There will be an upcoming Ethereum (ETH) protocol upgrade that is expected to take place on August 5,2021 (tomorrow). The change is technically known as Ethereum Improvement Protocol 1559, or EIP-1559, and will be included in a network upgrade called the "London hard fork." The aims of EIP-1559 is to make transactions fees more predictable, therefore making the Ethereum network easier to use.
Do you think after a long period of paying higher transaction fees, there will really be any changes now?
This Ethereum upgrade will also destroy coins in which some investors believe the fact that the supply of ETH will be limited by burning could cause an explosive price growth. What do you think about this? Well, we don't know exactly what will be the effect of this upgrade and ETH burned, so let's just wait and see. But I hope that there will be a bigger changes in Ethereum network after this upgrade that can attract more investors again despite Ethereum’s many competitors today. The demand in Ethereum will also cause a price increase and not only base on the supply.
Do you think after a long period of paying higher transaction fees, there will really be any changes now?
This Ethereum upgrade will also destroy coins in which some investors believe the fact that the supply of ETH will be limited by burning could cause an explosive price growth. What do you think about this? Well, we don't know exactly what will be the effect of this upgrade and ETH burned, so let's just wait and see. But I hope that there will be a bigger changes in Ethereum network after this upgrade that can attract more investors again despite Ethereum’s many competitors today. The demand in Ethereum will also cause a price increase and not only base on the supply.
Whatever upgrades Ethereum is currently making will not have a huge impact on people, if the ethereum gas can't be refined properly, people see an affordable level of fees for using any service.
Moreover, the competition in the future is getting tougher to win the trust of service users, currently they are in a good position in crypto, but this position will continue to be pursued by others and it is possible that they will be displaced, if nothing is profitable for users.
In the future Ethereum will have more competitors, which will start to perfect its working system. If this happens then ethereum will start to be abandoned by many people, this is what we are worried about if the incident really cannot be overcome.
