06/08/2021 Ethereum’s ‘London hard fork’ to help India’s NFT users, blockchain app builders

The new update also changes how mining works on Ethereum.
The new update also changes how mining works on Ethereum.

The second-most valuable cryptocurrency in the world got a significant update on Thursday, potentially benefiting Indian users.

The second-most valuable cryptocurrency in the world got a significant update on Thursday, potentially benefiting Indian users.

Christened the “London Hard Fork", it will reduce transaction fees on the Ethereum platform and introduce a new way of mining the cryptocurrency.

Christened the “London Hard Fork", it will reduce transaction fees on the Ethereum platform and introduce a new way of mining the cryptocurrency.

High transaction fees have been a big problem for artists, creators minting non-fungible tokens (NFTs) and developers building decentralized apps on the Ethereum platform.

“The London Fork is going for the proof-of-stake model, which will ultimately bring down the gas fees on Ethereum. Overall, for the ecosystem, it will be good news for the ecosystem of app developers, (people selling) NFTs and more," said Toshendra Sharma, founder and chief executive of NFTically, a home-grown NFT marketplace and software-as-a-service (SAAS) platform.

“People generally enter the market through Ethereum," he added.

However, Sharma said the changes won’t happen overnight, and it will take time for the gas fees to come down. The computational effort required to execute cryptocurrency operations is called Gas, and Gas fee is the term used for transaction fees involved in performing Ethereum transactions.

Gas fees can go up to $100-150 or more, depending on the size of the transaction.

“The cost will probably go down to about one-tenth of the current fees," said Anuj Kumar Kodam, founder of Wall.app, another homegrown NFT platform.

Kodam, whose platform is built on Polygon, said other alternatives that offer low gas fees will remain in demand too.

Experts believe the new system benefits the overall blockchain ecosystem in India, much of which is built on top of Ethereum. “Even a text message sent on a decentralized application built on the blockchain is a transaction, which means high gas fees will always be a problem. And Ethereum is the platform of choice for most developers," said a senior executive from a top crypto exchange in India.

The new update also changes how mining works on Ethereum. Mining is the process of validating transactions on the Ethereum platform and requires tons of computing power, and in turn energy.

Miners are rewarded with new tokens for successfully validating transactions. With the new update, the platform puts a limit on how many miners can be rewarded for a transaction and hence reduces the overall energy usage.

Arts

https://www.livemint.com/market/cryptocurrency/ethereums-london-hard-fork-to-help-india-s-nft-users-blockchain-app-builders/amp-11628172486786.html

Interesting NFTs
Block Chain Dungeon
Once upon a time... a little boy named Leo loved to paint, draw and experiment. He also loved to play with blocks and chains, which drew him again and again into the rooms of his friends Michel and Angelo. Often they also met in virtual rooms of Cryptovoxels, Decentraland, Somnium Space or Sandbox to create new inventions, read books about new technologies, or just swing the brushes. But on this day something gigantic happened. A good friend of Leo came to visit and brought his girlfriend Mona, who wanted a piece of Leo's art on her skin. This was the birth of the NFT's, as Leo developed Non Fungible Tattoos in the Block Chain Dungeon of Michel and Angelo. From that day on people from all over the world came to get NFT's from Leo or one of his students, like "Skeenee the rat", who controls the NFT machine with his laptop. A new age began.
#46394
By OthersideDeployer
CryptoKitties
What's up! I'm Kitty #155686. In high school, I was voted biggest teacher's pet. I would give it all up to star in a soap opera. This will be an amewsing friendship.
Rare Thanos PNG
For Stickers...
My Other Half | Inspired by Minecraft: The Last Minecart (2011)
Almost every year, we capture ourselves in a way that no photo or video is capable of: with a photoscan. If you dig through our archives, you'll find many of them and can see exactly how we change over time. Sam Gorski, Creator | I wanted to find the oldest scan of myself and put him side-by-side with Sam from the present. While it is hard to look at it and not miss the years past, at the same time, this gives me hope for the future by embracing and cherishing the change in my life. How would I have gotten this far without him? About This Piece | Sam on the left was captured in 2014, while Sam on the right was captured last week (2021). This work represents the personal, creative, and emotional journey in all of us, and the hope that ourselves tomorrow may be better than ourselves today.