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Definition: London hard fork


A major change to the Ethereum network in August 2021. The London hard fork implemented five Ethereum improvement proposals (EIPs). EIP-1559 makes transaction fees more predictable and equitable. EIP-3198 provides access to the block's base fee, while EIP-3529 reduces fee refunds so they can no longer be exploited. EIP-3541 sets up future changes for the Ethereum virtual machine (EVM), and EIP-3554 delayed the "difficulty bomb," which makes it difficult to mine using proof-of-work (PoW) after Ethereum 2.0 switches to proof-of-stake (PoS). See proof-of-work algorithm, Ethereum 2.0 and Ethereum.