Ethereum hits two-month highs ahead of update

Cryptocurrency Ethereum (ETH) hit near two-month highs ahead of updates to its underlying blockchain dubbed “EIP-1559”.

ETH is the world’s second largest cryptocurrency by market capitalisation and is commonly used in practical applications of blockchain and in facilitating the creation of NFTs (non-fungible tokens).

The update, also called the “London hard fork”, is aimed at making Ethereum transaction fees more predictable for users.

Under the previous system, ETH buyers had to submit competing bids to have their transactions processed by miners – making transactions fees much higher when the ETH network is busy.

After the update, users will pay a base transaction fee automatically determined by the level of network activity.

ETH users will also be able to provide “tips” to enable their transactions to be processed faster.

In addition, a portion of every transaction fee will be “burned”, or removed from circulation, reducing the overall supply of ETH and potentially raising its price.

The update took place earlier today.

    Share Story:

Recent Stories

Meet Evelyn, your Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst
Meet Evelyn, an Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst, who uses native AI/ML capabilities to automate the Customer/PEP screening and Negative News screening alert adjudication processes for leading BFS organizations with greater speed, accuracy, and consistency than human analysts.

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.