expand dynamically, adjusting to the number of future transactions.
At the time of writing, ETH is trading at $ 2,783, up over 3% in 24 hours.