ABOUT Ethereum, the second largest cryptocurrency on the market, is about to undergo one of the biggest updates. This is a long-awaited hard fork called “London” that has just received an official date: June 24th.
In the update, the block height is now set to three test nets. This is the penultimate key step towards the full deployment of the core network, the core network.
The official date was announced by the chief developer of Ethereum Tim Beiko. In his blog post, he wrote that the testnets Ropsten, Girley and Rinkeby have now set the block height at which London will be activated.
According to Beiko, Ropsten is expected to be the first in block 10499401, that is, around June 24. Gourley is expected to be next on June 30th and Rinkeby on July 7th.
However, the timeline for the release of the major update is still being determined.
“At the moment, only test networks (Ropsten, Goerli, Rinkeby) are planned for implementation in London. Once the update is successfully activated on these networks, a block will be set for the main Ethereum network, which will be reported on this blog and elsewhere, ”Beiko wrote.
London and change
The London update includes five milestones, but the star of the show is Ethereum Improvement Proposal (EIP) 1559. This update will analyze the network’s existing fee structure.
In practice, EIP-1559 is expected to significantly reduce user costs of landfill gas. It can also reduce miners’ revenues by more than 50%.
As a result, a kind of “miners’ revolt” arose, which led nowhere.
The improvement proposal is one of the most important in recent Ethereum history. However, this is just as important as the ETH 2.0 update.
ETH 2.0 will move the network to a Proof-of-Participation, or PoS, consensus mechanism. With this algorithm, the power consumption of the checkers will be significantly reduced.
“The decentralized nature of blockchain systems makes it difficult to upgrade the network. Online updates in blockchain require collaboration and communication with the community, as well as with the developers of various Ethereum clients, for the transition to go smoothly.
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