Ethereum News

London Ethereum Hard Fork will launch on Thursday


The official Ethereum website has announced that the London Update is set to launch on Thursday this week. Contrary to many users’ beliefs, this Ethereum update is not going to turn it into an anti-inflation asset in the short term.

to the Report The London Telegraph is set to launch the London Update on Thursday, according to the countdown to Ethereum’s official website at Ethereum.org.

The official Ethereum website states:

The London Update is scheduled to launch in August 2021 in Block 12,965,000 of Ethereum Networks. [این به‌روز‌رسانی] It also provides the EIP-1559 plan [با اجرایی شدن این طرح] Network transaction fees are improved by changing the method of gas repayment and scheduling a hard bomb or ice age.

The Ethereum 1559 improvement plan directly changes the way the network works in determining transaction fees. With the implementation of this plan, part of the basic transaction fees in the network will be burned and as a result, the supply in circulation will be reduced. The scheme provides users with an option to encourage faster and more in-demand verifications, and allows users to add “rewards” to their transactions. According to the Ethereum Foundation, improvement plans or other EIPs, including “EIP-3541”, will be implemented in the London update.

A Twitter user named Korpi tweeted on Monday about some very important points about the EIP-1559 plan. After talking about some of London’s updates, he said:

All users are excited about the burning of ether.

Korpi added:

With the implementation of the EIP-1559 plan, part of the fees [پایه] The Ethereum network is burned out of the cycle. But that does not mean that ether immediately becomes an anti-inflationary asset. For this to happen, the ethers burned must be greater than the ethers issued as a block reward.

Hard Fork London is part of the process of moving the Ethereum network to the second version, or “Ethereum 2.0”, which ultimately changes the network consensus algorithm from proof-of-work to proof-of-stock.

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