Ethereum London Hardfork (Explained in 3 mins) Short Breakdown #cryptomasterclass #londonhardfork

What is London Hard Fork?
The London Hard Fork are a set of five Ethereum improvement proposals (EIPs). EIP-1559, included in the London Hard Fork, aims to change speed and incentivisation of Ethereum mining.

There is no limit on Ethereum count as it is an inflationary cryptocurrency. Miners are rewarded with brand new coins every time they validate a block. They are compensated with the transaction fees that are paid by users.

Once the update is rolled out, miners will no longer receive income from transaction fees. This will reduce the supply and give Ethereum a much-needed boost. It would make transaction fees more predictable for those, who use this blockchain.

The upgrade will ensure that no amount of network congestion results in shooting up Ethereum gas price. This step of price transparency will single-handedly help increase the adoption of decentralised applications

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