Anthony Sassano, the founder of EthHub, believes this week’s Ethereum Core Devs meeting on July 9 might provide information on one of the most significant updates in the Ethereum network.
Sassano shared this information through a tweet earlier today, noting that the mainnet date or block number for the London hard fork might be made available in the meeting. While he projected that the mainnet date might be August 4, Sassano noted that the update might be delayed.
The mainnet date/block number for London (EIP-1559) is expected to be discussed and possibly announced at this weeks Ethereum Core Devs meeting (July 9th at 14:00 UTC).
— Anthony Sassano Ξ 🦇🔊 (@sassal0x) July 5, 2021
While replying to an enthusiast that wanted to know if the update will take place in August, Sassano said that he is hoping for August 4th. However, he was quick to point out the event might be pushed forward for a week or two from August 4 due to various factors.
The London hard fork will significantly change Ethereum, paving the way for the network to shift into Ethereum 2.0, which will leverage a Proof of Stake (PoS) consensus mechanism.
Through the London update, Ethereum Improvement Proposals (EIPs) will go live on the network to minimize gas fees, making Ethereum user-friendly as a result.
The EIP-1559 proposal leverages a hybrid system of base fees and tips to evenly incentivize minders during high or low network congestion. In so doing, this proposal makes transactions on Ethereum more efficient.
Changing how the crypto industry operates
As concerns over the crypto sector’s carbon footprint mount, Ethereum’s decision to switch from a Proof-of-Work (PoW) consensus mechanism has seen a lot of people, including Vitalik Buterin, tout the network.
According to Buterin, Ethereum’s shift to a PoS model is an ideal way to minimize the crypto sector’s massive carbon footprint. He added that a PoS consensus mechanism solves environmental issues associated with Bitcoin’s (BTC) because the model is not resource-intensive.