The long-awaited London hard fork of the largest altcoin Ethereum (ETH) is coming to the Ethereum testnet soon
The long-awaited London hard fork of the largest altcoin Ethereum (ETH) is coming to the Ethereum testnet soon.
According to a blog post by the Ethereum Foundation, Ethereum core developer Tim Beiko has revealed the block heights set for the three testnets. The London hard fork will be released on the Ropsten testnet on 24 June, followed by Goerli on 30 June and Rinkeby on 7 July.
“As of now, only testnets (Ropsten, Goerli, Rinkeby) are planned for London. Once the upgrade is successfully enabled on these networks, a block will be created for the Ethereum mainnet and this blog will inform about it.”
This update is in line with Berlin, which was activated on the Ethereum mainnet a few months ago.
Hard fork also block chain Ethereum Improvement Proposal contains amendments to the code (EIP) will include the update. These include:
- EIP-1559: Fee change for ETH 1.0 chain
- EIP- 3198: BASEFEE transaction code
- EIP-3529: Reduction in refunds
- EIP-3541: Rejecting new contracts starting with an OxEF byte
- EIP-3554: Postponing Difficulty Bomb to December 1, 2021
Among these updates, EIP-1559 will be the most important update. With the EIP-1559, gas fees for users are expected to decrease significantly. However, mining revenues may also decline. For this reason, a “miner revolt” started on the chain.
However, the blog post included the following statements about the change.
“The decentralized nature of blockchain systems makes a network upgrade more difficult. Network updates on a blockchain require collaboration and communication with the community and the developers of the various Ethereum clients for the transition to go smoothly.”
At the time of writing, the largest altcoin Ethereum is trading at $2,203 according to Coinmarketcap data.