The eagerly awaited Ethereum hard fork “London” now has a fixed block height for three Ethereum test networks – an important penultimate step towards a full mainnet start.
In a blog post on the Ethereum Foundation website, Ethereum core developer Tim Beiko wrote that test nets Ropsten, Goerli and Rinkeby have now set block heights at which London will go live, with Ropsten expected to be the first at block 10499401 or at some point on June 24th. Görli is expected to follow on June 30th and Rinkeby on July 7th.
However, a release schedule for the major mainnet upgrade is still being set.
“So far only the test networks (Ropsten, Goerli, Rinkeby) are planned for London. As soon as the upgrade has been successfully activated in these networks, the Ethereum mainnet will be blocked and communicated in this blog and in other places, ”Beiko wrote.
The London hard fork upgrade includes five Ethereum Improvement Proposal (EIP) upgrades, but the star of the show is EIP-1559. EIP-1559 is a revision of Ethereum’s existing fee structure and is expected to significantly reduce gas costs for users. However, it can also reduce miners ‘income by more than 50%, which has sparked some rumors of a “miners’ revolt” that have largely failed to materialize.
RELATED: Ethereum’s $ 1.5 billion options expiration on June 25th will be a pivotal moment
The upgrade is considered one of many bullish catalysts on the horizon for Ethereum, not least the ETH 2.0 upgrade. ETH 2.0 will switch the network to a more scalable proof-of-stake consensus mechanism that will significantly reduce the energy consumption of validation blocks.
The blog post noted that such significant system upgrades to a decentralized system are a coordination effort.
“The decentralized character of blockchain systems makes a network upgrade difficult. Network upgrades in a blockchain require collaboration and communication with the community as well as with the developers of the various Ethereum clients in order for the transition to go smoothly. “