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Tuesday, October 4, 2022

Ethereum’s update has been confirmed

The widely anticipated launch date for Ethereum’s update has been confirmed Ethereum developers have notified us that the three-week-long test runs on the Ropsten testnet have been officially declared a success. Known as the ‘London’ update, this is widely regarded as the most significant modification to Ethereum since its inception. This is critical for one very important reason – it should resolve the issue of high fees.

‘London’ is actually a collection of five separate updates (AKA EIPs – Ethereum Improvement Proposals), one of which is EIP 1559, which modifies the way commissions are paid on the network, by requiring each transaction to pay a base commission (a portion of which is burned) and establishing a tip figure for miners. Miners are less enthusiastic, claiming that their income may be impacted but their weeping is music to the ears of any user who has been paying outrageous rates for months.

The miners saw an unprecedented run of inflated fees, and while I’m sure it was a fantastic time to be an ETH miner, it clearly wasn’t and couldn’t stay indefinitely. It’s Better to Be Late Than Never. This has taken an inordinate amount of time. I say this as someone who can easily complete 20 transactions on the Ethereum blockchain in a typical week, between trading and decentralised applications – I am not some ‘hater’ spreading FUD or promoting a competitor network.

I expressed my frustrations about how long this was taking in a previous report, and it was during conducting research for that report that I learned why I felt as though I had been waiting for so long. I searched back to when escalating costs became a concern, and discovered posts from 2018 in which Ethereum developers discussed the issue of high fees which were $0.74 cents at the time, a price we’d celebrate today. However, $0.74 cents was deemed important at the time.

“With the number of transactions on Ethereum continuing to grow, we have no time to waste,” one developer stated. If there was ‘no time to waste in 2018, there is no way around it – if you don’t deliver till 2021, you are embarrassingly slow. So, When Is It Going to Happen? The London update will occur concurrently with the processing of block 12,965,000 we are now processing block 12,833,326. Assuming Ethereum transactions continue at their current rate, we’re looking at Thursday, August 5th, about 2:00 am Pacific Standard Time in Los Angeles.

However, it is generally preferable to think between August 2nd and August 7th. We hope you enjoyed watching and listening to this content, please let us know your opinion in the comments area below. If you found our content useful, please like it and share it with your friends. Also, don’t forget to subscribe to our channel and hit the notification bell for more crypto-related content.

Read More: VeChain (VET) & VeThor (VTHO) Explained

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