Ethereum developers have their sights set on London, which is about to arrive for the network's clients, while the cryptocurrency continues to be one of the best-performing assets on the markets.
The developer of Ethereum (ETH), Beiko Team, published through his Twitter account that the next hard fork from the network, London, will begin on May 19 for Ethereum clients. According to Beiko's post, London will officially arrive by mid-June, but the launch for network clients will occur in approximately two weeks.
The activation timeline shared by the developer demonstrates the work that the Ethereum development team has been doing on the network in recent years. As Beiko explains, the arrival of London on schedule for its activation will be possible thanks to the successful launch of the Berlin update, which was officially launched on the mainnet in the middle of last month. In Beiko's words: “Most of the work (on London) started when Berlin was rolling out, and that’s how we can make the fork happen just a few months away”.
Ethereum, the second cryptocurrency Ethereum, one of the largest markets by capitalization, had long faced difficult times, which paralyzed its continued development. However, it seems that several of the challenges that the team encountered on its way to making Ethereum a more powerful, scalable and secure network are dispersing with the constant current advances.
At the time of this edition, ETH, the network's native cryptocurrency, is trading on the markets at a value higher than $2.990 per unit, and is listed as one of the cryptoassets with the highest performance and appreciation in recent weeks.
Continue reading: The Berlin update goes live on the Ethereum blockchain
One step closer to Ethereum 2.0
London will bring about a change in Ethereum much bigger than what was seen with the activation of Berlin. The development team will activate several network improvement proposals (EIPs) through London, including the EIP-1559This upgrade will bring about a profound transformation in the current gas fee auction system, which users start when the network is congested.
EIP-1559 has caused a lot of controversy in the Ethereum crypto community, among developers and miners, as it basically changes the way users must pay transaction fees. As explained by Bit2Me News, EIP-1559 wants to eliminate the network's gas auction system and establish a base fee, which will be algorithmically calculated by the network itself. In addition, EIP-1559 will burn a portion of the ethers that users pay in fees, which will cause a reduction in the current earnings of miners, and will make ETH a scarcer cryptocurrency, with a deflationary tendency.
Likewise, the activation of London is one more step towards the true transformation of Ethereum, which will occur with the arrival of Ethereum 2.0, ETH 2.0 o > planned for 2022. This upgrade will migrate the network to the proof-of-stake protocol, proof of stake (PoS), which will replace current miners with validators, making Ethereum a much lighter, faster, scalable and accessible network.
Proposals for improvements in London
London brings with it several proposals for network improvements. In addition to EIP-1559, London will also activate the EIP-3198, which will serve as the base code for the activation of EIP-1559. Also the EIP-3238 It is an important improvement proposal for the network, which will help developers and the network in the transition process from PoW to PoS, on the way to fragmentation (sharding).
On the other hand, according to Beiko, the team was also considering the activation of 4 other proposals for improvements to the network: EIP-2537, EIP-2677, EIP-3403 y EIP-3074Of these, EIP-2677 will bring about some very minor changes and improvements to the network, while others, such as EIP-3403, may make major changes to the blockchain, and even create some security concerns due to their complexity.
To resolve any potential issues, Vitalik Buterin, developer and co-founder of Ethereum, and MH, a network security expert, worked on a new proposal with which improvements can be activated with less risk to the network. Although Beiko clarified that the new EIP has not been formally created and that it will be presented to clients in the coming weeks. Likewise, the developer stated that if the new proposal is studied and it is wanted to be included in London, the arrival of the hard fork could be slightly delayed, which as mentioned, is planned for mid-May.
ETH growth
The Ethereum ecosystem is enjoying the many good news developing around it, which is driving up the value of the ether cryptocurrency in the markets.
In addition to the imminent arrival of London, and all that this implies for the development of the network, the growing interest and adoption of investors has become a key factor for the growth of the ETH price. In recent weeks, Canadian regulators approved 3 new ETFs (exchange-traded funds) for Ethereum the same day, evidence that investors are eager to gain exposure to cryptocurrency products like Ethereum.
He too JPMorgan's interest in hiring highly experienced developers in this blockchain and the announcement of the European Investment Bank (EIB) to launch tokenized bonds on Ethereum for $300 million, have been significant news for the revaluation of this cryptocurrency in the markets in recent days.
ETH hit a new all-time high, priced at nearly $3.000, and its market cap just dropped overcome to companies such as Paypal, Procter & Gamble (P&G), Nestlé and Walt Disney.
Source: Companies Market Cap
Continue reading: JPMorgan is interested in Ethereum and opens hiring for blockchain developers
