Ethereum developer Tim Beiko has initiated a proposal to activate the London hard fork on the mainnet of the second-largest cryptocurrency at block #12,965,000, expected on August 4.
EthHub co-founder Anthony Sassano noted that the final decision regarding the block number would be made during the next call on Friday, July 9.
Key element of the upcoming upgrade will be the EIP-1559 proposal, which entails burning part of transaction fees. On July 1 it went live on the Goerli testnet. On July 7 its activation on the Rinkeby testnet is expected.
The London network upgrade (EIP-1559) is now live on the Goerli testnet 🔥
Watch ETH being burned here: https://t.co/fQCH5kDMNJ
— Anthony Sassano (🦇, 🔊) (@sassal0x) July 1, 2021
The EIP-1559 proposed by Vitalik Buterin in 2018 envisions more “fair” fees for miners for including a transaction in a block. A portion of them will be burned algorithmically, depending on network load.
According to the hard fork specifications, besides EIP-1559 the upgrade includes five other proposals.
In May, developers identified a vulnerability in the EIP-1559 proposal, which could have led to network congestion.
But divided miners into two camps.
Opponents of the proposal, including jointly controlling 44.8% of the network’s hash rate, pools SparkPool and Ethermine, wanted to concentrate in the latter more than 51% of computing power. However their attempt failed.
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