The long-awaited London hard fork of Ethereum will most likely take place on August 4 with block 12,965,000. The bifurcation is expected between 10 and 14 GMT.
It is stated that the protocol update, which is a very important update for Ethereum, the second-largest cryptocurrency, to switch to “proof of stake” and includes EIP 1559 and EIP 3554 development proposals, will most likely take place on August 4th.
The London hard fork, which was one of the preliminary phases of the release of the Ethereum 2.0 update, in which Ethereum’s existing proof-of-work protocol will be replaced by a proof-of-stake, has been implemented on various testnets. After successful activation in the Ropsten and Goerli testnets, it was decided when the bifurcation would occur.
As is known, the protocol update includes 5 Ethereum Enhancement Proposals (EIPs), specifically EIP 1559 and EIP 3554, aimed at preventing some inefficiencies:
- EIP 1559 introduces a new fee structure so that Ethereum is less exposed to inflation. This highly controversial protocol allows some of their fees to be burned, thus reducing miner revenues.
- EIP 3554 postpones the date of the “Ethereum difficulty bomb” to December 1, which complicates the level of problems to be solved in the mining algorithm. This mechanism will progressively increase the difficulty of mining on the Ethereum network, as well as strongly “freeze” “proof of work” in preparation for Ethereum’s “proof of stake” transition.
Goldman Sachs comment on Ethereum, whose London hard fork will take place
In a note yesterday from banking giant Goldman Sachs, he stated that the real use cases of Ether give cryptocurrencies the potential to become the dominant digital store of value in the coming years.
“Ether appears to be the cryptocurrency with the highest real use potential at the moment, as its platform Ethereum is the most popular development platform for smart contract applications,” Markets Insider reported. says. According to Goldman, Ether may eventually take the lead from Bitcoin.Share this article