#Joseph #Lubin, one of the founders of #Ethereum and the founder of ConsenSys, which also develops Ethereum applications, predicts that the #London #update, which is expected to be activated on August 4, will trigger a great increase in demand and value in Ethereum.
Speaking to #CNBC, Lubin stated that his team received great interest from those who want to develop projects on the Ethereum platform and that the demand for ETH increased.
According to Lubin, this will significantly increase the price of Ethereum when considered together with the London update, which will effectively make ETH a deflationary asset.
“In addition to the drastically dwindling supply, we are seeing an exponential increase in demand for Ether to run transactions, run programs on the network . We expect this demand to continue to increase and we anticipate a tremendous increase in the value of Ether.” said.
✅What does the London update include?
The protocol update includes 5 Ethereum Enhancement Proposals (EIPs), specifically EIP 1559 and EIP 3554, which aim to avoid some inefficiencies:
⚡EIP 1559 introduces a new fee structure so that Ethereum is less exposed to inflation. This highly controversial protocol allows some of their fees to be burned, thus reducing miner revenues.\
⚡EIP 3554 postpones the date of the “Ethereum difficulty bomb” to December 1, which complicates the level of problems to be solved in the mining algorithm. This mechanism will progressively increase the difficulty of mining on the Ethereum network, as well as strongly “freeze” the “proof of work” in preparation for Ethereum’s “proof of stake” transition.