June 24 has been set as the date for Ethereum’s London hardfork, this is a crucial step towards the integral implementation of a mainnet.
The highly anticipated Ethereum’s London hardfork now has a fixed block height for three Ethereum testnets – a penultimate milestone toward a full launch of the mainnet.
According to a blog post on the main Ethereum website, Ethereum core developer, Tim Beiko wrote that the Ropsten, Goerli, and Rinkeby testnets now have fixed block peaks at which London will go live, with Ropsten predicted to be the first at block 10499401, or sometime on June 24th.
Meanwhile, Goerli is expected to follow on the 30th of June, and Rinkeby on the 7th of July.
The start-up schedule for mainnet upgrade is still being determined. However, Beiko writes that;
“As of now, only testnets (Ropsten, Goerli, Rinkeby) have been scheduled in London. After the update is adequately activated on these networks, a block will be set for the Ethereum mainnet and will be announced on this blog and elsewhere,”
The hardfork upgrade includes five Ethereum Improvement Proposal (EIP) upgrades, however, the star of the show is EIP-1559. A review of Ethereum’s existing rate structure, EIP-1559, is expected to significantly lower gas costs for users.
However, it could also reduce miners’ incomes by more than 50%, resulting in recriminations about a “miner revolt” that largely did not materialize.
This upgrade is regarded as one of the many bullish drivers on the horizon for Ethereum, the least of which is the ETH 2.0 upgrade.
The transition of the network to a more evolutionary validation consensus mechanism by ETH 2.0 will substantially cut back the energy consumption of the validation blocks.
In the blog post, it was stated that such vital system upgrades to a decentralized system is an exploit of coordination.
“The decentralisation of blockchain systems makes upgrading the network more challenging.
Network upgrades in a blockchain require cooperation and communication with the community, as well as with the developers of the various Ethereum clients in order for the transition to go smoothly.”