The highly anticipated London upgrade for the Ethereum network will kick off on August 4th, according to lead developer Tim Beiko. He gave a offer The block activation on Github on July 6th indicated that the mainnet upgrade should be introduced at block 12,965,000.

This suggests that the London hard fork is scheduled for August 4th rather than mid to late July as previously planned. The target will become official when the Ethereum customers approve the proposal.

Developers monitor the testnets to see how the upgrades are performing before setting a timeframe for the mainnet to start.

Beiko has tweets to confirm:

“Yes, unless someone protests within the next 24 hours, the London Hard Fork will go live on August 4th. Some customer teams have agreed, but we want to make sure that no one opposes. “

The first block was produced on June 24th on the Ropsten Testnet. Goerli Testnet implemented the hard fork on June 30th and the last Rinkeby Testnet launch will take place today (July 7th).

Burn ether

The London upgrade was named after the second annual Ethereum developer conference in 2015. It should put the network in a deflationary state, but not necessarily lower gas charges with an update.

It adapts the auction mechanism to the fee structure and burns off some of the transaction fees. Over time, this will lead to asset deflation, a process that will accelerate once mining stops and Proof-of-Stake (POS) becomes the main consensus mechanism for the next year.

A website has been set up to track this activity in the Ropsten test network. Since the code was made available on other test nets after a successful start on Ropsten, it no longer works. However, during the brief test network, 89,148 ethers, valued at approximately $ 208 million at current prices, were burned.

79 ethers were burned in the Goerli test network and the Rinkeby test network is scheduled to start sometime on July 7th.

Ethereum software solutions company ConsenSys estimates that annual supply will decrease by 1.4%.

Ether price outlook

At press time, Ether is currently trading at $ 2,390. It’s up 2.6% over the day, with an overall gain of 11.7% in the last week.

Ether price chart | Source: Tradingview

In the past two weeks, Ether has rebounded 25% after falling below $ 1,800 on June 26th. Ether’s next target is the resistance of $ 2,400.

Teacher

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page