Ethereum could be upgraded in London in August

During the gradual transition to Ethereum 2.0 and Proof-of-Stake (PoS) consensus, Ethereum (ETH) could be updated around August 4th in London. 1559 – highly anticipated improvement in network currency.

Ethereum could be upgraded in London in August

Ethereum’s core developers have proposed a block of 12,965,000 for the mainnet activation of the London network upgrade, which they estimate will take place on August 4th (UTC).

EIP-1559 is one of the changes to Ethereum that many are looking forward to, even if there has previously been vocal opposition to its implementation.

Why is it so important? It divides the transaction fee into two parts: the tip can be set by the user and the basic fee is burned. Some ETH proponents noted that this fee burning would make them a deflationary cryptocurrency and a major competitor to Bitcoin (BTC).

It should be noted, however, that there is no straightforward answer here as to when exactly it might happen. As reported, this change may not come as quickly as some think, as Ethereum will have to move fully to PoS before the deflationary aspect of EIP-1559 really hits. Some also argue that there may not be enough traffic on Ethereum for the token to burn out with inflation.

“ETH is not going to go deflationary immediately as proof-of-work mining will continue to generate net inflation until Ethereum moves to proof-of-stake this year,” said developer Ryan Berckmans.

It’s also not intended to cut fees, although many have claimed. “When the price of ETH goes up, so do your transaction fees,” claims MyCrypto founder Taylor Monahan. In addition, according to developer James Hancock, the EIP-1559 reduces overpaid transaction fees, not fees.

However, this is not the only EIP in the London package. This also includes:

– EIP-3529, which compensates for some of the additional block size variances introduced by EIP-1559, allowing the block to be used up to twice the current gas limit;

– EIP-3541, which paves the way for broader improvements to the Ethereum Virtual Machine (EVM);

– EIP-3554, slows the difficulty bomb, also known as the Ice Age, to December 1st.

Developers began testing the upgrade in London (previously set up in July) on the Ropsten testnet on June 24, but ETH users were again encouraged to “adjust the period hope”. In terms of fees, for example, Monahan stressed that users are not “sure” about the final cost or how long it will take to successfully deliver what they have sent.

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