The long-awaited London improvement of the Ethereum community is just a few weeks away before being launched after its code was implemented to the final testnet, Rinkeby yesterday.
The matter was announced personally by one of the Ethereum developers, Tim Beiko via his Twitter page.
And we are live 😁🇬🇧 https://t.co/a5blKgbZym
All three testnets have now successfully upgraded to London 🎉
Note: because of OpenEthereum being deprecated after London, a block hasn't been set for Kovan yet, and it will likely upgrade after mainnet. https://t.co/rCnLDMjxZj
- Tim Beiko | timbeiko.eth 🦇🔊 (@TimBeiko) July 8, 2021
For your information, the London hard fork is the beginning of the EIP-1559 upgrade which is scheduled to air on August 4 at block 12965000.
For the record, the first block was produced at the Ropsten testnet on June 24 and the Goerli testnet was the first time a London hard fork was formed. Rinkeby is the final trial phase before London airs early next month.
As expected by Ethereum followers, the EIP-1599 can reduce gas costs. At the same time these improvements will also see transaction costs burned, thus affecting Ethereum’s supply over time.
At the time of writing, approximately 89,148 ETH ($ 188,994,250) transaction costs have been burned on testnets.
A system characterized by deflation is likely to be strengthened when the network switches to full proof-of-stake in 2022. For now, Ethereum still remains proof-of-work.
