The Ethereum platform is about to receive a very important update, but developers need to ensure that everything is working as planned. The update known as London was activated in the test network (Ropsten) on Thursday (24), at block 10499401.
London can be considered one of the blockchain industry’s most anticipated updates this year, and Ropsten has become the first network to support hardfork.
According to an Ethereum.org blog post, the update will also be deployed to two other test networks before finally reaching the core network.
Activation on the Goerli testnet is scheduled for block 5062605 and is estimated for next Wednesday, June 30, while the Rinkeby test network will receive the update on block 8897988, which is estimated to be extracted on July 7, 2021.
The mainnet release date is yet to be determined and will depend on test networks being able to handle the update successfully.
Node operators will need to update the version of the clients they run. Updates will only affect testnet users, while mainnet users are not required to take any action.
What is the purpose of upgrade London? (Ethereum 2.0)
The London update introduces changes to the Ethereum protocol and will create new rules to improve the system. It will change the blockchain transaction rate model and the “time bomb” of difficulty.
As with all updates on Ethereum, the changes come in the form of Improvement Proposals (EIPs), which are then “bundled” into larger updates like London. The key difference with this fork is that it includes a scheduled hard fork to increase the gas limit, which will allow for more transactions to be processed on the network. This is a much-anticipated change, as Ethereum has been struggling with scalability issues for some time now.
There are also a number of changes aimed at improving security and privacy on Ethereum. One of these is EIP 1108, which will make it possible for smart contracts to verify the validity of digital signatures. This will help to prevent fraud and ensure that only authorized users can access sensitive data.
Overall, the London hard fork is a positive step forward for Ethereum. It includes a number of important changes that will help to improve scalability, security, and privacy on the network.
The London update will introduce EIP-1559, which will result in the definition of a base transaction fee for each block depending on network demand.
Basic transaction fees will be slashed, further reducing the outstanding ether supply. However, users will be able to include “tips” for miners if they want their transactions to be prioritized.
The EIP-3238 will delay the “time bomb of difficulty”, a mechanism built into the Ethereum that makes mining increasingly difficult to the point of being unfeasible. The London update also includes three other EIPs.
Even though the London update is being called an upgrade, it will actually be a hardfork of the Ethereum blockchain. All nodes that will not be updated will be left in the old blockchain, where the previous rules would still exist.
The new update is the successor to Berlin, which was activated on the main Ethereum network earlier this year.