Ethereum’s London Hardfork is working on the Goerli testnet while Mike Novogratz believes ETH has the potential to topple BTC

While ETH’s recent price development wasn’t very noticeable, at least on the development front, Ethereum seems to be making headway. The much-anticipated London upgrade appeared on the Goerli test network this morning. It was used at block number 5062605 and occurred after activation in the Ropsten test network on June 24 at block number 10499401.

The above update was given by EthHub founder Anthony Sassano Disclosure:

“London Network Upgrade (EIP-1559) is now available on the Goerli test network”.

It should be noted that the latest and earlier implementations were in line with the release schedule specified by the Ethereum Foundation in mid-June post A blog shared by the foundation states:

“Perform this upgrade after Berlin was activated on the Ethereum mainnet just a few months ago. By starting to work with London during the launch of Berlin, customer teams can publish network upgrades at record speed! “

The next step will be to deploy the London upgrade on the Rinkeby test network on 7/7. A block is activated on the Ethereum mainnet as soon as the upgrade has taken place on the testnets.

The London upgrade includes a number of EIPs, the most famous of which is the EIP-1559. EIP-1559 will introduce “a basic charge” in blocks on the network to keep track of the price of gas the network will accept from a transaction based on demand for block space.

The upgrade will also include other EIPs such as 3198, 3529, 3541 and 3554, with EIP-3554 set to postpone the difficulty bomb until December 1st as the transition to Proof of Stake is not yet complete.

At the moment there are many expectations for the London upgrade, and the most common one is that the price of ETH will increase exponentially, adding to the value of the altcoin. However, Tim Beiko disagrees with the youngest Ethereum developer comment that such projections are “difficult to speculate” and that the arguments in favor of the price hike do not take into account other factors that might have the opposite effect.

Mike Novogratz: ETH could be the largest cryptocurrency iện. become

in the interview On June 30, Galaxy Digital CEO Mike Novogratz told Bloomberg that ETH has the potential to topple Bitcoin one day.

“I think ETH could very well become the second or largest cryptocurrency one day.”

Mike Novogratz – CEO Galaxy Digital

He mentioned that ETH has a “completely different use case” than the leading cryptocurrency.

While Bitcoin is a “beautifully designed store of value,” its biggest competitor can serve as the base layer for Web 3.0.

However, he also pointed out that Ethereum faces stiff competition from ecosystems like Solana, Terra, and others.

Novogratz predicts that what builds on Ethereum or other platforms will be very noticeable in the next 5 years.

When asked if his customers were upset about the corrections taking place in the market, Novogratz replied that the crypto revolution was still in its infancy. Hence, nobody really believes that cryptocurrencies will go away.

Novogratz believes that regulation will make the industry even stronger.

He also claimed that following yesterday’s congressional hearing, the crypto community needed to better help lawmakers understand them.

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