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RE: Bitcoin: Are you ready for Taproot? Decentralization in action!

in LeoFinance2 years ago

Well we still need to wait for it to be active to see whether or not the new features will work out. After all I recall hearing about how the ETH changes would lower fees but I saw quite a few comments and posts about how ETH fees didn't change. Of course I am optimistic that it will work out.

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The London hard fork (and Eip1559) wasn't supposed to lower fees, but somehow that misconception took off. It was designed to introduce a deflationary burn and to stabilise fees by reducing the fee spread (many were over bidding).

Thanks for the information. Maybe it was one of the other hard forks that would lower fees but I guess some people were confused about it. I didn't actively look up the information so listening to things from others probably meant I also fed into the misconception.

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I think many confused the reduction of overpayment (over bidding) with reduced fees.

Full ETH2 is supposed to do it. Not the transition to proof of stake, but the sharing that should increase the number of transactions per second. However, the real thing is the growing constellation of L2 that use the mainnet as an anchor for security. Plus the bridges like Hop that avoid the L1 completely!