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© Reuters. File photo: In this illustration taken on February 19, 2021, the virtual currency Ethereum can be seen in front of the stock chart. REUTERS/Dado Ruvic/Illustration/File Photo

Hong Kong (Reuters)-Ether fell about 1% on Wednesday before making technical adjustments to its underlying Ethereum blockchain, which will change the way transactions are processed.

According to market participants, most time zone changes are currently expected to take effect on Thursday, later than previously expected.

Technically, the upgrade will happen when the 12,965,000th block on the blockchain is verified.

The Ethereum network supports a series of projects in the crypto world, including non-fungible tokens (NFT)-an encrypted asset that represents an intangible digital project such as images, videos or in-game projects-and many decentralized finances (DeFi) application.

Ether had already risen before the upgrade and has risen by 40% from recent lows in the past 15 days. The value of the token has more than tripled this year, surpassing Bitcoin, the world’s largest cryptocurrency, although both have fallen sharply from the highs set in May.

The upgrade known as Improvement Proposal (EIP) 1559 will change the way transactions are handled and provide clearer pricing.

It will also reduce the supply of Ether and possibly increase its price substantially.

Dan Morehead, CEO of Pantera Capital, said at the Reuters Global Markets Forum this week that these changes will help Ether trading be more like a fixed asset and make it a means of storing wealth More attractive.

Cryptocurrency exchanges Binance and OKEX said earlier this week that they expect the upgrade to occur around 11:55 GMT on August 5.

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