Ethereum Has BIG NEWS!!! ETH Will Explode On This DAY!!

Let me just say one word for you all….ETHEREUM! Don’t forget it, realize that it’s power
in crypto is much stronger than what meets the third eye. This strength, and power is really about to
go into overdrive throughout the 2nd half of 2021. So much power, Vitalik is going to go from
skinny….to seriously buff, just like his FATHER!! So Viewers of the tube, am I your father? Call my daddy, because it’s time for Chico
Crypto Yeah, before we get into the content, that
is actually Vitalik’s DAD, Dimitry Buterin! There he is with a BABY Vitalik, reading a
book. Good work Dimitry, you raised a fine fellow…. Now to answer the question of Why I’m getting
all gungho on Ethereum as we turn into July!? London Bridges falling down….falling down….falling
down….

The Ethereum London upgrade is coming…and
coming very SOON!! Now first what is so important about the London
network upgrade!? Why is this Hard Fork the most anticipated
upgrade among the Ethereum community in a really long time? Well it aims to solve the problem of transaction
fees on the Ethereum network….which as we know, can be HIGH and very variable…there
is really no consistency! Why is this? Well the Ethereum we all know includes a “gas”
fee in transactions to incentivize miners to include it in the block. These fees are set by a highest bidder model.

If the fee is set too low, other users might
outbid your gas fee and your transaction may linger in the pool until it expires and is
cancelled. This means ethereum fees are unpredictable
and there are long waits unless you pay BIG! So how is this being changed? Well through EIP-1559, the improvement proposal
which will change the Fee market for the ETH 1.0 chain! ANd as we can see from the Ethereum Github,
this has been in the works for over 2 years now…it was officially created by ETH core
members in April of 2019…. So it’s been a long time coming! But what does it do, eip-1559? Well it throws the highest bidder model right
out the window!! The new model will set fees according to network
usage with a variable “base fee”.

This base fee is automatically set by the
Ethereum protocol based on usage and demand.The Ethereum network will have a target per-block
gas usage, and the base fee increases slightly when it drifts above the target and when capacity
is below the target, it decreases slightly. Because these base fee changes are constrained,
the maximum difference in base fee from block to block is predictable.

This means, wallets like Metamask & dapps
will be able to set FEEs for users in a much more reliable fashion. Users’ won’t have to decide gas prices,
gas limits, high, low, or medium fees. AKA usability of ETH is about to be that much
more friendlier to the average JOE. That is great news, especially for the amount
of new people getting involved with DeFi & Ethereum. The learning curve will be decreased significantly
with predictable fees. But that isn’t even the BIG part of this
upgrade!! The get Vitalik Buff part of London and EIP
1559? That Base Fee is being Burned!! Burn Ether Burn, Vitalik’s Inferno! Burn Ether Burn, It’s Going Away Forever
Now! Yeah the Base Fee get’s destroyed…the
Ether goes into the Ether.

Gone forever, to never return to the protocol
again! So how does this work compared to the old
model? Well of course we know nothing got burned
in the old model…but regarding rewards from the Ethereum protocol. The MINERs received it all. They received the block rewards for securing
and processing transactions, but also the transaction fees. They got all of it. Now with the new Fee Model, of course the
miners are still compensated with Block rewards…but no longer do they get the bulk of transaction
fees, those are burned…but the miners can get an optional TIP from users of Ethereum.

Wait a tip? What’s the Miner TIP for??? Well this “tip” that transaction senders
can include, is there to reduce uncle risk, and a miners block not being included, due
to extra transactions but also if there are suddenly far more transactions than expected,
miners will include transactions with higher tips first, so the fee-based prioritization
mechanism still exists as a backup. Wait won’t this just create bidding wars
like what we are still experiencing today!? Not necessarily because the tip level is independent
of the BASEFEE, so client implementations can confidently put forward low gas tips and
expect their transactions to be accepted in normal conditions, aka 80-95 percent of the
time. Normally there is absolutely no incentive
to set a tip higher than the bare minimum. In cases of sudden congestion, aka Ethereum
3 months ago…. tips do fall into a bidding war. There isn’t much that can be done in that
case… So what does this mean for Ethereum and it’s
asset Ether? Well this creates a situation, where Ether
is ultrasound money. It doesn’t inflate forever like Fiat, new
reserves aren’t being discovered like gold, and it’s issuance doesn’t go flat like
bitcoin.

Eventually, the supply starts to go deflationary. This doesn’t mean the supply of ETH will
go to zero eventually, but it will go down! The supply might decrease by 1-2% per year,
potentially even more, depending on the usage of the network! So where are we with London? What is the status? When is it going to drop?? Well it’s possibly coming at the end of
this month, and I’m going to get into exactly why…but first it’s time for a sponsored
segment of this video supported by the team over at Glitch Protocol and like always the
full details of our agreement are down in the description! So first, what is Glitch? Well checking out their website they say they’re
“The DeFi Operating System” – Supporting mass adoption with a blockchain built exclusively
for decentralized finance.

How? Well Glitch created a new Layer 1 Protocol
focused purely on DeFi dApps and users with an ultimate goal of becoming a cornerstone
of DeFi infrastructure. The power of permissionless applications are
unlocked while simultaneously reducing transaction costs and rewarding every participant within
their ecosystem. And their layer 1 is built to be fully interoperable
with the major blockchains! And they’re not just talking the talk…
they're checking boxes off their roadmap and adding new goals and objectives daily. The latest box was checked a couple days ago
on June 30th… with the successful launch of the Glitch Testnet and explorer… Here they are able to showcase their industry
leading “minimum 3000 transactions per second '' on the blockchain while maintaining low
fees, allowing for interoperability, all while maintaining decentralization and security
through their delegated proof of stake model… And there are so many more releases coming
soon including their browser wallet and the GEX – The Glitch Decentralized Exchange, both
of which has are being demo’d and trialed as I speak and looking pretty dang sweet…and
not to mention the release of the mainnet which is looking to happen by August.

(Link #9 glitch browser wallet) Besides the major releases right around the
corner…Community is super important to Glitch and they have lot going on for the community. For both for users and developers! If you’re a developer they have some free
money up for grabs with the Glitch Grants Program where they’ve committed $2 million
towards funding projects that want to build on Glitch, all you have to do is apply. And for the users… they have a ton of opportunities
for you too… Firstly, they have implemented a Revenue sharing
model for all ecosystem participants… everyone, even the users and holders get a share of
profits from every single participating Glitch dApps…Coming soon on July 7 Glitch is launching
their Community Advocate Program where you can join in on the community fun and network
with the team and others… you can also earn special VIP event tickets, Glitch gear, job
opportunities and try to work on bounties to earn some of that juicy $GLCH tokens.

So we all know DeFi is the future and Glitch
is bringing a laser focus solution to that ecosystem. If your a user, looking to get rewarded or
even a developer looking for a development home, which pays you to build…links for
everything glitch are below! Now back to EIP 1559 & the London upgrade! So at the end of month…we are going to have
a new fee market model? Are you being serious Chico!? Well last week, on Wednesday, Tim Beiko (core
Ethereum dev) tweeted that the first London Block was mined on the Ropsten testnet! Yes they got it out last week on the first
planned testnet & it’s running smoothly burning away those Ether and basefees. On Ropsten, within the 1st day, more than
85000 Ether was burned! Woah 85 thousand Ether burned a day? Is that what could happen on the mainnet!? No this is Testnet, this isn’t real money. So people were putting forward massive transactions,
with massive base fees to test it out in the beginning.

Luckily there is a website, watchtheburn.com
which let’s you visualize the BURNs, and as you can see…only just over 3 thousand
more Ether have been burned since the first day, June 23rd. The burn is leveling out on the testnet… But Ropsten, is just testnet #1. There were 2 more planned testnets for this
to go live on before the transfer to the mainnet. Goerli & Rinkeby. What is their Status?? Well using watchtheburn, and switching up
top to the Goerli testnet, we can see the BURN is live. That happened yesterday!! So, this upgrade has went live on 2 testnets
in just a week….and there is only 1 left, before Mainnet. So personally, since the implementation is
happening smoothly on 2 testnets so far, I would expect Rinkeby to happen by next week.

Stress testing will be done on each of the
networks for at least a couple weeks, and according to some of the core ethereum devs,
if no problems are found within the testnets, we could see late July, early August for the
launch of EIP 1559 on the mainnet. If BUGs are found, and things don’t go to
plan, it could be delayed to late August. We don’t want that….but Delays are a feature
of Ethereum development, not a BUG. If we look to the past! I’m hoping that doesn’t happen, but it’s
likely it could drift into August…If it does, I'll be drifting along with you guys,
keeping you updated.

Cheers I’ll see you next time!.

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