Explainer: Major Ethereum upgrade set to alter supply, fix transaction fees

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By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Ethereum, the second-largest blockchain network, is about to undergo a technical adjustment that will significantly alter the way transactions are processed, as well as reduce the supply of the ether token and sharply boost its price.
The scheduled coding revamp will go live on Aug. 4.
The upgrade known as Ethereum Improvement Proposal (EIP) 1559 is similar, analysts said, to a bitcoin "halving" event in which periodic adjustments reduced the supply of bitcoin. Each halving helped propel bitcoin's price to higher records.
While bitcoin is the preferred store of value in the digital ecosystem, Ethereum has emerged as the leading financial infrastructure, settling over $12 billion of daily transactions, according to a Grayscale report released in February this year.
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