ETH ready for EIP 1559 and ETH 2.0 updates

About John McAfee

John McAfee, founder of the computer anti-virus software company McAfee, died in prison in Spain. His death is also discussed with many conspiracy theories.

He has appeared since 2017 and shares about BTC and the crypto market. He also shared the coins that are important to him and the effects that make that coin grow. His life was then embroiled in alcohol and drugs. He opposed government tax collection from 2014 to 2018 and was later arrested in Spain.

He previously announced that he had documents related to the corruption of government officials. When he dies, these documents will be made available to the media. He also said that he had received information about what the government wanted to do with him and that if he died it would not be his suicide.

The above information led to many conspiracy theories and theories surrounding his death. There are also questions about whether he still holds BTC or other cryptocurrencies, but this affects the price of the crypto market. Here is some information Thuan has for those of you interested in learning more about John McAfee information.

ETH update on the London hard fork

When the price of BTC fell to more than $ 28,000 yesterday, other altcoins also collapsed. Many investors also discovered a large amount of ETH on Bitfinex that was bought by whales at low prices.

Aside from that, Ethereum also has two upcoming updates that many are looking forward to. The Ethereum London Hardfork update, introduced with the proposed EIP-1559, has started running tests on the Ropsten network. This update and the proposed EIP-1559, which has been successfully implemented, will make a huge change in terms of fees on the ETH network as well as the impact on miners.

Over time, the ETH network has grown and there have been times when the network was congested. The old mechanism that allowed users to bid to increase the fee paid on the network in order to process transactions faster, which resulted in the fee going up very high.

The proposed EIP-1559 would split Ethereum’s fee into two basic fees – a based fee (default) and a surcharge, which would make network fees more stable. After the transaction, the basic fee is burned. The supplement (optional) is paid to the miners.

With this mechanism of the proposed EIP-1559, it will help regulate fees on the Ethereum network but reduce miners’ income. It is estimated that miners’ income can be reduced by 20% – 35%.

An update from ETH to London via hard fork, if no consensus is reached, could lead to a split in the network. One thing that many investors are worried about is that the miners are resisting this update and may team up to attack 51% of the ETH network. However, this will cause the price of ETH to drop and then the ETH that the miners hold will no longer be of the same value as it was before. At the same time, if ETH mining is no longer profitable as desired, miners can mine other coins. The attack rate of 51% with the ETH network is very low.

If Ethereum 2.0 is implemented, the mining of ETH by miners will be completely stopped. The ETH 2.0 team has technically perfected the complete transition to a Proof Of Stake (PoS) system called The Merge. As expected, ETH will actually migrate to the PoS system at the beginning of 2022.

With the London-Hardford update, users don’t have to do anything. With an official announcement by the ETH team, users will be instructed to activate their ETH 2.0.

Coinbase accepted in Japan

Japan’s Leading Financial Regulator (FSA) announced last week that it has registered Coinbase as a cryptocurrency exchange service provider based on the revised Fund Settlement Act.

However, the country will restrict some coins that are approved for trading on Coinbase, such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Stellar Lumen (XLM), and Litecoin (LTC).

Bitcoin mining speed and difficulty

BTC mining speed and mining difficulty are positively correlated. As the mining speed slows down, the mining difficulty also decreases, but the adjustment time is delayed. On average, BTC’s mining difficulty is adjusted every block of 2016, which is roughly 2 weeks.

With the sudden drop in mining speed due to China’s ban on BTC mining, the mining difficulty will adjust. Due to the adjustment delay, the amount of BTC mined will decrease in the short term (maybe a couple of weeks) as each BTC block increases.

The price of BTC collapsed, many large investors took advantage of the purchase at a low level. Meanwhile, there are also investors who are panicking and selling BTC. The amount of BTC and ETH placed on the exchange has increased, but nothing outstanding compared to earlier times.