On December 7, 2020, the Ethereum network paused mining operations for several hours in order to implement a hard fork. The hard fork is intended to address several issues with the network, including scalability, security, and cost.
The Ethereum network is a decentralized platform that enables users to create and deploy smart contracts and decentralized applications (DApps). It is powered by the Ethereum Virtual Machine (EVM), which is a distributed computing platform that enables users to execute code on the Ethereum blockchain.
The hard fork is a major upgrade to the Ethereum network, and it is intended to improve the scalability, security, and cost of the network. The upgrade is known as Ethereum Improvement Proposal (EIP) 1559, and it will change the way that fees are calculated on the network.
The current fee system on the Ethereum network is based on the “gas” system, which is a unit of work that is required to execute a transaction on the network. The gas system is used to determine the fees that users must pay for a transaction.
Under the new system, the fees will be determined by the network itself, and the fees will be burned instead of going to miners. This will reduce the cost of transactions on the network, as well as reduce the amount of Ether (ETH) that is required to pay for transactions.
The hard fork is scheduled to take place on January 3, 2021. In order to ensure a smooth transition, the Ethereum network paused mining operations for several hours on December 7, 2020. During this time, miners were unable to mine new blocks or confirm transactions.
The hard fork is an important step in the development of the Ethereum network, and it is expected to improve the scalability, security, and cost of the network. It is also expected to reduce the amount of Ether that is required to pay for transactions, which could have a positive effect on the price of Ether.
The Ethereum network is an important part of the cryptocurrency ecosystem, and the hard fork is an important step in its development. The hard fork is expected to improve the scalability, security, and cost of the network, which will benefit users and developers alike.
