London, the Ethereum hard fork and its consequences

The London hard fork is scheduled for August 2021: what is the fork about and what could Ethereum miners and users expect to change? Above all, what are the prospects for ETH after this hard fork?

First of all London contains numerous Ethereum Enhancement Proposals (EIPs), including the vital 1559 and 3554, for which we seek

Although it was initially scheduled to take place in July, a more recent statement from an Ethereum developer stated that the London hard fork will take place on August 4, 2021.

Why does Ethereum need improvement?
Launched in 2015, usage of the Ethereum network has grown tremendously over the next six years as it is arguably the most widely used blockchain in cyberspace today. It has become the home of multiple stablecoins, countless NFT and DeFi projects, and last but not least, its native digital asset, which happens to be the second largest cryptocurrency by market capitalization.

This, however, caused an overload on the blockchain, with a slowdown in the performance of the same and, above all, an increase in commissions. For developers, the solution was to change the basic algorithm, from a PoW to a PoS, Proof of Stake,

Now after a series of delays and advanced tests, the departure date has finally been decided: August 4th at 13 UTC from block 12.965.000

The London hard fork will contain several EIPs, ie improvements, the most important of which are 1559 and 3554. As explained in EIP-1, each proposal should follow these guidelines:

EIP-1559 aims to reduce transaction fees through a somewhat controversial method. Instead of having to send a gas commission to a miner for the transaction, they will go to the network that will burn them. The miner at most will be able to receive a sort of "tip. In general there will be a very strong deflationary spinra, with an increase in the value of indirect tokens.

Instead, EIP 3238 instead expects to slow down the growth of the difficulty of the ETH algorithm.

Not everyone agrees, and therefore London risks being not only a theoretical hard fork, of only improvement, but a real hard fork with the birth of two different virtual currencies, a bit like what happened with Ethereum and Ethereum Classic. Many contest EIP 1559, because it would harm the miners too much. We will see who is right.

---

---

The article London, the hard fork of Ethereum and its consequences comes from ScenariEconomici.it .

---

This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/london-lhard-fork-di-ethereum-e-le-sue-conseguenze/ on Tue, 13 Jul 2021 06:00:22 +0000.