The Ethereum network is expected to be at the forefront of cryptocurrencies, with developers planning a restructuring in the coming months, with the changes seen as crucial to both its operation and its price. Specifically, the changes concern the reduction of available Ether and the reduction of the prices paid by the users of the cryptocurrencies to the “miners”.
The plan includes major changes to Ethereum’s operating network, which were approved in early March. These changes will affect the current system, according to which Ethereum owners (users) pay the “miners” with cryptocurrencies to complete the transactions, in a way that is more reminiscent of an auction process.
The network restructuring plan, also known as EIP-1559 in the language of the cryptocurrency market, “has the support of Ethereum holders, as it could make cryptocurrency deflationary,” according to Ben Edington, ConsenSys developer.
Of course, the victims of these changes are the “miners” of cryptocurrencies, as they are expected to reduce their profit margins. In fact, some have suggested that they protest or even go on strike, to express their dissatisfaction.
If all goes according to plan, the restructuring plan will reduce the number of cryptocurrencies on the market, causing their price to skyrocket.