Ethereum ‘London’ Hardfork will start working on test networks from June 24th
The eagerly awaited Ethereum hard fork “London” has now set block heights for three Ethereum test networks – a decisive penultimate step towards a full mainnet start.
In a blog post on the Ethereum Foundation website, Ethereum core developer Tim Beiko wrote that the test networks Ropsten, Goerli and Rinkeby have now determined the block height at which London will operate, with Ropsten likely to be the first block at block 10499401 or at some point will be on June 24th. Görli will start on June 30th and Rinkeby on July 7th.
However, the release schedule for the most important major network upgrade is still being set.
“Currently only test nets (Ropsten, Goerli, Rinkeby) are supposed to come to London. As soon as the upgrade has been successfully activated in these networks, a block on the Ethereum mainnet will be set up and announced on this blog and in other places, ”Beiko wrote.
The hard fork upgrade in London includes five Ethereum Improvement Proposal (EIP) upgrades, but the star of the show is EIP-1559. As a revision of Ethereum’s existing fee structure, EIP-1559 is expected to significantly reduce gas costs for users. However, it can also cut miners ‘incomes by up to 50%, which has led to speculation of a “miners’ uprising,” which has largely failed to materialize.
RELATED: Ethereum’s $ 1.5 billion options expiring on June 25 will be a good time
The upgrade is considered one of many bullish catalysts for Ethereum, not least the ETH 2.0 upgrade. ETH 2.0 will convert the network to a more scalable proof-of-stake consensus mechanism that will significantly reduce the energy consumption of validation blocks.
The blog post points out that such a major system upgrade to a decentralized system is a coordination effort.
“The decentralized nature of blockchain systems makes it difficult to upgrade the network. Upgrading the network within a blockchain requires collaboration and communication with the community and with the developers of various Ethereum clients for a smooth transition. “