A major update to the Ethereum blockchain known as EIP 1159 will go live on August 4. Reuters explains what it means.

EIP-1559 is a software upgrade that fundamentally changes the way transactions are processed on Ethereum by providing clear pricing on transaction fees in ether paid to miners to validate transactions and “burning” a small amount of those tokens. The burned tokens will be permanently taken out of circulation.

By reducing the number of tokens, the currencies that remain in circulation become rarer and more valuable.

Check It Out: Ethereum’s EIP 1559 Upgrade Goes Live on August 4

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