No products in the cart.

Ether near two-month high ahead of major protocol change

Bookmark (0)
To login to your account click here.
HomeLatest Platform NewsFinTech PlatformsEther near two-month high ahead of major protocol change

Ether held near two-month highs on Thursday ahead of a major adjustment to its underlying ethereum blockchain that would alter the way transactions are processed.

The revamp is anticipated to go live on Thursday at approximately 1200 GMT, according to market players. Technically, the upgrade will occur when the 12,965,000th block on the blockchain has been verified.

Ether, the world’s second-largest cryptocurrency, fell 0.5% on Thursday, but has risen about 18% this week and is at its highest level since early June, in the aftermath of May’s crypto market plunge.

The ethereum network underpins a range of projects in the crypto world including non fungible tokens (NFTs) – a crypto asset, representing an intangible digital item such as an image, video, or in-game item – as well many decentralised finance (DeFi) applications.

The upgrade, known as the Ethereum Improvement Proposal (EIP) 1559, will alter the way transactions are processed and provide clearer pricing for them.

It will also reduce the supply of the ether token and is likely to sharply boost its price.

Several large exchanges including Binance and OKEx have said they will suspend deposits and withdrawals of ether and ether-based assets around the time of the adjustment.

Related article:
Regulator: Anti-money laundering credentials key for Binance's Paris plans

They said this was necessary to reduce the trading risks brought about by price volatility and to maintain the safety of user funds.

The team at Platform Executive hope you have enjoyed the ‘[post_title]’ article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Alun John. Editing by Sam Holmes.

You can stay on top of all the latest developments across the platform economy, find solutions to your key challenges and gain access to our problem-solving toolkit and proprietary databases by becoming a member of our growing community. Platform Executive has two membership tiers, Community (FREE) and Premium ($195 per year), which offer different levels of access to our products and services. What are you waiting for?