The highly anticipated London hard fork designed to overhaul the controversial Ethereum fee structure is rolling out soon, according to a project team member.
Tim Beiko, the lead coordinator of several Ethereum upgrades, says the hard fork should land on August 4th.
EIP-1559 is one of many upgrades that will make up the London hard fork.
… and it's merged ✅!
— Tim Beiko | timbeiko.eth 🦇🔊 (@TimBeiko) July 7, 2021
First proposed back in 2018, EIP-1559 is designed to drastically restructure the fee mechanism of the ETH blockchain.
It will introduce a standard fee that will be the same for all users, called a “basefee.” EIP-1559 will also make Ethereum a deflationary asset as ETH transaction fees will either be burnt or deposited into a long-term mining pool.
One of the hard fork’s other upgrades is EIP-3554. Ethereum currently has a “difficulty time bomb” that makes mining the asset more difficult over time, as described by Binance Academy.
The bomb will eventually make mining a block so tough that lowered profitability will discourage miners from mining Ethereum 1.0 and convince them to shift to Ethereum 2.0. EIP-3554 delays that time bomb until December 31st, when Ethereum 1.0 should be fully merged into Ethereum 2.0.
This is “critical” to keeping miners happy, according to popular crypto analyst Lark Davis.
3 – EIP 3554 Is the difficulty bomb delay until December 1st. This is critical to keep miners happy until the proof of stake merger can happen.
— Lark Davis (@TheCryptoLark) July 6, 2021