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Ethereum's London Upgrade Can Happen in The Next Four Weeks • CryptoMode

 3 years ago
source link: https://cryptomode.com/ethereums-london-upgrade-can-happen-in-the-next-four-weeks/
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Many people have been looking forward to the upcoming Ethereum upgrades. Some of these changes will make a big difference in the future of this ecosystem. It now seems the London mainnet activation may occur on August 4, although the request has yet to be merged.

Ethereum’s London Upgrade Is Coming

The entire Ethereum community has high hopes for the future London network upgrade. Although a hard fork will always be contentious at best, it is also a necessary change. The network suffers from terrible scaling and high transaction fees, creating many problems for users and service providers. Addressing those problems requires a revamp of the current blockchain infrastructure, which will eventually culminate in the launch of Ethereum 2.0.

As part of this impending upgrade, there will be several changes. One aspect most people will welcome with open arms is an adjustment to the transaction fee structure. More specifically, there will be a cap on how high the gas fees can go. Additionally, it will help smoothen out the volatility of these fees to create a more level and fair ecosystem for all participants.

Moreover, the London hard fork will burn the traditional “fee” part of every transaction. Network transfer costs consist of this base fee and a “tip”. As such, there will be a reduction in rewards for miners from TX fees, and the supply of ETH will slowly begin to decrease.  A welcome change for an ecosystem that has no official supply cap, nor will it have one for the foreseeable future.

Furthermore, the London hard fork will help Ethereum scale beyond what it is currently capable of. It paves the way for future scalability efforts, including sharding, ZK-Rollups, and sidechains. All of these tools can help Ethereum unlock its full potential and serve the needs of DeFi, NFT, and other purposes simultaneously. 

When Will it Activate?

As is often the case in the cryptocurrency world, very few events and dates are set up in stone. The ongoing Ethereum 2.0 upgrade can take months or years, as no one has the answer to this question. That also applies to the London fork, which can go into effect as early as August 4, 2021. More specifically, there is a proposal to make it activate at block 12965000, which occurs between 1 PM UTC and 5 PM UTC on August 4.

While many people seem to favor this timeline, it remains up to the developers to make it happen. The proposal has not been integrated into the Ethereum project’s main code, although that situation can change at any moment. The coming weeks will prove crucial for this particular ecosystem, as a lot is riding on introducing the London hard fork sooner rather than later. 

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