As announced by Ethereum (ETH) Core developer Tim Beiko, the London hard fork upgrade was successfully activated in the Ropsten test network.
After the last one Berlin Upgrade is expected to help Ethereum’s London hard fork resolve the network’s congestion and high transaction fees, raising concerns and criticism about its scalability and performance.
We have a block!
“We have a block! Took a little longer than expected, but London is live on Ropsten, ”Beiko said, adding that he was“ pretty thrilled to have sent the first 1559-style transaction * ever * ”on a public Ethereum network.
We have a block! Took a little longer than expected, but London is live on Ropsten 😅https: //t.co/wM2xepis0y
– Tim Beiko | timbeiko.eth 🦇🔊 (@TimBeiko) June 24, 2021
Beiko noted that the blocks were a little slow at first as the miners weren’t upgrading:
“Since mining on Ropsten is altruistic (block rewards are worthless), it can be difficult to get people to upgrade in time.”
After Ropsten, the update will be implemented on the Görli test network on June 30th and Rinkeby will be upgraded on July 7th.
London Hardfork is one of the latest network upgrades driving the migration from Ethereum (ETH) to Ethereum 2.0 and implementing the Ethereum Improvement Proposal (EIP). 1559:
“The proposal in this EIP is to start with a base rate that the protocol adjusts up and down based on the congestion on the network. If the network exceeds the target gas consumption per block, the basic charge increases slightly and if the target capacity is not reached, it decreases slightly. Since these changes to the basic fee are limited, the maximum difference in the basic fee from block to block can be foreseen. “
In the past, Ethereum has valued transaction fees on the “first price auction” model, and to address major inefficiencies, the controversial improvement is triggering a dynamic fee structure and regular fee burnings.
Watching EIP1559 ETH burned on Ropsten, burned 800 ETH since it was activated yesterday. Very reassuring. pic.twitter.com/NrnE3iUvfR
– ∞ CO ฿ IE (@CryptoCobain) June 24, 2021
The new fee system means miners can only keep the priority fee, with the base fee always being burned (destroyed by the protocol) while ensuring that only ETH is used for transactions on Ethereum, solidifying their economic value within the platform.
This will largely reduce the value risks extractable by miners and offset Ethereum inflation.
An important day for Ethereum as it makes another big leap from its Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism.
Get one Edge in the crypto asset market
Access as a paid member of. for more crypto insights and context in each article CryptoSlate Edge.
Sign up now for $ 19 / month. Discover all the benefitsPosted in: Ethereum, Technology
Do you like what you see? Subscribe to updates.
Comments are closed.