]

The cryptocurrency ether runs on the Ethereum network. Dado Ruvic/Reuters

Ethereum developers have defended the changes to the network that will come in the summer.

They said the alterations are very popular with users, as they make fees simpler and limit ether supply.

But miners remain disgruntled that their fees will be cut, with debate in the community ongoing.

Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Developers on the Ethereum network have defended major changes that are set for the summer that will destroy ether tokens and cut the fees paid to miners, saying they’re popular with users and could boost the cryptocurrency’s price.

The planned alteration to the network, known in crypto jargon as EIP-1559, “is very popular among Ethereum users as it potentially makes Ethereum a deflationary asset,” Ben Edgington, a developer at ConsenSys, a company closely involved in the network, said on Tuesday.

Ethereum developers approved significant changes to the network that runs the ether cryptocurrency earlier in March. They are set to overhaul the current system under which users send tokens to miners to pay for transactions to be completed in a kind of auction process.

The changes have sparked anger among miners, however, as they would reduce the fees they receive. Some have even proposed a form of strike.

Yet developers say users support the changes, partly because the reduction in coins could lead to the price of ether rising sharply. Ether traded at around $1,800 on Wednesday. The token has gained around 145% so far this year.

Dan Finlay, lead developer on popular Ethereum wallet MetaMask, said: “Its purpose is to provide a more predictable transaction pricing system that reduces overpayment, and has some deflationary economics as a side benefit.”

Under the changes, which will likely come into force in July, users will send a base transaction fee to the network that would then destroy or “burn” ether tokens, thereby reducing the number of coins in circulation.

It will move the system away from the current mechanism, in which users have to bid to have their transactions included in blocks by miners, which can make fees very costly at times.

Edgington said these issues are “a significant problem for the usability of Ethereum and a barrier to the broader adoption of Ethereum by non-specialists.”

Lex Sokolin, co-head of fintech at ConsenSys, said the changes will take the network fees “from having an unpredictable and unbounded pricing mechanism to something that is much more predictable.”

The anonymous founder of Pylon, a major North American ether miner, said there was a lot of “turmoil” in the Ethereum world. They said miners had spent time and money building facilities, and now could be faced with heavy losses due to the changes.

“It goes back to the point [that] developers don’t mine, so they could care less about a miner, and miners don’t develop, so they could care less about reducing the congestion,” they said.

Some ether miners threatened to effectively go on strike, or try to disrupt the system in other ways in protest at the changes.

But there are signs of peace breaking out, with miners proposing their own EIP - which stands for Ethereum improvement proposal - that would raise their rewards and gradually lower them.

Ethan Allen Interiors Inc. (ETH), Visa Inc. (V) - Why Is Ethereum Surging, Outperforming Bitcoin Today?

]

Gains in Bitcoin (BTC) appear faint in comparison with Ethereum (ETH) as the latter’s supply diminishes.

What Happened: BTC traded 0.13% at $59,285.22 over 24 hours at press time while ETH was up 4.08% at $1,925.03.

Over a seven-day trailing period, ETH has surged 21.92%, while BTC has moved up 12.77%.

CryptoQuant data indicates ETH reserves held in all wallets fell to 19.53 million as of March 31 as prices soared over $1,921.

ETH Held In All Exchange Wallets — Data From CryptoQuant.com

On Wednesday, OpenSea, a non-fungible token marketplace said it would add support for trading through Immutable X, a decentralized protocol built on Ethereum, which it said would enable zero gas fee.

Immutable X is coming to OpenSea! We’re excited to announce OpenSea will soon support the trading of NFTs on their gas-free layer-2 protocol, built directly on Ethereum. #Immutable #OpenSea pic.twitter.com/B3Y5j7Lfue — OpenSea (@opensea) March 31, 2021

Why It Matters: BTC has been losing its dominance as the largest cryptocurrency by market capitalization of late. This week the dominance fell to its lowest since October last year.

At press time, BTC had a 56.6% dominance, while ETH had 11.7%, according to CoinMarketCap data.

On Monday, Visa Inc (NYSE:V) announced a pilot to allow transactions to be settled through USD Coin (USDC) on its network.

Reacting to the development, analyst Michaël van de Poppe said on Twitter that Ethereum was “going to surprise everyone massively."

He had previously predicted a $10,000 price level for ETH.

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

3 Reasons Ethereum Is About to Skyrocket

]

Refinery 29 UK

If you’ve hit a wall with your reading, know that you are not alone. With the brimming possibility of going back to ‘normal’ on the horizon, many people are feeling overwhelmed and perhaps the idea of working through your burgeoning book pile isn’t a major priority right now. But with the warm weather incoming and social plans being laid out for the near future, we’re getting our sofa reading time in while we can, soaking up the best of what the literary world has to offer this spring.Last month, Team R29 jumped into a selection of riveting reads including Hot Stew by Fiona Mozley, a story chronicling the lives of residents in a Soho brothel as they fight back against London’s gentrification. There was also Lisa Harding’s Bright Burning Things, which told the tale of an ex-theatre star and her young son and the effects that alcoholism can have on a young family. Francesca Specter’s exploration of learning to love your own company, Alonement, made it onto the list, too.Stepping into April, the team is diving into similarly engrossing stories, with this month’s reading list including an eerie dystopian thriller and a factual read about mixed race identity. Discussing topics from climate change displacement to the complexities of life in Britain as a person with dual heritage, there are plenty of new releases to enjoy this April.To take a look at everything R29 staff are reading this month, click through the slideshow ahead…At Refinery29, we’re here to help you navigate this overwhelming world of stuff. All of our market picks are independently selected and curated by the editorial team. If you buy something we link to on our site, Refinery29 may earn a commission.Jess Commons, Lifestyle DirectorBook Title: Shuggie Bain by Douglas StuartWhy is it your April read? The paperback version of the 2020 Booker Prize winner is finally released this April and it’s a must-read if you haven’t already. It follows the difficult life of Shuggie, a boy struggling with his identity in a community that refuses to accept him as his family weathers a life of poverty in 1980s Glasgow. From a heartbreakingly young age, Shuggie tasks himself with saving his glamorous alcoholic mother from destitution, shame and a string of toxic men, while existing in a landscape blighted by unemployment, addiction and the cruel policies of Thatcher’s government.Douglas Stuart Shuggie Bain, $, available at BookshopSadhbh O’Sullivan, Health & Living WriterBook Title: Dreamland by Rosa Rankin-GeeWhy is it your April read? Dreamland is Rankin-Gee’s first novel and is set in a version of Margate which is unsettlingly close to but not quite like the world we live in. It follows a young girl named Chance whose family has been offered a cash grant to move out of London to the coastal town where the sea is getting higher and higher and those who can afford it are moving inland. It’s a novel about the apocalypse sure, but it’s also about queer love against a backdrop of soaring inequality and political extremism. It’s been endorsed by some of my favourite authors (Brit Bennett, Sharlene Teo) and I can’t wait to get swept into a slightly different end of the world from the one we’re currently in.Rosa Rankin-Gee Dreamland, $, available at BookshopJessica Morgan, Staff Writer Book Title: Mixed/Other: Explorations of Multiraciality in Modern Britain by Natalie MorrisWhy is it your April read? I have been a huge fan of Natalie Morris’ work. Currently a senior lifestyle writer at Metro.co.uk, she’s launching her debut book, which is all about the mixed British identity. Morris, who is of British-Jamaican descent, explores what it is like being of mixed heritage in Britain today, diving into everything from blackfishing to the fetishisation of mixed babies, as well as the complexities of passing and code-switching and navigating the worlds of work and dating. Morris draws on a wealth of research and interviews as well as her own experiences, which are hugely relatable. Mixed/Other is an important book in today’s age, especially as people with mixed ethnicity now make up the fastest growing ethnic populations in the UK. Natalie Morris Mixed/Other, $, available at BookshopAlicia Lansom, Editorial AssistantBook Title: God I Feel Modern Tonight: Poems from a Gal About Town by Catherine CohenWhy is it your April read? Much like my current taste in TV, I only want to read something if it’s going to be light and full of lols. This book of poetry from NYC-based comedian Catherine Cohen seems to tick that box, promising funny musings about sex, self-care and self-critiquing. While the majority of reviews emphasise how #relatable her jokes are to the millennial experience, I’m most interested in exploring the world of easily digestible modern poetry which I can jump into and out of whenever I fancy. Catherine Cohen God I Feel Modern Tonight: Poems from a Gal About Town, $, available at BookshopKaty Thompsett, Sub EditorBook Title: The Hard Crowd by Rachel KushnerWhy is it your April read? Fans of The Mars Room, Kushner’s magnificent novel from a couple of years ago about a woman sent to prison for killing her stalker, will recognise the shady characters and seedy San Francisco locations which populate this collection of essays written over the past two decades. Spanning journalism, memoir, politics and culture, Kushner explores subjects as varied as an illegal motorcycle race through California, a Palestinian refugee camp and the work of opinion-dividing artist Jeff Koons but always with an unflinchingly clear-eyed touch. If you fancy a taster, check out the titular essay here.Rachel Kushner The Hard Crowd: Essays 2000-2020, $, available at BookshopGeorgia Murray, Fashion EditorBook Title: Border Nation by Leah CowanWhy is it your April read? I’ve been after some further education on the damaging impact and colonial history of borders and Leah Cowan’s new book looks like the perfect exploration of how geographical lines define our lives. Exposing how the media pushes toxic myths about migrants, how corporations like G4S profit off legislation and how widespread ideas about crossing borders tear communities apart, Cowan’s book feels much-needed right now, covering everything from the rise in racist attacks post-referendum to cross-border solidarity. Leah Cowan Border Nation: A Story of Migration, $, available at BookshopLike what you see? How about some more R29 goodness, right here?Your Guide To The Wholesome World Of #BookTokFiction Books About Black Joy You Need To Read NowThis Virtual Library Is Offering Free Books During