Ethereum developer, Tim Beiko, announced the shift in the date of the London hard fork of Ethereum. The London hardfork will take place on 4 August.
In a recent blog post, Tim Beiko who is one of the developers of Ethereum. He explained about an issue that is why they are going to shift the London hard work by next month on 4 Aug at 17:00 UTC in block number 12,965,000.
The London hardfork of Ethereum is most awaited hard work that was fixed to take place in July but now it is shifted to next month. There are many advantages associated with this London hardfork, that is why people are waiting eagerly.
Before London hardfork, the team of Ethereum performed three hard fork successfully. These hard forks are Ropsten, Goerli and Rinkeby.
Now they are ready for London hardfork. There are many advantages of London hardfork.
The first advantage of the London hardfork is to provide a path to shift Ethereum from Proof-of-work consensus to Proof-of-stake consensus successfully.
London hardfork will be responsible for delay in the mining difficulty of Ethereum blocks.
This will end up in low transaction fees but here it should be noticed, This upgrade will lead into loss for the miners. Because miners’ revenue will decrease and this is a very controversial thing with London hard work.
Due to this London hardfork planning, Many miners took their steps back from Ethereum mining and that resulted into %19 drop in the hash rate.
But in the present time Hashrate recovered and probably this is the hope of miners that they will get something better option or better result after London hardwork through another side.
Note: all the hardfork that happened are only tested on Testnet and London hardfork will also take place on TestNet. So keep in mind that all the discussion, here going on, about hardfork are just part of Ethereum Testnet network.
Related: What is TestNet and MainNet?
After all the testing on Ethereum Testnet, the team will shift Ethereum from Proof-of-work consensus to Proof-of-stake consensus with hardfork on Mainnet.