CEO of MyEtherWallet Talks about Major Components of Ethereum Upgrade

It was just last Thursday, August 5, 2021, when Ethereum reportedly went through an upgrade. The new upgrade was related to the blockchain network that Ethereum is currently offering its users. The new upgrade would introduce several fixes for the Ethereum network that the users had been experiencing for a while.

Following the successful implementation of the network upgrade on Ethereum, several personalities from within the cryptocurrency industry have shared their thoughts. One major personality that has talked about important changes that the Ethereum network upgrade has introduced is Kosala Hemchandra, the founder and CEO at MyEtherWallet.

Hemchandra stated that despite several changes being introduced into the network, there are two changes that are of really high importance. He initially talked about the major changes that have been introduced through the London Ethereum network upgrade.

He stated that there are around five major changes that the Ethereum network upgrade has introduced. Out of these major changes, only two changes would prove to be beneficial for the users in their day-to-day activities on the Ethereum network.

Hemchandra stated that out of the two major changes, the first one was the fix for the transaction delays. Since the end of 2020, the Ethereum network was faced major delays when processing transactions. As a result, the users had to pay high fees when processing transactions.

Over time, as new networks came into being such as Binance Smart Chain and Polkadot, things had started to take a turn for the Ethereum network. The users started growing impatient and agitated because of the delays they were experiencing with transactions and the high fees they incurred.

It was almost like a ticking bomb for the entire Ethereum blockchain network that was in the making. The bomb could have exploded any time, bringing down the entire Ethereum network. Therefore, the Ethereum network has solved the problem by implementing the hard fork just in time.

The second major upgrade that has been introduced in the Ethereum blockchain network is the scalability fix. The upgrade has introduced very high scalability for the Ethereum blockchain. This would eventually mean that more transactions would be able to flow through the network in a single moment. Even the high fees that the users currently incur would not be experienced.

Back in October of 2020, when the cryptocurrency industry started gaining tremendous growth and adoption, Ethereum was among the most demanded cryptocurrencies and blockchains.

Therefore, the platform ended up experiencing many transaction delays, latencies, disruptions, network failures, scalability, and high fee issues. Although the network tried solving this problem with the implementation of an upgrade, it first needed to develop a consensus.

This is where the Ethereum development team had to do most of the work. It was announced towards the end of 2020 that the Ethereum development team was working on the Eth2.0 protocol. However, the entire Ethereum community was shocked when they were informed that Eth2.0 would be on a different consensus protocol.

While the initial (primary) Ethereum protocol was based on the Proof-of-Work (PoW) consensus protocol, the upgrade protocol is based on Proof-of-Stake (PoS) consensus protocol.

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