Ethereum’s London Hard Fork: What You Need To Know and What to Expect

[RSRS]

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.

Sourch