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2. Intermediate Course

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  1. 1. Ethereum 2.0 - What is it? 
  2. 2. What is cryptocurrency burning?
  3. 3. How to create your own cryptocurrency? 
  4. 4. Blockchain Oracle - what are oracles? 
  5. 5. How to make money with NFT?
  6. 6. What is an ERC20 token and how is it created?
  7. 7. The Metaverse – a new virtual world
  8. 8. Metaverse – TOP 15 virtual reality projects
  9. 9. Technical analysis – is it worth using?
  10. 10. What are DeFi liquidity pools?
  11. 11. Second layer (layer 2) - what is it? 
  12. 12. What are wrapped tokens 
  13. 13. What is the Lightning Network, and how does it work?
  14. 14. What are security tokens?
  15. 15. What is Play-to-Earn (P2E) and how does it work?
  16. 16. What are Social Tokens? 
  17. 17. Examples of the use of WEB3 on the blockchain
  18. 18. What is Web5? 
  19. 19. Ethereum London Hard Fork - what is it ? 
  20. 20. Segregated Witness - what is Segwit Bitcoin all about?
  21. 21. Polkadot - Decentralized blockchain and DOT cryptocurrency
  22. 22. Polkadot Parachain - Next-generation blockchain
  23. 23. Trading order types: stop loss, trailing stop loss, LIMIT
  24. 24. Set up of Stop Loss and Take Profit orders
  25. 25. What are Decentralized Cryptocurrency DEX Exchanges?
  26. 26. What is Curve Finance?
  27. 27. What is GameFi and how does it work?
  28. 28. Non-fungible tokens and NFT exchanges
  29. 29. Cryptocurrency steps - What is move to earn M2E?
  30. 30. What is Proof of Reserves (PoR)? How does it work?
  31. 31. Interoperability in the world of cryptocurrencies and blockchain
  32. 32. Blockchain and its layers - What is layer three in Blockchain (L3)?
  33. 33. What is Layer 0 in Blockchain technology?
  34. 34. What is layer 1 in Blockchain?
  35. 35. What is MakerDAO and DAI Stablecoin?
  36. 36. What is Blockchain sharding?
  37. 37. What is the NFT licence fee?
  38. 38. What is the SubDAO protocol, and how does it work?
  39. 39. The main differences between static NFT and dynamic NFT
  40. 40. What is minting an NFT?
  41. 41. Mainnet versus Testnet on the Blockchain. The complete guide!
  42. 42. What are NFT Ordinals? A guide to Bitcoin NFT.
  43. 43. Market Cap versus Fully Diluted Market Cap - the most important differences you should know!
  44. 44. MINA Protocol: the lightest blockchain in the world!
  45. 45. NFT Gas Fee - what is it? How can you reduce your gas fee?
  46. 46. Liquidity Provider Tokens (LPs). What are they, and why are they so important?
  47. 47. What is KnowOrigin NFT, and how does it work?
  48. 48. What is decentralized social media?
  49. 49. What is the Ethereum Name Service (ENS) and how does it work?
  50. 50. Arbitrum: Ethereum scaling solution - everything you need to know
  51. 51. Ethereum ERC-4337 - what is it and how does this standard work?
  52. 52. Sustainable Blockchain - Proof of Useful Work & Flux
  53. 53. Ethereum Proof-of-Stake (PoS) - what should you know?
  54. 54. Atomic Swap: What is an atomic swap, and how does it work with cryptocurrencies?
  55. 55. What Is Cryptocurrency Vesting? What Are Its Advantages?
  56. 56. What Is the Metaplex Candy Machine Protocol? How Does It Work?
  57. 57. What Is the BNB Greenfield Ecosystem?
  58. 58. Real Yield in DeFi - what is this trend? What does it consist of?
  59. 59. What Is Slashing in Cryptocurrencies?
  60. 60. How to Create Your Own Decentralized Autonomous Organization (DAO)?
  61. 61. The ERC-721X VS ERC-721 Standard – Key Differences!
  62. 62. Royalties – What Are They? How Does This Type of Licensing Fee Work?
  63. 63. Polygon 2.0 - the value layer for the Internet
  64. 64. ERC-6551 - the new NFT standard. What does it bring to the non-exchangeable token sector?
  65. 65. What is TradFi? The importance for cryptocurrencies!
  66. 66. What is the Real World Asset (RWA) trend in cryptocurrencies? Explanation and examples!
  67. 67. Pyth Network: a powerful oracle harnessing the power of Solana!
  68. 68. Vampire Attacks in Decentralized Finance (DeFi): Explanation and Examples
  69. 69. What are stables in the world of cryptocurrencies?
  70. 70. What Is Binance Oracle?
  71. 71. What is NFT Lending all about? An innovative solution in the world of cryptocurrencies!
  72. 72. Shibarium: A new era in the Shiba Inu ecosystem?
  73. 73. What is an ETF? How will an exchange-traded fund on bitcoin work?
  74. 74. Symmetric and asymmetric encryption - key cryptography techniques!
  75. 75. Cosmos SDK: Building the Blockchain Ecosystem
  76. 76. DAO Investment: A revolution in the world of finance and investment
  77. 77. What is cross-chain interoperability in Blockchain technology?
  78. 78. Blockchain trilemma - explanation of the problem. What is the impact on cryptocurrency payments?
Lesson 19 of 78
In Progress

19. Ethereum London Hard Fork – what is it ? 

The Ethereum Hard Fork called London took place on August 5, 2021, on the  Ropsten network. It was a summary of the hard work of the project’s developers, which in a way prepares Ethereum for Update 2.0, the transition from Proof-of-Work consensus to Proof-of-Stake. London came into effect at block 12,965,000 and introduced six key changes to the Ethereum network. 

The most significant changes that occurred during this hard fork are: 

EIP-1559 – the most significant change, which resulted in reduced fees for the ETH 1.0 chain

EIP -3198 – a change to the BASEFEE opcode. 

EIP-3529 – change in gas charges. 

EIP-3541 – rejection of contracts starting with 0xEF. 

EIP-3554 – “ice age” delay. 

Improvement of network scalability

Update London 

Before we go into an explanation of all EIPs, let’s discuss in general terms what an update itself is. Ethereum is a universal platform with a number of different applications. Among other things, its ecosystem is where most decentralized applications and DeFi are built. Consequently, Ethereum faces some problems. It mainly struggles with low bandwidth and scalability. As a result, this leads to high transaction fees, aka gas prices. London Hard Fork is a solution to these issues. It allows more users to benefit from the capabilities of this network. After the introduction of the hard fork, ETH tokens began to have a function – “burn”, which will simultaneously reduce its supply. Thus, Ethereum tokens became deflationary. 

The London update is also known as EIP-1559 This Hard Fork made Ethereum a unique altcoin. 

Change in transaction fees – EIP-1559 update 

The most anticipated update that went into the London hard fork. It is also the biggest one that took place at the time. It introduces a base fee for gas. This allows network users to more accurately estimate how much their transaction will cost.  

With EIP-1559, it is the user who determines the maximum investment fee they are prepared to pay, along with a fee for the miner and a tip for the miner. EIP also burns off some of the transaction fees, which is a significant improvement in the economics of the Ethereum network. This fee structure is also very beneficial to miners. 

BASEFEE OPCODE 

BASEFEE is the operating code, which is another enhancement to the whole update.  It returns a base charge per block where the operation is performed. This gives smart contracts easier access to value in the chain and can effectively eliminate the transmission of evidence of fraud and gas price derivatives. 

EIP-3529 

That is, the reduction of the execution refund from 50% to 20%. The change offsets some of the block size variance introduced by EIP-1559. This ensures that a block cannot use more than twice the gas limit. 

EIP-3541 

Prevents the implementation of new smart contracts that start with byte 0xEF. This will increase the range of enhancement possibilities for the Ethereum Virtual Machine. Of course, this change did not affect already existing contracts. 

EIP-3554 

EIP-3554 was updated once again after December 1, 2021. It introduces a mining freeze due to the transition of the network to PoS. As the PoS was not yet ready on the date indicated in the update, the “ice age” was again delayed.  

Scalability 

Before the Hard Fork London Ethereum was a network incapable of scaling. The system handled around 30 transactions per second, a relatively low score. Initially, when Ethereum had few users, this problem was not so troublesome. As its popularity grew, this issue needed to be addressed, hence the London update. 

Summary 

The list above are the changes that the London hard fork has introduced. Since the London update, Ethereum has already burned ETH worth more than $1 million.  Furthermore, in the deflationary blocks that have been added to the chain, the amount of ETH burned is higher than the block rewards themselves. Despite all the flaws, which are effectively “fixed” by the developers of the network, Ethereum still has a leadership position in the industry. All thanks to smart contracts, the developers involved and the tools the ecosystem offers.

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