Ethereum’s long-awaited London hard fork is likely to launch on Aug. 4 between 13:00 UTC (9 a.m. ET) and 17:00 UTC, with block 12,965,000. Many Ethereum enthusiasts are excited for the delayed release, while some are watching on with “cautious optimism.”
As a part of a roadmap designed to lead up to the release of Ethereum 2.0, which will replace Ethereum’s current proof-of-work protocol with proof-of-stake, the London hard fork has been implemented into various testnets. After successful activation on the Ropsten and Goerli testnets, the final hard fork release date was decided.
The protocol update includes five Ethereum Improvement Proposals (EIPs), most notably EIP 1559 and EIP 3554, that aim to counter various inefficiencies:
EIP 1559 introduces a new fee structure to make Ethereum less inflationary. This protocol change is highly controversial because it aims to burn part of the fees, hence decreasing miner revenue.
EIP 3554 delays Ethereum’s difficulty bomb to Dec. 1. This mechanism will incrementally increase the difficulty of mining on the Ethereum network, effectively “freezing” proof-of-work in preparation for Ethereum’s move to proof-of-stake.