a Ethereum, the second largest cryptocurrency in the market, is about to undergo one of its biggest updates. It’s the much-anticipated hard fork called “London” that has just gained an official date: June 24.
The update now has a block height set to three test grids. This is the penultimate major step for a full launch on the core network, the mainnet.
The official date was provided by the lead developer of Ethereum, Tim Beiko. In a blog post, he wrote that the test networks Ropsten, Goerli and Rinkeby have now identified significant heights at which London will be activated.
According to Pico, Ropsten is expected to be first on block 10499401, or sometime on June 24. The next Goerli is expected on June 30 and Rinkeby on July 7.
However, the release schedule for the major update is still set.
“Currently, only test networks (Ropsten, Goerli and Rinkeby) are scheduled to implement London. Once the update is successfully activated on these networks, a lock will be set for the main Ethereum network and will be sent through this blog and elsewhere.”
London and changes
The London update includes five phases, but the star of the show is the Ethereum Improvement Proposal (EIP) 1559. This update will review the network’s current fee structure.
In practice, the EIP-1559 is expected to significantly reduce LFG costs for users. This could also reduce miners’ revenue by more than 50%.
As a result, there was a kind of “miners’ rebellion” that ended up being nothing.
The optimization proposal is one of the most important in the recent history of Ethereum. However, it is just as important as the ETH 2.0 update.
ETH 2.0 will move the network to a consensus mechanism based on Proof of Stake, or PoS. By using this algorithm, the power consumption of verification blocks will be significantly reduced.
“The decentralized nature of blockchain systems makes network upgrade more difficult. Network updates in a blockchain It requires collaboration and communication with the community, as well as with the developers of the various Ethereum clients in order to transition smoothly,” highlighted the Ethereum post about the update.
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