#Ethereum is a network that is the basic building block of blockchain solutions, especially decentralized applications. The cornerstone of the crypto world, Ethereum, began a long-running update process in late 2020. According to this update, “ #Beacon Chain” has been implemented and various testnets will be implemented until the “ #Convergence” phase.
After the merger, transfers made on the Ethereum network will be able to be sent quickly and cost-effectively. We share the curiosity about the London Testnet, the last stop before the merger.
The Ethereum update process was shared in detail by its founder, #Vitalik #Buterin, last April.
Before going into the details about the update, I think it is useful to open the concept of EIP (Ethereum Improvement Proposal). To use an analogy, you can think of the Ethereum community as an assembly. The legislative proposals prepared in detail in the updates are named as “EIP”. Prepared legislative proposals, namely EIPs, are presented to the community, most of which consists of developers. Accordingly, newly prepared Ethereum “legislation proposals” are either approved or rejected.
The #London #update is expected to launch on Thursday, June 24, on the Ropsten network, at block 10499401. Ropsten is one of the networks where Ethereum testnet trials are made. #Ether on #Ropsten is seen as #rETH. There are three networks in total that will be used in the London update. Following Ropsten, on the #Goerli and #Rinkeby networks, respectively; The rest of the update will be completed in blocks 5062605 and 8897988. Once the testnet fork is successfully completed, the update will be official on the Ethereum #mainnet.
🚩What offers are in the update?
EIP-1559: fee change on the ETH 1.0 chain
In the London update, the "law proposal" that can bring the biggest change appears as EIP 1559. According to this proposal, the base fee will be determined for transfers that will take place on the Ethereum network. At the same time, this fee will be fixed. Additionally, the “correct” transfer fee will be set for wallets and users. EIP-1559 is an Ethereum Development Proposal that proposes a new type of transfer. Accordingly, users will be able to choose the maximum transfer fee for their transactions. The ecosystem is expected to be more stimulating thanks to the maximum transfer fee.
🚩EIP-3198: Base rate “opcode”
This proposal can be described as the companion of EIP-1559. Because it will complement the base fee returns in the blocks created. The proposal, which will realize on-chain smart contract access, will prevent the security of the network and derivative exchanges in “ gas ” fees.
🚩EIP-3529: Advantage in refunds
One of the important offers in the London update stands out as offer number 3529. EIP-3529 will reduce business reimbursements in the system from 50% to 20%. This change will compensate for the extra block size variance. In addition, the blocks are expected to consume the current gas fee up to a maximum of twice.
🚩EIP-3541: Rejection of new contracts starting with 0xEF
According to this proposal, contracts starting with 0xEF will be impossible to enforce. It will not affect existing contracts.
🚩EIP-3554: Difficulty Grenade / Ice Age
The EIP-3554 proposal is expected to take effect on December 1, 2021. In line with this proposal, known as the "Difficulty Bomb" or "Ice Age", mining will be frozen. In fact, this has been attempted three times in Ethereum history: Metropolis (EIP-649), Istanbul (EIP-1234) and Muir Glacier (EIP-2384). Although the previous delays were long, the main developers have decided to postpone it to a closer date. Until then, either the transition to the PoS algorithm will be completed or there will be another network update.
References
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https://blog.ethereum.org/2021/06/18/london-testnets-announcement/
https://medium.com/ethereum-cat-herders/london-upgrade-overview-8eccb0041b41