It’s a big week for Ethereum with a set of key updates going live this week. The Ethereum blockchain will undergo a significant change with the London hard-fork🔽 set to go live on August 5th, 2021. It will bring through five Ethereum Improvements Proposals EIPs (EIPs), with EIP 1559 radically changing the transaction fees mechanism.
This can be a bit confusing to understand. However, the update will not affect any of your current investments with "Currency.com" crypto exchange.
To safeguard our users and protect your funds, we will be freezing all deposit/withdrawal Ethereum (ETH) and ERC-20 token transactions before the hard-fork takes place. We will send you an alert when this occurs and another one when transactions can resume. If you send any Ethereum (ETH) and ERC-20 tokens to "Currency.com" crypto exchange during this period we may not receive it as it could end up on another fork of the blockchain.
There are two likely outcomes that will occur as a result of the London hard-fork activation on the main net.
✅ Outcome A:
‣ A new token is not created. If this occurs then we will resume Ethereum (ETH) and ERC-20 token deposits/withdrawals as quickly as we can. We will keep you updated with a second announcement.
✅ Outcome B:
‣ The current blockchain splits into two separate chains which results in the creation of a new token. If this scenario occurs, we will provide further details in a second announcement.
We will keep you updated on the London hard-fork on our website and (or) social media platforms. Please reach out to us at
support@currency.com if you have any questions.
▶️Hard-fork is a change in the specified algorithms in a distributed decentralized information system using cryptographic methods of information protection (blockchain), leading to change in the sequence of blocks with information about operations performed in such blockchain, and (or) division (branching) of the the blockchain and (or) creation of a new type of cryptocurrency.
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