Ethereum software upgrade activated; ether reverses losses, trades up

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NEW YORK :Ethereum, the second-largest blockchain network, went through a major software upgrade on Thursday, which is expected to stabilize transaction fees and reduce supply of the ether token.After initially trading lower going into the upgrade, ether regained momentum, last up 2.6per cent at US$2,796..

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NEW YORK :Ethereum, the second-largest blockchain network, went through a major software upgrade on Thursday, which is expected to stabilize transaction fees and reduce supply of the ether token.

The adjustment, called Ethereum Improvement Proposal (EIP) 1559, 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.

In token burning, tokens are sent to specialized addresses that have unobtainable private keys. Without access to a private key, no one can use the tokens, putting them outside the circulating supply.EIP 1559 is part of a batch of software upgrades called London. Thursday's Ethereum event is called a London hard fork, which means miners or developers have to download London to remain connected to the network.

"The new ether supply dynamics may spark a new virtuous cycle where increased price leads to greater adoption and vice versa. The more users and developers that enter the industry, the faster we can grow the crypto-economy."

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