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Ethereum’s London upgrade to be rolled out June 24
Long awaited Ethereum “London” hard fork is taking its final hurdles toward a full mainnet launch with block heights being set for three testnets.
Ethereum core developer Tim Beiko wrote in a blog post on the Foundation’s website, that the three testnets, Ropsten, Goerli and Rinkeby have now set block heights at which the London upgrade will go live. Ropsten will be the first at block 10,499,401, at some point on June 24. Goerli is expected to be next on June 30, and Rinkeby on July 7.
The final schedule for the mainnet release is still in the works though, Beiko wrote:
“As of now, only the testnets (Ropsten, Goerli, Rinkeby) have been scheduled for London. Once the upgrade has successfully been activated on these networks, a block will be set for the Ethereum mainnet and be communicated on this blog and in other venues.”
Reduced gas fees
With the new London hard fork upgrade, five Ethereum Improvement Proposals (EIP) are included. However, the most anticipated is a change which overhauls Ethereum’s existing transaction fee structure. Although this upgrade, EIP-1559 is not specifically designed to reduce gas costs, mit is expected to lower these drastically. Consequently, miner revenues could also suffer a 50% downfall as a result, which has led to some uproar which has not really materialized.
The upgrade is widely seen as a bullish sign for Ethereum towards its 2.0 version. The network is moving towards a more environmental-friendly proof-of-stake consensus mechanism, leading to a significant drop in energy consumption of validating blocks.
In the blog post, the Ethereum core developer said that coordination is the biggest challenge when making such significant system upgrades.
“The decentralized nature of blockchain systems makes a network upgrade more difficult. Network upgrades in a blockchain require cooperation and communication with the community, as well as with the developers of the various Ethereum clients in order for the transition to go smoothly.”
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Author: Peter Siu