Ethereum Hard Fork in London enters final phase: report
Ethereum’s London hard fork, which will include EIP-1559, is entering its final stages and will hopefully reduce the number of ETH miners we receive. So read more on our latest Ethereum news today.
Ethereum’s London hard fork will be ready in July and go live on Ropsten next week. The London Hard Fork is a planned upgrade of the Ethereum network that is making its way to blockchain test networks. Tim Beiko from the ETH Foundation has announced that London will be live on the Ropsten test network until the end of June, followed by Goerli and Rinkeby. Blog Notes:
“As soon as the upgrade has been successfully activated in these networks, a block will be placed for the Ethereum mainnet.”
London is finally ready for test networks
Ropsten will be upgraded next week, followed by Goerli & Rinkeby in the following weeks.
Read this to learn how to prepare for the upgrade and expect a different message when the mainnet block is selected ????https: //t.co/tq0Hq56MxV
– Tim Beiko | timbeiko.eth ???????? (@TimBeiko) June 18, 2021
The London upgrade will implement five separate Ethereum improvement proposals, which are a change to the blockchain code that needs to be approved by community members before they can be adopted. The most controversial change, EIP-1559, created by Ethereum inventor Vitalik Buterin, will change the way network charges work and the way miners process transactions and shape new ETH. Every time someone makes a transaction on Ethereum or interacts with a smart contract, they have to decide how much the fee is more or less. To speed up the transaction, you will set a high fee, but the miners make sure that they then pack it into a block. If you lower it, the transaction will likely wait until the miners are less busy processing higher transactions. Speed is pretty important in some cases, including when trading ETH-based DEXs like Uniswap, where traders lose money if they wait a long time.
“This means that most of the time blocks have 100% more capacity so that they can fill up with transactions. As long as the transaction is sent with a higher fee than the BASIC FEES and contains a miner’s tip, this transaction will be included in the next blocks. “
The added transparency is seen as an enhancement to the user experience and some miners claim that it affects their experience. Under EIP-1559, the basic fee is burned and not passed on to the miners. The goal here is to turn ETH into a deflationary asset with no supply cap like BTC. Less circulating ETH is good for the miners as it can increase the demand and exchange price for ETH, so miners get a reward every time they create a new block.
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