Ethereum 'London' network update delayed to August
The 'hard fork' includes five Ethereum enhancement proposals (EIP)
The long-awaited London hard fork of the Ethereum network, which includes five protocol improvement proposals, will likely launch on August 4 between 3:00 p.m. and 7:00 p.m. (local time), with the block 12,965 .000. Many Ethereum enthusiasts welcome the launch delay, while some view it with "cautious optimism."
The event is part of the roadmap designed for the launch of Ethereum 2.0, the long-awaited renewal of the network that will replace the current proof of work protocol with the less polluting proof of stake. The London hard fork has been delayed for a few days - its implementation was expected in July - but it has already been tested in several test networks. After the successful activation in the Ropsten and Goerli 'test' environments, the definitive launch date of the 'hard fork' was decided.
The protocol update includes five Ethereum Improvement Proposals (EIP), among which EIP 1559 and EIP 3554 stand out, whose objective is to counteract various inefficiencies, CoinDesk reports:
- EIP 1559 introduces a new fee structure to make Ethereum less expensive. This change in the protocol is very controversial because it aims to burn part of the tariffs and, therefore, reduce the income of the miners.
- The EIP 3554 delays the Ethereum difficulty bomb until December 1. This mechanism will increase the difficulty of mining on the Ethereum network, effectively "freezing" the proof of work in preparation for Ethereum's move to proof of stake.
Experts point to all these improvements as a true revolution that will impact the price of ether, the native unit of the network, to the point that many believe that it will end up surpassing bitcoin.
Translated by Caoimhe Toman