Cryptocurrency News

Ethereum’s ‘London’ hardfork set to go live on testnet from June 24

The much-anticipated “London” Ethereum hardfork now has a set block height for three Ethereum testnets – a significant step towards a full mainnet launch.

In a blog post on the Ethereum Foundation’s website, Ethereum core developer Tim Beiko wrote that the Ropsten, Goerli and Rinkeby testnets have now determined the block height at which London will live, with Ropsten expected to be first in block 10499401, Or sometimes on 24 June. Goerli is expected on June 30 and Rinkeby on July 7.

However, a release schedule for the all-important mainnet upgrade is still being determined.

“As of now, only testnets (Ropsten, Goerly, Rinkeby) have been scheduled for London. Once the upgrade is successfully activated on these networks, a block will be set for the Ethereum mainnet and in this blog and elsewhere Communication will be done,” Biko wrote.

The London Hard Fork upgrade consists of five Ethereum Improvement Proposal (EIP) upgrades, but the star of the show is EIP-1559. An overhaul of Ethereum’s existing fee structure, EIP-1559 is expected to significantly reduce the cost of gas for the users. However, this can cut miners’ revenue by more than 50%, causing Some murmur about a “miners rebellion” Which has largely failed to materialize.

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considered one of the upgrades Multiple bullish catalysts on the horizon for Ethereum, not least of which is an ETH 2.0 upgrade. ETH 2.0 will transform the network into a more scalable proof-of-stake consensus mechanism, which will significantly reduce the energy consumption of verification blocks.

The blog post states that upgrading such an important system to a decentralized one is an achievement of coordination.

“The decentralized nature of blockchain systems makes network upgrades more difficult. Network upgrades to blockchain require collaboration and communication with the community as well as developers from various Ethereum clients so that the transition can go smoothly.”