Ethereum Improvement Proposal (EIP) 1559 set to go live in August after block 12,965,000 of the London hard fork has been successfully completed. Ethereum is solidifying its position as the network for payment with the EIP 1559 upgrade.
The Ethereum Foundation announced on Friday that block 12,965,000 of the London update has been completed, and that the London update will set its release date in the first week of next month.
With implementation successful from the testnet, the London hard fork is now ready to go live on the Ethereum mainnet.
EIP 1559 flips a typical blockchain transaction on its head in order to fix numerous issues with Ethereum’s user experience.
Gas fees traditionally sent to miners by users for transactions to be included in a block will now be sent to the network itself as a sort of ‘burn’ called base fee with only an optional tip paid to miners. The burn fee is algorithmically set as well, making it easier for users to pay a fair fee.
Ethereum foundation is also doubling all bounties for vulnerabilities related to the upgrade.
Ethereum network users and token holders are not required to do anything unless your exchange or wallet service provider asks you to take additional steps.
To participate in the upgrade, node operators must upgrade their client version, which is different from the version supported on the test network. Miners must manually change their gas limit target to twice the current target because once the London upgrade goes live, the block size will double and EIP1559 will keep the block about 50% full.
Miners or node operators that do not participate in the upgrade will be stuck on an incompatible chain according to the rules and will not be able to send Ether or run on the enhanced Ethereum network.