Ethereum which is the second most valued cryptocurrency across the globe recently made a giant strive in upgrading so as to solve the long lasting high transaction fees huge problem for artists, creators minting non-fungible tokens and developers building decentralized applications on the Ethereum cryptocurrency ledger.
The upgrade is named London Hard Fork which initiates a reduction in transaction fees on the Ethereum platform and brings forth a new way of mining Ethereum.
With the new initiative has caused the transaction fees estimation process to be handled automatically with a set of fee amount based on network congestion thereby making it the more predictable and every part of the transaction fee will be burned and correspondingly reducing the supply of Ether and an equivalent increase in its price.
So for you and me as users we will now pay a base fee, algorithmically determined by network use and could pay miners a tip to have it transacted faster and this change means the fee will now be more stable, with you and me being able to wait for a potentially lower price at a later time.