The London update is scheduled for this week and could change the future of Ethereum

The London update will be rolled out on the Ethereum testnet by the end of this week. Ethereum Foundation revealed details of the London update in an announcement on June 18. According to the announcement, the long-awaited London upgrade is scheduled for June 24. Ethereum Foundation's Tim Beiko also talked about the London update in a recent tweet.

Ethereum Foundation announces the London update

Initially, the London update will be live on Ropsten, at block 1.049.9401 by the end of this week. Subsequently, the update will be active on Goerli and Rinkeby. After successfully activating the update on the three networks, the blog post revealed that a block would be set for the Ethereum mainnet, which will be announced later.

Following the release of the London upgrade on Ropsten, it will also go live on the Goerli network at block 5.062.605 on June 30th. Subsequently, on 7 July the London update will be active on the Rinkeby network at block 8.897.988.

Node operators must update the client version they are currently running to be compatible with the London update. Speaking with node operators, the Ethereum developers stated:

“Ethereum node operators should update their nodes before the fork block on the networks they want to participate in. Due to the variability of the block time, it is recommended to update several days before the expected date ”.

To this end, the Ethereum Foundation has listed links to the updated client version. Links are available for go-ethereum (geth), Nethermind, Erigon (formerly TurboGeth), Besu, OpenEthereum (formerly Parity), and EthereumJS VM.

London upgrade EIP

The update will come with five Ethereum (EIP) enhancements, including EIP-1559: ETH 1.0 chain fee market change and EIP-3198: BASEFEE opcode. Others are EIP-3529: Reduction of refunds, EIP-3541: Rejection of new contracts starting with byte 0xEF, and EIP: 3554: Difficulty bomb delay until December 1, 2021.

Ethereum Foundation highlighted that EIP-1559 makes some changes to the block header, introduces a new type of transaction, includes new RPC JSON endpoints, and changes client behavior in different industries such as transaction pool, mining, and more.

Additionally, EIP-1559 addresses rising gas tariffs in Ethereum. The EIP adopts standard tariffs managed by networked algorithms. As a result, fees increase during a crowded market and decrease when the market is open.

EIP-1559 is positioned to trigger a rise in the value of Ethereum (quotation ETH) as it will reduce the supply of ETH. Also, with the EIP, part of the commissions previously paid to the miners will be burned instead of sending them to the miners.

At the time of writing, ETH is down 8,30% to $ 2.016. The second-largest cryptocurrency by market cap has also lost more than 8% in the past 24 hours. However, ETH has increased nearly 39% in its trading volume in the past 24 hours.