Ethereum’s Latest Upgrade Goes Live at Block 12,244,000
Ethereum has completed its highly anticipated Berlin hard fork, marking another milestone in its evolution. The upgrade went live at block 12,244,000, introducing several key improvements to the network's functionality and efficiency.
Key Takeaways
- The Berlin hard fork is now live on the Ethereum mainnet.
- Four major Ethereum Improvement Proposals (EIPs) were implemented, focusing on gas cost optimization and new transaction types.
- The next major upgrade, the London hard fork (featuring EIP-1559), is expected this summer.
What’s New in the Berlin Hard Fork?
The Berlin fork includes four critical EIPs designed to enhance Ethereum’s performance:
- EIP-2565: Reduces gas costs for the ModExp (Modular Exponentiation) function, lowering computational overhead.
- EIP-2929: Increases gas costs for certain opcodes to improve security against potential attacks.
- EIP-2718: Introduces a new transaction type framework for future upgrades.
- EIP-2930: Adds access lists to transactions, reducing fees for repeated operations.
👉 Learn more about Ethereum’s upgrades
Community Reactions
The Ethereum community celebrated the fork’s launch, with prominent figures like Tim Beiko and Péter Szilágyi sharing updates on social media. Watch parties hosted by ETHStaker and Ethereum Cat Herders further highlighted the event’s significance.
What’s Next? EIP-1559 and Proof-of-Stake
The Berlin fork sets the stage for the London hard fork, which will introduce EIP-1559—a major overhaul of Ethereum’s fee structure. Key features include:
- Base fee mechanism: A predictable gas fee model where excess fees are burned, reducing ETH supply.
- Improved transaction efficiency: Minimizes overpayment and congestion.
Despite pushback from some miners, the upgrade is slated for July/August 2021.
The Road to Ethereum 2.0
Following London, Ethereum will transition to Proof-of-Stake (PoS) via "The Merge," docking the Beacon Chain with the mainnet. Researchers like Justin Drake and Vitalik Buterin are optimistic about a 2021 launch.
Ethereum’s Market Impact
Ethereum’s price reflects its growing utility, with ETH trading at $2,446** and a market cap exceeding **$283 billion—12.4% of the total crypto market.
FAQ Section
Q: Why is the Berlin hard fork important?
A: It optimizes gas fees and lays groundwork for future upgrades like EIP-1559.
Q: How does EIP-1559 benefit users?
A: It introduces fee predictability and reduces ETH supply through burning.
Q: When will Ethereum switch to Proof-of-Stake?
A: PoS is expected in late 2021 post-London fork.
👉 Stay updated on Ethereum’s progress
Disclaimer: This content is for informational purposes only and does not constitute financial advice.
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