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2. Intermediate Course

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  1. 1. What is Layer 0 in Blockchain technology?
  2. 2. What is layer 1 in Blockchain?
  3. 3. Second layer (layer 2) - what is it? 
  4. 4. Blockchain and its layers - What is layer three in Blockchain (L3)?
  5. 5. Ethereum 2.0 - What is it? 
  6. 6. Ethereum Proof-of-Stake (PoS) - what should you know?
  7. 7. Ethereum London Hard Fork - what is it ? 
  8. 8. What is the Ethereum Name Service (ENS) and how does it work?
  9. 9. Arbitrum: Ethereum scaling solution - everything you need to know
  10. 10. Polygon 2.0 - the value layer for the Internet
  11. 11. Ethereum ERC-4337 - what is it and how does this standard work?
  12. 12. What is an ERC20 token and how is it created?
  13. 13. The ERC-721X VS ERC-721 Standard – Key Differences!
  14. 14. What is cryptocurrency burning?
  15. 15. Examples of the use of WEB3 on the blockchain
  16. 16. What is Web5? 
  17. 17. Blockchain Oracle - what are oracles? 
  18. 18. Polkadot - Decentralized blockchain and DOT cryptocurrency
  19. 19. Polkadot Parachain - Next-generation blockchain
  20. 20. Interoperability in the world of cryptocurrencies and blockchain
  21. 21. What is Blockchain sharding?
  22. 22. Mainnet versus Testnet on the Blockchain. The complete guide!
  23. 23. MINA Protocol: the lightest blockchain in the world!
  24. 24. Sustainable Blockchain - Proof of Useful Work & Flux
  25. 25. Cosmos SDK: Building the Blockchain Ecosystem
  26. 26. What is cross-chain interoperability in Blockchain technology?
  27. 27. Blockchain trilemma - explanation of the problem. What is the impact on cryptocurrency payments?
  28. 28. Non-fungible tokens and NFT exchanges
  29. 29. How to make money with NFT?
  30. 30. What is the NFT licence fee?
  31. 31. NFT Gas Fee - what is it? How can you reduce your gas fee?
  32. 32. The main differences between static NFT and dynamic NFT
  33. 33. What is minting an NFT?
  34. 34. What are NFT Ordinals? A guide to Bitcoin NFT.
  35. 35. What is KnowOrigin NFT, and how does it work?
  36. 36. ERC-6551 - the new NFT standard. What does it bring to the non-exchangeable token sector?
  37. 37. What is NFT Lending all about? An innovative solution in the world of cryptocurrencies!
  38. 38. The Metaverse – a new virtual world
  39. 39. Metaverse – TOP 15 virtual reality projects
  40. 40. Technical analysis – is it worth using?
  41. 41. Trading order types: stop loss, trailing stop loss, LIMIT
  42. 42. Market Cap versus Fully Diluted Market Cap - the most important differences you should know!
  43. 43. Set up of Stop Loss and Take Profit orders
  44. 44. What are DeFi liquidity pools?
  45. 45. Real Yield in DeFi - what is this trend? What does it consist of?
  46. 46. Vampire Attacks in Decentralized Finance (DeFi): Explanation and Examples
  47. 47. What are wrapped tokens 
  48. 48. What are security tokens?
  49. 49. What are Social Tokens? 
  50. 50. Liquidity Provider Tokens (LPs). What are they, and why are they so important?
  51. 51. What is the Lightning Network, and how does it work?
  52. 52. What is Play-to-Earn (P2E) and how does it work?
  53. 53. Cryptocurrency steps - What is move to earn M2E?
  54. 54. Segregated Witness - what is Segwit Bitcoin all about?
  55. 55. What are Decentralized Cryptocurrency DEX Exchanges?
  56. 56. What is Curve Finance?
  57. 57. What is GameFi and how does it work?
  58. 58. What is Proof of Reserves (PoR)? How does it work?
  59. 59. DAO Investment: A revolution in the world of finance and investment
  60. 60. What is MakerDAO and DAI Stablecoin?
  61. 61. What is the SubDAO protocol, and how does it work?
  62. 62. How to Create Your Own Decentralized Autonomous Organization (DAO)?
  63. 63. Atomic Swap: What is an atomic swap, and how does it work with cryptocurrencies?
  64. 64. What Is Cryptocurrency Vesting? What Are Its Advantages?
  65. 65. What Is the Metaplex Candy Machine Protocol? How Does It Work?
  66. 66. What Is the BNB Greenfield Ecosystem?
  67. 67. What Is Slashing in Cryptocurrencies?
  68. 68. Royalties – What Are They? How Does This Type of Licensing Fee Work?
  69. 69. What is TradFi? The importance for cryptocurrencies!
  70. 70. What is the Real World Asset (RWA) trend in cryptocurrencies? Explanation and examples!
  71. 71. Pyth Network: a powerful oracle harnessing the power of Solana!
  72. 72. What are stables in the world of cryptocurrencies?
  73. 73. What Is Binance Oracle?
  74. 74. Shibarium: A new era in the Shiba Inu ecosystem?
  75. 75. What is an ETF? How will an exchange-traded fund on bitcoin work?
  76. 76. Symmetric and asymmetric encryption - key cryptography techniques!
  77. 77. Hedging in cryptocurrencies - great portfolio protection against risk!
  78. 78. How to create your own cryptocurrency? 
  79. 79. What is a Dusting Attack in cryptocurrencies? How to protect against it?
  80. 80. What is a Black Swan?
Lesson 7 of 80
In Progress

7. 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 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. 


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. 


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 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.  


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. 


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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