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Ethereum is just hours away from the launch of Berlin Upgrade which is set to fix the huge issue of record-high gas fees on the network.
The high transaction fee problem on Ethereum has been a prolonged one, as the network faces heavy congestion resulting in the imposition of record-high gas fees. These problems could finally see the end of the day with the launch of Berlin Upgrade.
The Berlin Hardfork is scheduled to take place tentatively around 5:45 AM ET on April 15, when the blockchain reaches blockchain number 12,440,000.
The upgrade is set to take place in the form of a hard fork, which is a modification to the blockchain that is permanent and irreversible. If the users who have ETH in their wallets or on exchanges would be unaffected by the update.
Ethereum and ERC-20 token deposits and withdrawals will probably be temporarily halted on crypto exchanges.
The Four EIP’s
The Berlin Upgrade will have a set of four protocols, all of these are set to eliminate some of the Ethereum ecosystem’s most troublesome issues.
Out of the four EIP’s (Ethereum Improvement Protocols) two protocols i.e EIP-2929 and EIP-2930 will change how the gas cost of a transaction is computed.
EIP-2929 will increase some gas costs when used for the first time in a transaction.
EIP – 2930 will help relieve some of the newly imposed gas prices that were levied by EIP-2929.
The project lead developer at Ethereum said to accounting.com,
“Both these EIPs [EIP-2929 and EIP-2718] are prerequisites in getting EIP-1559, the long-awaited transaction fee upgrade, deployed to the network this summer,”
The other two protocols are EIP-2565, which will decrease the cost of the ModExp precompile, helping in calculating gas prices. And EIP-2718 will bring in a new transaction module to support multiple transactions.
Amidst the news of Berlin Upgrade, Etheruem has peaked to a new all-time high of $2398 and is rising above that level too. currently trading at $2436 with a market cap of $281.40B.