Ryan Berckmans, a well-known Ethereum developer, has recently shared how the much-awaited Ethereum Improvement Proposal (EIP) 1559 and proof-of-stake (PoS) accrue value to ETH, the native token of the leading smart contract platform.
In a recent tweet, Berckmans affirmed the approval of EIP-1559 to launch in July 2021 along with the London hard fork.
According to the Greek developer, the implementation of EIP-1559 is significant for the present and future developments in the Ethereum ecosystem.
He added that it’s coming with important benefits for the teeming users of Ethereum.
Conclusively, Berckmans captioned a chart that shows how EIP-1559 and the proof-of-stake (PoS) consensus mechanism accrue value to ETH.
Ryan Berckmans tweeted, “EIP-1559 is huge for ethereum and coming in July EIP-1559 – launches in July with the “London” hard fork – delivers important benefits to all ethereum users – would have burned ~$14M in ETH yesterday. Here’s a chart showing how EIP-1559 (and proof of stake) accrue value to ETH.”
EIP-1559 is huge for ethereum and coming in July
– launches in July with the "London" hard fork
– delivers important benefits to all ethereum users
– would have burned ~$14M in ETH yesterday
Here's a chart showing how EIP-1559 (and proof of stake) accrue value to ETH pic.twitter.com/ptf9ihIOpR
— Ryan Berckmans (@RyanBerckmans) March 9, 2021
Berlin Hard Fork Slated For Mid-April
According to the “Ethereum All Core Developers” meeting held a few weeks ago, the implementation of Berlin hard fork has been slated for 14th April at block height 12,244,000.
The hard fork includes various optimizations for contracts, such as gas efficiencies, updates to how code is read by the Ethereum Virtual Machine (EVM), and other necessary changes to mitigate denial-of-service (DDOS) attacks.
Initially, the Berlin hard fork was scheduled for June or July but was later pushed back due to centralization concerns around the Geth client on which most Ethereum nodes run.
Additionally, developers that are working on the current base layer blockchain have expressed strain from maintaining the client, making Berlin hard fork necessary to play out as slated.