• Mon. Apr 22nd, 2024

Ethereum has Finally Made the London Fork Live on the Blockchain

Christian Klausen

ByChristian Klausen

Jun 26, 2021
CryptoCurrency-ethereum

The London hard fork was starting to turn into an urban legend when it turned into a reality. Several critics of Ethereum and cryptocurrencies claimed that it was just a fake idea, and the team has no real plans to make the transition or set up the upgrade. However, as the Ropsten becomes the first testnet to support the overdue and much-anticipated upgrade, all rumors are dissolved into water.

For the 2021 period, the upgrade is considered to be one of the most important changes for the silver cryptocurrency. It would lay the foundations for the ultimate merger of the Ethereum 2.0 and Ethereum Classic. The highly speculated EIP 1559 is also included in the same phase. The news of the first procurement of the testnet has been made official by the research coordinator at Ethereum.

The Dev Team Member Confirms that Ethereum Upgrade would be Able to Validate Blocks much Faster than Before

Tim Beiko, the development team coordinator for Ethereum, took to his Twitter account to announce the procurement of the first block minted via Ropsten testnet. He admitted that there had been more delays than expected in the project. At the height of the 1049941 blocks, the London hard fork was finally activated. According to Beiko, the first-ever block has already been procured.

By the end of the month, this new upgrade would become operational on the Goerli test network. It would also be implemented on the Rinkeby. However, the last activation would be able to go live as soon as 7th July of the current year. Beiko also proclaimed that the slower blocks would get validated faster with the Ropsten testnet. A lack from the miners is expected in terms of getting their equipment upgraded for becoming compatible with the given testnet.

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There are as many as five unique EIPs present in the London fork. However, the biggest emphasis and focus of the stakeholders is pointed towards 1559. The main reason behind the popularity of this hard fork is that it would allow the blockchain to reduce gas prices.

There is a dynamic fee system that could be deployed with the London fork. Meanwhile, there is also the prospect of burning the fee with periodic intervals. There is a possibility that it would set off a new price appreciation wave for the silver cryptocurrency. However, the miners would be losing a major chunk of their profits, and therefore some of them have been in opposition to the new upgrade.

Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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