Ethereum upgrade aims to stabilize crypto fees

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A new software update for Ethereum, the second largest blockchain network, will likely stabilize transaction fees and reduce the supply of tokens, according to Reuters.

Ether was trading lower before the news broke, but gained thereafter and rose 2.6% to $ 2,796, Reuters reported.

The adjustment is called the Ethereum Improvement Proposal (EIP) 1559. It involves changing the way transactions are processed on Ethereum by offering more transparent pricing for the ether transaction fees paid to miners to validate. transactions, as well as burning a small amount of tokens and taking them out of circulation, according to Reuters.

After the upgrade, 539.29 ether tokens were burned late in the morning in New York City, Reuters reported.

In other news, Burberry, a luxury fashion brand, has rolled out a non-fungible token (NFT), CoinDesk reported.

Burberry will showcase its articles with Blankos Block Party, a game with digital vinyl toys living on the blockchain. The digital collection will be called Burberrys B-Series and will come with limited edition products, according to CoinDesk.

NFTs will be available through the game starting August 11 and Burberry has announced plans to add value to the gaming community by encouraging players to interact with the company’s brand in a different environment, CoinDesk reported. .

Meanwhile, Nigeria has been the flagship of Bitcoin adoption in Africa, according to Bitcoin Magazine, with users transferring nearly $ 40 million in transactions there over the past month.

This comes despite a government campaign to reduce access to Bitcoin, with the Central Bank of Nigeria upholding a 2017 rule in February banning regulated financial institutions (FIs) from trading in Bitcoin, according to the report. But Nigerians are using peer-to-peer (P2P) commerce to move Bitcoin.

Data from the UsefulTulips analytics platform showed that the Nigerian naira was the most traded sub-Saharan African fiat currency in exchange for Bitcoin, according to the report.

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