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Ethereum: After the London update, massive amounts of money are being burned




The latest update to the crypto platform means that ether coins will be destroyed. That affects the prices.

After the Ethereum London update, the total amount of new Ether Coins will be limited.  Photo: Panthermedia.net/sorapop

After the Ethereum London update, the total amount of new Ether Coins will be limited.

Photo: Panthermedia.net/sorapop

Bitcoin? No, Ethereum is the cryptocurrency that everyone is looking at right now. Experts had predicted the breakthrough weeks ago, and the value of Ethereum has actually increased rapidly in the meantime.

Now the Ethereum blockchain has got an important update. “EIP 1559” is the cryptic magic word that is partly responsible for the price increase of Ether: The abbreviation stands for the Ethereum Improvement Protocol, which has now been updated, the so-called London Update. One consequence: From now on, masses of ether will be automatically destroyed.


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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