• Ethereum London hardfork scheduled for August 4 may be delayed due to security concerns.
  • At the EthCC event in Paris, the soon-to-be-implemented Ethereum Improvement Proposal 1559 was discussed, key to the Triple Halving event.
  • Developers from the ETH2 research and development team stated that the 'Merge' is more feasible in early 2022 to be confident of finishing the required testing in time. 

Ethereum traders and miners are watching ETH closely as the London hard fork looms and the EthCC event has come to a close. ETH2 developers state that the team will discuss the best approach for the security of the network, and any delay in the hardfork would be due to security concerns. 

EIP 1559 launch to be followed by more symmetric base fee update ahead of the Merge

The ETH2 developer team addressed the concerns of miners and traders ahead of the London hardfork. The team found a bug in the code and fixed it. However, the hard fork may likely be delayed in case of further security concerns. The developers are set to discuss the best approach for the security of the Ethereum network on the next AllCoreDevs call.  

In the EthCC event in Paris, Tim Beiko, core developer of Ethereum, discussed what's next after releasing the EIP 1559 mainnet. After collecting EIP 1559's performance metrics and its successful delivery and transaction pricing, the team has plans to consider a minor adjustment to the upgrade. 

The adjustment focuses on making the base fee more symmetric to make the rises and falls in the transaction base fee smoother. Beiko also revealed a plan to apply the ‘1559 mechanism' to data sharding. 

Sharding is the most complex Ethereum scaling solution that splits the entire Ethereum network into multiple portions called 'shards.' Each portion or 'shard' then has its own unique set of account balances and smart contracts. Sharding is expected to reduce network congestion and increase the speed of transactions per second by creating parallel chains on the network.

Beiko said that the EIP 1559 mechanism would be employed to price the cost of storing data on charts when shards are implemented on ETH2. 

Speaking of the 'Merge' or the switch to Proof-of-stake (PoS), Beiko stated that the transaction fees from the priority fee would be re-routed to fall on validators, not miners. The Merge is growing in popularity as the event that makes miners irrelevant. A developer from the team shared a timetable for moving from ETH1 to ETH2, representing it visually. 

The Merge is key to the Triple Halving, and it is most likely to occur in early 2022. Ethereum price is showing strength ahead of the London hardfork. After trading below the $2000 level a few days this week, the price is up over 4% and gradually holds above key levels at $2016 going into the weekend. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

The LUNA hard fork is set to occur on May 28, followed by the subsequent airdrop of LUNA 2.0 tokens to eligible holders. Ahead of the real LUNA 2.0 airdrop, some scammers have tried to lure LUNA and UST holders to send their assets in lieu of receiving the new tokens. 

More Terra News

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

More Bitcoin News

This Web3 move by Crypto.com could be a good bet for patient investors

This Web3 move by Crypto.com could be a good bet for patient investors

Crypto.com price stabilization on a high time frame chart indicates that a bottom formation could be taking place. This pattern combined with a bullish signal from a momentum indicator adds credence to the possibility of a reversal and a recovery rally for CRO.

More Crypto.com News

Why Elon Musk’s tweet failed to move Dogecoin price

Why Elon Musk’s tweet failed to move Dogecoin price

Dogecoin price slipped up as Bitcoin price triggered a sudden crash on May 26. This downswing, while serving as a great opportunity to accumulate DOGE, failed to recover alongside BTC.

More Dogecoin News

Bitcoin: On-chain metrics support multiplying downside threats

Bitcoin: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

Read full analysis

BTC

ETH

XRP