The upcoming London hard fork has already been deployed on several Ethereum testnets. Developer Tim Beiko suggested activating the update on the mainnet at block 12,965,000.
The approximate production date for block 12,965,000 is August 4. As noted by the co-founder of the research platform EthHub Anthony Sassano (Anthony Sassano), the final decision on the activation date of the update in the main network of Ethereum will be made at the developer meeting on July 9. Tim Beiko expects major Ethereum customers to have hardfork support by then.
The update has so far been launched on the Ropsten and Goerli testnets, and activation on the Rinkeby network is due today, July 7th. Interestingly, after the deployment of the London hard fork on the Ropsten network, 88,000 ETH was burned in just a day to pay commissions.
Recall that the London hard fork includes the EIP-1559 proposal, which implies the destruction of ETH when paying commissions. This will reduce transaction fees, but at the same time, miners’ commission income will also decrease. Many miners are extremely unhappy with this and even planned a “strike”, but the event failed.
As part of the London update, the changes proposed in the five EIPs will be adopted. In addition to lowering fees, the update should make it easier to calculate fees.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
