Ethereum starts testing the London Hardfork upgrade

Developers on the Ethereum (ETH) network started testing the London hard fork upgrade on the Ropsten network yesterday.

Ethereum starts testing the London Hardfork upgrade
London hard fork upgrade

Ethereum starts testing the London Hardfork upgrade

Ethereum proponent and former tech lead at DuckDuckGo, Adam Cochran, tweeted that “the first EIP-1559 transaction in London took place on Ropsten”. He also said that “the blocks seem to be running smoothly enough”. He called the development “big news for Ethereum, one of the biggest updates in years and very important for our future”.

The Ethereum Foundation’s community manager, Tim Beiko, also enthusiastically posted a link to the Etherscan evidence of the first Ropsten block and wrote:

“We have a block! It takes a little longer than expected, but it is running live on Ropsten Lon Don. “

As reported, only test networks (Ropsten – June 24th, Görli – June 30th, Rinkeby – July 7th) are currently planned for the upgrade in London. After the upgrade has been successfully activated in these networks, according to the Ethereum Foundation, a lock on the Ethereum mainnet will be set up and made public.

The new upgrade is the successor to Berlin, which was activated on the Ethereum mainnet earlier this year. Beiko then stated that “by starting work in London while Berlin is deployed, team clients will be able to post network upgrades at record speed”.

London hard fork upgrade

According to Bitcoin News, the London hard fork upgrade includes 5 Ethereum Improvement Proposal (EIP) upgrades, but the focus is still on EIP-1559. EIP-1559 is a revision of Ethereum’s current fee structure and is expected to significantly reduce gas costs for users. However, it can also cut miners ‘income by up to 50%, which has led to speculation of a “miners’ uprising,” which has largely failed to materialize.

The CEO of the MyCrypto-focused ETH wallet, Taylor Monahan, reiterated her concerns she first raised in May of this year and encouraged people not to get too upset before upgrading.

In a Twitter thread, Monahan wrote that while EIP-1559 is a “useful solution to many difficult problems” including “network-wide priorities”, the “role of tokenization” of ETH in the network “and” transition to ETH 2.0 “.” , but there’s no shortage of restricted modes either.

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Source: Defi. Magazine

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