On 5th August, the so-called London fork took place on the Ethereum blockchain. At the same time, EIP1559 was enacted. What does this mean for Ethereum and by extension Scotcoin, which is an ERC20 token?
Firstly, EIP stands for Ethereum Improvement Proposal. It represents a step towards moving the Ethereum blockchain from its present proof of work and all the resource usage that entails toward proof of stake which it has been estimated means it will only use the equivalent of half a dozen tumble dryers.
Secondly, this is being enacted through what is called “The London Hard fork”. There are a number of EIP changes included, but in essence, it changes the way rewards for mining are handed out. Miners will no longer receive income from transaction fees — instead, it’ll go straight to the network in order to be burned. This could result in the circulating supply of Ether beginning to dwindle over time, potentially giving ETH’s value a boost. In other words, the present position where Ether can be endlessly created will cease and a brake put on expansion.
These are good changes taking place and in theory, the extremely high transaction or gas fees will be lessened. This is obviously good from Scotcoin’s point of view, although we have our very own Scotwallet, where there are NO fees within the system. There is only a fee moving into or out of the Scotwallet ecosystem. So you could do hundreds of transactions within the system and only pay one fee when you move the remaining balance back to the main Ethereum net.
You can download our wallet at www.scotwallet.com
