The road to London: next step towards Ethereum 2.0 to take place in August

The Ethereum network is rapidly moving towards the 2.0 version. The upgrading train has already passed by the ‘Berlin’ station with a Gas price decrease and new transaction type. The next stop is ‘London’ where the Ethereum network is going to implement the long-awaited EIP-1559 upgrade.

Tim Beiko, one of the Ethereum developers, has announced the time when the London hard fork will happen. The upgrade will be implemented on block 12 965 000. According to calculations, this block will be mined on August 4, between 13:00 and 17:00 (UTC). With this in mind, the community is ready for the next step that entails a string of essential changes.

The EIP-1559 upgrade is claimed to change the process of rewards given to miners. The network users will pay the lowest fee offered for a block. Then fees are burned to decrease ETH emission. In other terms, the upgrade leads to network deflation. Fees will directly depend on demand (low demand level increases fees and vice versa).

Meanwhile, the London hard fork is just the next step towards Ethereum 2.0. Further improvements to be implemented by the end of 2021 are: EIP-3198, EIP-3529, EIP- 3541, and EIP-3554.

In the meantime, institutional investors and experts stake on the second-largest digital asset, expecting Ethereum to overrun Bitcoin. The 2.0 version pretends to become a revolution for the crypto-community, as a set of upgrades will change the Ethereum network drastically.

The interest in Ethereum is on the rise again. On May 20, 24h trading volumes reached an all-time high of $93.49 billion (30.16% of the ETH market cap).