News of the successful upgrade has coincided with a runup in the price of ether, the native token of ethereum’s blockchain. The cryptocurrency is trading at $2865.70, making it one of the top gainers in the sector. Ethereum was already on the rise yesterday, surging about 4% to $2620 on Thursday. It extended its rise even further, showing confidence in the new technological advancement.
It has always been a tough go for ethereum users. The blockchain has a long-standing problem with scaling, and its highly unpredictable and sometimes exorbitant transaction fees can annoy even its biggest fans. Thursday’s changes to the code, which has little to do with the city of London, are designed to fix many of these issues by destroying or “burning” ether coins and changing the way transaction fees work so that they are more predictable. With the price skyrocketing, the technical change is well received.
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