Fri, May 24

Ethereum(ETH) London Hard Fork Expected to Launch on August 4

Ethereum(ETH) London Hard Fork Expected to Launch on August 4 Blockchain News
  • Ethereum(ETH) London Hard Fork expected to launch on August 4
  • Tim Beiko said, most of the clients have approved it already. 
  • The protocol update will includes five Ethereum Improvement Proposals.

Ethereum (ETH) most waited London hard fork is expecting to launch on August 4 between 13:00 UTC and 16:00 UTC, with block 12,965,000. Ethereum (ETH) the world’s second-largest cryptocurrency, increased 4.83% in the last 24-hours again moving past $2300 levels.

Henceforth, several Ethereum fans are excited for the delayed release, when some of them are watching on with cautious optimism.

Accordingly, Tim Beiko a community manager at Ethereum Foundation said, most of the clients have approved it already. More so, the final decision for the same will done at the core developer meeting coming Friday.

However, as a part of a roadmap designed for the release of Ethereum 2.0, this will replace Ethereum’s current proof-of-work protocol with proof-of-stake. Even more, the London hard fork has been accomplished into different testnets. Once the activation successful on the Ropsten and Goerli testnets the release date of the final hard fork, decided.

Hence more, the protocol update will include five Ethereum Improvement Proposals (EIPs), among that the most notable is EIP 1559 and EIP 3554.

The EIP-1559 provides a new gas fee model that makes Ethereum blockchain deflationary. It implements a base fee structure to control the slow raise in ETH gas fees. The revenue for the miners will reduce if the part of the gas fees gets burnt so the Ethereum miners oppose the EIP-1559.

Another implementation is EIP-3554 which delays Ethereum’s difficulty bomb to December 1. For sure this mechanism will increase the difficulty of mining on the Ethereum blockchain, accordingly freezing proof-of-work in preparation for Ethereum’s move to proof-of-stake.

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