Locked in for long-awaited ethereum hardfork launch

The long-awaited London hardfork, designed to overhaul Ethereum’s controversial fee structure, will launch soon, according to a member of the project team.

Tim Beyko, Chief Coordinator of several ethereum updates, said hardfork was due to appear on August 4.

 
EIP-1559 is one of many upgrades to be part of London hardfork.

… and it’s decked out !

Expect customer releases this weekend / early next week and a good announcement early / mid next week https://t.co/GboebjdNpp pic.twitter.com/gf3pM9JgbK

Tim Beyko / timbeiko.eth (@TimBeiko) – July 7, 2021

First proposed in 2018, EIP-1559 was designed to radically restructure ETH’s charging mechanism in the blockchain.

This would be a standard fee, the same for all users called”basefeee.” EIP-1559 will be a deflationary presence of Ethereum, as ETH transaction fees will either be burned or invested in the long-term mining pool.

One of the other hardfork updates is the EIP-3554. Ethereum currently has a “time bomb”, as described in Binance Academy, making it difficult to mine assets over time.

 
The bomb will eventually make block mining so difficult that reducing profitability will prevent miners from extracting ethereum 1.0 and convince them to switch to Ethereum 2.0. EIP-3554 delays this time bomb until December 31, when ethereum 1.0 must be fully combined with Ethereum 2.0.

According to popular crypto analyst Lark Davis, it is “critical”for miners to be happy.

3-EIP 3554-difficulty bomb delay until 1 December. this is important for miners to be satisfied until proof of a betting merger is obtained.

– Lark Davis (@Thecryptolark) July 6, 2021

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