London update of the Ethereum network already has a date and activation block

The smart contract network, Ethereum, is getting ready for a new update. The Ethereum Foundation reported, this Thursday, July 15, that the block in which the improvements that come with the hard fork, London will be activated, has already been defined.

According to the organization, the EIP proposals (Ethereum Improvement Proposals) will reach the main network in block 12,965,000. According to programmers’ estimates, the event will occur between August 3 and 5, that is, if the closest date is taken into account, it would only be 18 days before the update.

Before revealing the London launch date, the developers successfully completed the deployment and evaluations of the EIPs on the Ropsten testnet. Now the improvements in the Ethereum network will be deployed in the main blockchain, so the call of the developers is for users to update their nodes with the most recent versions of their clients.

“To be compatible with the London update, node operators will need to update the version of the client they use. The versions, listed below for each client, are supported by London on the Ethereum mainnet, ”explained Tim Beiko, a member of the foundation, referring to the go-ethereum (1.10.5), Nethermind (1.10. 77), Erigon (2021.07.03-alpha), Besu (21.7.1), OpenEthereum (v3.3.0-rc.4) and EthereumJS (VM, v5.5.0).

According to estimates from Ether Nodes, the network update would arrive on August 5 at 5:00 in the morning, Venezuela time, in case the same behavior of the network is maintained. Currently, the chain is in block 12,832,209, so there would still be some 132,790 blocks to process.

Another point that stands out is that only 9.7% of the nodes have updated to the most recent versions of their clients. In total, about 200 active nodes are those that have installed the software and configured their computers for what the update will be.

Ethereum would lower fees on the network

London is one of the most anticipated updates or forks and contains up to five EIPs, including 1559. The proposal changes the way commissions are paid on the network, which has generated criticism from the miners’ side. and endorsement by the users’ side.

The miners claim that their work will be affected since their income could be reduced, while the users applaud it because they would minimize the commission payments. In this case, each transaction will pay a base commission (a part of this fee will be burned) and the tip figure for miners is established.

In theory, the implementation will reduce the gas paid in operations and would turn ether, as a native cryptoasset, into one with deflationary characteristics.

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