Ethereum’s London Hard Fork Expected to Launch on Aug. 4 via Coindesk!

htxofficial
3 min readJul 9, 2021

Original story published on Coindesk via Myles Sherman.

The protocol update includes five Ethereum Improvement Proposals (EIPs), most notably EIP 1559 and EIP 3554.

Ethereum’s long-awaited London hard fork is likely to launch on Aug. 4 between 13:00 UTC (9 a.m. ET) and 17:00 UTC, with block 12,965,000. Many Ethereum enthusiasts are excited for the delayed release, while some are watching on with “cautious optimism.

As a part of a roadmap designed to lead up to the release of Ethereum 2.0, which will replace Ethereum’s current proof-of-work protocol with proof-of-stake, the London hard fork has been implemented into various testnets. After successful activation on the Ropsten and Goerli testnets, the final hard fork release date was decided.

The protocol update includes five Ethereum Improvement Proposals (EIPs), most notably EIP 1559 and EIP 3554, that aim to counter various inefficiencies:

  • EIP 1559 introduces a new fee structure to make Ethereum less inflationary. This protocol change is highly controversial because it aims to burn part of the fees, hence decreasing miner revenue.
  • EIP 3554 delays Ethereum’s difficulty bomb to Dec. 1. This mechanism will incrementally increase the difficulty of mining on the Ethereum network, effectively “freezing” proof-of-work in preparation for Ethereum’s move to proof-of-stake.
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Let’s take a quick look at one of the most talked about EIP 1559:

This Ethereum improvement proposal’s main objective is to make the fee market in its network more efficient and reliable. To achieve this it has proposed the following amendments

As per Ethereum EIP upgrade FAQ:

  • The Gas limit will be replaced by two values: — Long term average target & hard per-block cap which will be capped to twice of current gas limit
  • It will also set a BASE FEE(which will be burned to make Ethereum deflationary ) against every user transaction, This base fee will be adjusted on a block-by-block basis, to ensure the average gas fee is controlled to remain very close to the current gas limit value
  • Every time there is an increase in network congestion leading to excessive target per-block gas usage, the base fee increases accordingly and when the block capacity is below the set target limit, the base decreases. The change in the base fee will be working within the set range so it will easy to predict the Gas fee and will make the market fee more transparent and reliable

That about wraps up this quick take on the Ethereum Upgrade make sure to follow us on our social channels, see you next time!

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