Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Ethereum News & Updates => Topic started by: Mahindra on July 07, 2021, 02:43:21 PM
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The next update to the Ethereum blockchain, which calls for changing how ETH is paid out to miners, is likely to come on August 4 with block 12,965,000—not mid-July as earlier suggested.
That block number was officially proposed today on Github by developer Tim Beiko, the Ethereum Foundation's point person on network upgrades. If various Ethereum client teams—the groups who code the various software onramps to the blockchain—agree to the proposal, that target will become official.
The date gives the multiple test networks enough time to finish completing the integration and, hopefully, ensuring there are no problems with the code. An error with the previous hard fork, in April, led to about 12% of computers on the blockchain temporarily being unable to sync to the network.
"We wanted to see how the testnet upgrades went before committing to a mainnet date. Now that two-thirds of testnets have successfully upgraded (last one is tomorrow), we're confident in setting a date for mainnet," Beiko told Decrypt via direct message.
The so-called London hard fork, named after the second-annual Ethereum developer's conference in 2015, is designed to take the blockchain network into a deflationary future.
Hard forks such as this one are essentially software upgrades that incorporate Ethereum Improvement Proposals (EIPs), changes to the code that have been put forward by anyone in the community and are then agreed to by stakeholders, including developers and the "miners" who validate and process transactions by running the Ethereum blockchain. information (https://decrypt.co/75349/ethereum-update-reduce-eth-supply-likely-coming-august)
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Most awaited network upgrade of ethereum which is the best event for the ethereum community as well as supporters. As burning mechanism will be deployed when london hardfork is implemented successfully. It’s really great to have this on ethereum which might boost the ethereum price in near future. 8)