The Ethereum (ETH), London network upgrade is rapidly approaching. The core developers have published the final list Ethereum Improvement Proposals, (EIPs), and you will most likely recognize one of them.
Following April’s Berlin upgrade in London, the London upgrade is scheduled for July.
Five EIPs will be covered this time. The first is the highly-anticipated, controversial, and much-talked about EIP- 1559. This one, according to the Ethereum Foundation Community manager Tim Beiko is also the biggest of the five changes that will be made. It will accomplish the following:
- Burn a portion of transaction fees
- A “base fee” is a charge that you pay for blocks. This will allow the network to track the gas price it accepts from transactions that are based on blockspace demand. It makes it easier for users and wallets to determine the correct price for their transactions.
- Add a new transaction type to allow users to specify the maximum fee and maximum miner tip they would like to pay. Users can also get a refund of the difference between the base fee or miner tip and that maximum.
EIP-3198 is a companion to the EIP. It also adds a BASEFEE code, which returns the value for the block it was executed in. This allows smart contracts to access the value on-chain and aids with fraud proof submissions and trustless gas price derivatives generation.
This will offset some of EIP-1559’s block size variance, which allows blocks to use twice the current gas limit. He said that up to 50% of the refunded gaz could be used for further computation in the same block before the London upgrade. This means that the block size can be as high as 1.5x the gas limit.
EIP-3541 was designed to open the door for further Ethereum Virtual Machine (EVM), improvements as described in EIP-3540. It will stop new contracts from being created with the 0xEFbyte. Beiko stated that EIP-3540’s launch requires another network upgrade. However, EIP-3540 can still be used to reserve starting bits for another scheme.
Last but not least, the difficulty bomb delay. Beiko explained that EIP-3554 delayed the difficulty Bomb, also known as the ice age to December 1. This is shorter than usual because by that date, either the transition to proof of stake [PoS] will occur, or another network upgrade must take place on the network. The difficulty bomb must be deferred until the transition from a Proof-of-Work consensus algorithm to PoS is complete. This is because it will ‘freeze’ miner mining.