Ethereum Upgrade to Reduce ETH Supply Enters Final Stages

The London hard fork, a planned upgrade to Ethereum, is making its way to blockchain testnets first. Tim Beiko of the Ethereum Foundation announced today that it will go live on London's Ropsten testnet around June 24, followed by Goerli on June 30 and Rinkeby on July 7 (All dates are estimates and may vary slightly depending on how long it takes to mine blocks). “When the upgrade is successfully enabled on these networks, a block will be placed on the Ethereum mainnet,” he wrote in his blog post. This should be in July. London is finally ready for testing. Ropsten will be upgraded next week, followed by Goerli & Rinkeby weeks later. Read this to learn how to prepare for the upgrade and await further announcement when a mainnet block is selected — Tim Beiko | The June 18, 2021 London upgrade of timbeiko.eth (@TimBeiko) will implement five separate Ethereum Improvement Proposals (EIPs), which are changes to the blockchain code that must be widely approved by community members before being adopted. The most controversial change is EIP-1559, originally introduced by Ethereum creator Vitalik Buterin, which changes how network fees work and how miners – the people who run the software that processes all transactions and new ETH munitions – are compensated. Currently, when someone makes a trade in Ethereum or interacts with a smart contract, they have to decide on a fee, which is more or less a guessing game. You can set a high fee to complete a trade quickly, but have the miners include it in a block. If you're playing lowball (intentionally or not), your transaction will likely expect miners to be less busy processing higher-paid transactions. Speed is important when trading on Ethereum-based decentralized exchanges like Uniswap, where token prices can fluctuate rapidly; traders lose money if they wait. So Ethereum developers fix this

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