The long-awaited Ethereum London hard fork is probably going to launch on 4th Aug. between 13:00 UTC [9 a.m. ET] and 17:00 UTC, with block 12,965,000. Many Ethereum [ETH] enthusiasts are excited for the delayed release, while some are observing on with “cautious optimism.”
As a part of a roadmap designed to steer up to the launch of Ethereum 2.0, that can replace Ethereum’s present PoW [Proof-of-Work] protocol with PoS [Proof-of-Stake], the London hard fork has been implemented into several testnets. After successful activation on the Ropsten and Goerli testnets, the ultimate hard fork release date was decided.
The protocol update embodies five EIPs [Ethereum Improvement Proposals], most notably EIP 1559 and EIP 3554, that aim to counter various inefficiencies:
EIP 1559 introduces a new fee structure to form Ethereum less inflationary. This protocol change is very controversial as it aims to burn a part of the fees, hence decreasing miner revenue.
EIP 3554 delays Ethereum’s difficulty bomb to 1st December. This mechanism will incrementally hike the problem of mining on the Ethereum network, effectively “freezing” PoW [Proof-of-Work] in preparation for Ethereum’s shift to PoS [Proof-of-Stake].