Long-awaited Ethereum (ETH) hard fork is getting closer
The second-largest cryptocurrency has a major update planned and is slowly getting pretty close.
Test phase
This much anticipated update of the Ethereum (ETH) network has now undergone the last important steps to finally realize the launch on the mainnet.
In a blog post, Ethereum developer Tim Beiko announced when exactly the update will go live on so-called testnets. This will happen on specific mining blocks. Polygon price is high.
This will also be done in three phases. The first block will be mined sometime around June 24th. The second one about a week later on June 30th and the last one will be featured around July 7th.
Should this all go smoothly, it will be determined when the update will actually be applied to the Ethereum mainnet. Most likely this will also be sometime in July.
“Once the upgrade is successfully activated on these networks, a block will be established for activation on the Ethereum mainnet”
EIP-1559
This update, also known as the “London Update”, will introduce five Ethereum Improvement Protocols (EIP). These are major changes to the network that require consensus before they can be activated.
The main protocol is the EIP-1559. This update should ensure that the transaction costs of the network are a lot lower. The compensation for miners on the network will also be adjusted.
Users’ headaches
The gas fees, or transaction costs, on the Ethereum network have been a concern for many users for a long time. Some time ago, these transaction costs were never this high. EIP-1559 should make much-needed change to this. The prices of crypto is high.
In addition, this EIP will substantially increase the capacity of the network. The update will ensure that this capacity is doubled! As a result, transactions will be faster.
Keeping an eye on the price of ether
All in all, this highly anticipated update is a good reason to be bullish when it comes to Ethereum. Many of the network’s current problems should be resolved if everything goes according to plan. A good reason to keep an eye on the price of ether in the coming time.