By Hassan Mehmood (Saudi Arabia)
The London hard fork, after a series of delays, is now ready to launch in August. Originally it was expected to go live in July. However, the Ethereum developers have recently confirmed that it will take place next month most likely. The upgrade contains numerous EIPs or Ethereum improvement proposals. Among the thousands of EIPs, the most critically acclaimed ones are EIP-1559 and EIP-3354.
At present, the Ethereum ecosystem is considered the most used network in the blockchain industry. There are several stablecoins, many NFTs, and many DeFi projects hosted on the network. The same blockchain project also supports its native cryptocurrency, ETH, the second-largest digital asset. Despite the growth, Ethereum continues to use the PoW consensus model, resulting in slow transaction speed and high transaction fees.
It is established that important upgrades like Istanbul and Berlin have already been implemented on the Ethereum blockchain in the past. The next one in line is code name called London hard fork that takes inspiration from the second annual developer’s conference in 2015. Thus far, it has been launched on several testnets and currently running on Ropesten.
ETH developer Time Beiko has explained that it will be activated on the 12,965,000 block height in August. EIP 1559 is thought to remedy the issue with the high transaction fees by diverting the fee transfer from miners to the network. This phenomenon will burn fees and ETH supply. On the other hand, EIP-3288 will coerce miners to move from Ethereum 1.0 to Ethereum 2.0 by setting up a time bomb.
Controversies Around the Implementation of London Hard Fork
At first glance, it seems that the recent update could solve all the major issues on the Ethereum network. It should be noted that it is only a temporary fixture. To make the network travel from PoW to PoS in real-time requires years of programming and commitment. However, in the meantime, the London hard fork may act as a quick fix. Meanwhile, several mining companies opposed the proposal as it would take away the profit for the miners. After the upgrade, the investors could only tip the miners if they wanted to do so. Another controversy is raised by CoinMetrics that claims that the EIP-1559 will not resolve the transaction fee issue at all since it is purely dependent on scalability.
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