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Ethereum’s ‘London’ hardfork set to go live on testnets starting June 24

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A major ‘London’ update for Ethereum’s mainnet slated for July. The team will activate the hardfork on three testnets in the coming weeks – Ropsten, Goerli and Rinkeby.

According to Ethereum developer Tim Beiko, the ‘London’ hardfork will be activated at block 10,499,401 on the Ropsten network. The block is expected to be reached on June 24th. A week later, on June 30, the update will be launched on the Goerli testnet. And on July 7, on the Rinkeby network. All dates are approximate and may change slightly depending on how long it takes to create the block.

Developers still have to determine the exact launch date for the hardfork on the Ethereum mainnet.

“As soon as the update is successfully activated on these networks, the blockchain of the main Ethereum network will be updated”, the message says. It should be in July.

EIP-1559

The ‘London’ Update will implement five separate Ethereum Improvement Proposals (EIPs). Which are changes to the blockchain code. Community members should generally agree on this before accepting them.

The main change, of course, is EIP-1559, which changes the fee structure on the Ethereum network. After its activation it significantly reduces transaction fees. This add-on considered as improving the user experience. Some miners, however, claim that this is bad for them. As expected, the profit of miners will decrease significantly. This will radically change the situation on the mining market. Since until recently ETH remained the most profitable coin for GPU miners. The miners were even going to go on strike, but nothing came of it.

Nowadays, every time someone commits a transaction or interacts with an Ethereum smart contract, they must choose a fee, which is more or less a guessing game. To complete a transaction quickly, you can set a high fee while still ensuring that miners include it in the block. If you underestimate the score (on purpose or not), your transaction will likely wait until miners are less busy processing higher paying transactions.

Speed ​​is important in several cases, including when trading on Ethereum-based decentralized exchanges such as Uniswap, where token prices can fluctuate rapidly and traders lose money if they languish in anticipation.

To solve this problem, the EIP-1559 will double the block capacity.

The update considered as one of the bullish catalysts for the price of Ethereum.

Ethereum’s transition to Proof-of-Stake

The next major update to Ethereum after the ‘London’ hardfork is likely to be the “The Merge” event – a fork of the network with the transition of the main blockchain to the PoS consensus algorithm.

One of the important achievements associated with the transition of Ethereum to PoS will be a significant increase in the power-to-weight ratio of the blockchain.

Beiko recalled, that Ethereum’s planned transition to the Proof-of-Stake consensus algorithm is a complex process that further complicated by decentralization.

As such, the launch of Ethereum 2.0 (transition to PoS) will probably not happen until spring 2022.

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