Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto currency Mining => Topic started by: RSRS on July 11, 2021, 06:43:45 AM
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Containing numerous Ethereum Improvement Proposals (EIP), including the vital 1559 and 3554, it’s worth exploring what are the key features of the upcoming London hard fork and in addition – how it could change the Ethereum network.
Although it was initially scheduled to take place in July, a more recent statement from an Ethereum developer asserted that the London hard fork will occur on August 4th, 2021.
Why Does the Ethereum Blockchain Need Improvement?
Launched in 2015, the Ethereum network’s utilization has grown massively in the next six years as it’s arguably the most used blockchain in the space today. It has become the home for multiple stablecoins, countless NFT and DeFi projects, and, last but not least, its native digital asset, which happens to be the second-largest cryptocurrency by market cap.
With this utilization, though, came significant hurdles for the current proof of work consensus algorithm. Those included delayed transactions and unreasonably high fees reaching four digits in USD on some extreme occasions.
The developers working on the ETH blockchain saw this, and their ultimate solution is to transition the network from PoW to proof of stake. However, it’s a complex procedure requiring years of developing, testing and implementing before it’s completed.
Until then, they haven’t abandoned the PoW network and proposed several hard forks that could improve its performance faster.
Istanbul, Berlin and then London
After the Istanbul and Berlin hard forks, now it’s time for the next one with a code name London (named after the second annual developers’ conference in 2015).
Initially scheduled to take place in July 2021, its progress was going well as it had launched on several testnets, with the latest one being Ropsten.
However, it was delayed, and Ethereum developer Tim Beiko announced earlier this week that it’s expected to take place on August 4th between 13:00 UTC and 17:00 UTC at block number 12,965,000.
The London hard fork will contain several EIPs, most notable of which are 1559 and 3554. As explained in EIP-1, each proposal should follow these guidelines:
“The EIP should provide a concise technical specification of the feature and a rationale for the feature. The EIP author is responsible for building consensus within the community and documenting dissenting opinions.”
EIP-1559 aims to reduce transaction fees through a somewhat controversial method. Instead of the user having to send a gas fee to a miner for the transaction to be included in a block, EIP-1559 proposes that gas fees to be sent to the network.
Sourch (https://cryptonews.net/en/news/ethereum/1027911/)