Ethereum saw the spread of the Ropsten testnet’s London update on June 24. This update consists of the highly anticipated Ethereum Improvement Proposition (EIP) 1559.

After the launch of the Ropsten test network, the London update will be rolled out to the Ethereum Goerli, Rinkeby and Kovan networks at weekly intervals. This is one of the important steps in the roadmap for implementing PoS consensus on the Ethereum network, also known as Ethereum 2.0.

The London upgrade provides five EIPs for testnet distribution – EIP-1559, EIP-3198, EIP-3529, EIP-3541 and EIP-3554. The much discussed EIP-1559 proposal is a transaction pricing mechanism that consists of a fixed network fee for each burnt block and allows dynamic scaling and contracting of block sizes to address congestion issues.

Modifications proposed by EIP-1559. Source: ConsenSys
Through this mechanism, a separate base transaction fee will be charged and included in the next block. For applications and users who want to prioritize their transactions on the network, a hint called “priority fee” can be added to encourage the miner to run faster. As long as the miner is in the pockets of this party, the basic transaction fee is burned. This means that until the transition to the PoS model is complete, in addition to 2 Ether (ETH) per block miners, they will also receive a hint to prioritize transactions.

James Beck, Director of Communications and Content at ConsenSys, a technology company that powers the Ethereum infrastructure, discussed with Cointelegraph the impact of core fee burning on the network:

“Burning core fees should create deflationary pressure on ETH issuance, but accurately modeling deflation is difficult because you need to anticipate variables like expected transactions and, even more difficult, predict the expected network load. In theory, the more transactions, the greater the deflationary pressure. which the base tax would levy on the entire Ethereum supply.”
However, Gate.io’s director of marketing, Mary Tatipo, told Cointelegraph that this change in transaction fees could have a negative impact on the network.

She noted that miners can still tip and that the higher the tip, the faster the transaction will be processed, adding: “Now that the network is bigger and Ethereum continues to be the main platform for smart contracts, it won’t work.” Are they willing to pay more to speed up transactions?”

Complex bomb put aside
Another important part of this update affecting regular users is the EIP-3554. The EIP is postponing the hard bomb’s entry into force from the first week of December 2021. Essentially, the hard bomb will mean that mining a new block will be impossible and extremely difficult for a miner, leading to a switch to PoS Beacon Chain. …

Kosala Hemachandra, founder and CEO of MyEtherWallet, an Ethereum-based wallet platform, told Cointelegraph that the EIP has been in place since the launch of Ethereum to ensure the network’s transition to PoS and Eth2 in time. he added:

“This value is responsible for the exponential complexity of the problem of blocks after a certain block number, which makes it impossible for miners to extract new blocks, and they are forced to move to the Eth2 network. However, due to development delays, this time bomb was delayed, and at the London junction it was postponed for the last time. ”
An official document from this EIP states that the network “aims to modernize and/or integrate the network in Shanghai by December 2021.” However, he also adds that the bomb can be modified at this time or removed entirely, noting that the first week of December is not a hard deadline for such a bomb to occur or integrate definitively, and that it may be delayed until it includes, etc. from now on.

Tachibue also mentioned that until Ethereum 1.0 is integrated with the PoS Beacon Chain — a mechanism for coordinating entries and bets across the network — transaction speed solutions built on top of the existing network, or Layer 2 solutions, appear to be the most viable. Selection. …

She added, “Team 1 and Team 2 should not be opposites. This is why Ethereum 2.0 uses a combination of Level 1 (hashing, PoS) and Level 2 (pool pools) to achieve true scalability.”

About it: London Travel Guide: What the EIP-1559 Hard Fork Promises for Ethereum

According to CryptoQuant, by chance, on the same day the update was distributed on the Ropsten testnet, more than 100,000 ETH were deposited into Eth2.

Source: CoinTelegraph

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