London hard fork scheduled for August 2021
The London hard fork is scheduled to take place in August 2021. So what changes should we expect in the London hard fork?
The London hard fork, which includes a large number of Ethereum (ETH) Improvement Proposals ( EIPs ) such as 1559 VE 3554, will take place shortly.
Although it was originally scheduled to take place in July, a more recent statement from an Ethereum developer claimed that the London hard fork will take place on August 4, 2021.
Why Ethereum Blockchain Needs Improvement
The use of the Ethereum network, launched in 2015, is the most used blockchain in the industry today. The frequent use of blockchain has increased significantly with the influence of DeFi and NFT.
But with this use, significant hurdles have emerged for the current proof-of-work consensus algorithm. These included delayed transactions and, in extreme cases, unreasonably high fees in USD, reaching four digits.
Developers working on the ETH blockchain saw this and found the solution in moving to proof-of-stake. However, the PoW network was not abandoned immediately and several hard forks were proposed to improve its performance.
After the Istanbul and Berlin hard forks, it’s now time for the London hard-fork. The update, which was scheduled to take place in July 2021, has been postponed to August 4th.
The London hard fork will include several EIPs, the most notable being 1559 and 3554. As described in EIP-1, each proposal should follow these guidelines:
“The EIP should provide a brief technical specification of the feature and justification for the feature. The EIP author is responsible for building consensus within the community and documenting dissenting views.”
EIP-1559 aims to lower transaction fees in a somewhat controversial way. EIP-1559 proposes that instead of the user sending a gas fee to a miner for the transaction to be included in a block, the gas fee is sent to the network