London Fork - EIP-1559

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Good Morning Blockchain Family, Beautiful cloudy Sunday Morning, prefect day for a Sunday Driver Joint..

The London Network upgrade is scheduled to be launched 4th of August, 2021 at Ethereum block height marked 12,965,000. What will happen with this new upgrade Fork as we call it.
Will ETH be fully POS?

Lets see Below,

What is London Network Upgrade?

London Network Upgrade is an Ethereum network protocol update also called London Fork. London Fork will alter the rules on the blockchain. The main and most publicly known Ethereum-Improvement-Proposal(EIP) code named EIP-1559.

I am not going to go into to much detail on what these are pretty much stats what they do, but I will list them here for you.

There will be 5 EIPs (Additions or updates) included in the fork:

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  • EIP-1559: Fee market change for ETH 1.0 chain
  • EIP-3198: BASEFEE opcode
  • EIP-3529: Reduction in refunds
  • EIP-3541: Reject new contracts starting with the 0xEF byte
  • EIP-3554: Difficulty Bomb Delay to December 1st, 2021

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One thing I was concerned about was what is this going to do for Miners?

The proposal will not affect mining as it is. It will most likely affect the profitability of mining. Until mining is no longer viable. POS king.

Posted Using LeoFinance Beta

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