70% of Ethereum nodes are ready for the next Ethereum fork
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Answer 70% of Ethereum nodes are ready for the next Ethereum fork
The crypto community is anticipating an important major event which is the split and update of Ethereum towards a much-awaited upgrade called “London” which is being delayed every time.
Barring any unexpected twists, the “London” fork of Ethereum is supposed to take place late in the day.
The event as we were told is long overdue and it seems that 70% of the nodes connected to the Ethereum blockchain are ready for it.
platform revealethrodates” reported data that 70% of the Ethereum nodes are prepared and ready to receive the “London” upgrade, which is supposed to occur later in the day.
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According For the official Ethereum blogthe split should run in block 12,965,000.
For nodes to be compatible with this upgrade, contract operators will need to update the version of the client software they are running.
The versions that will support the London upgrade on the Ethereum mainnet are Besu 21.7.1, OpenEthereum v3.3.0-rc.4, formerly known as Parity, and EthereumJS VM v.5.5.0.
“EIP-1559” is one of the most anticipated improvement proposals that will be combined with the upcoming split.
As we mentioned on Bitcoin Arabs earlier, the proposal is essentially a transaction pricing mechanism that includes a fixed network fee for each block burned and dynamically scaling block/contract sizes to deal with congestion.
Many see this as a solution to curb the rise in Ethereum gas fees.
While some are still skeptical about the possibility of achieving this mechanism.
In a report released in March of this year, CoinMetrics argued that the proposed EIP may not provide the solution many expect, as the high transaction fees are primarily the result of a scalability issue.
If Ethereum can process a few hundred transactions (on average) per block, the high fees will continue as dapp use continues to increase.
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Thus, gas prices will continue to rise as long as there is great competition for the block space.
In any case, there is not much time left for the upgrade to be implemented, and we will see its effect and whether it has an effect or not.
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