- Ethereum recently put out the London update.
- Next, we will see more testnet launches.
- These will carry out new EIPs, the most exciting is EIP-1559.
The second-largest crypto by market cap — Ethereum, set off its London update about 10 days ago. Specifically, the launch took place on the Ropsten testnet on June 24, 2021.
This upgrade comes with the much-awaited Ethereum Improvement Proposal (EIP) 1559. More so, this testnet launch will be the first of many other launches. In order, the deployment of the London upgrade will next appear in Ethereum’s Goerli, Rinkeby, and Kovan. These testnet launches will take off at weekly intervals.
The testnet launches are a necessity to Ethereum’s plans of having a fully scalable network — Ethereum 2.0. In fact, these steps are a part of the network’s roadmap. Notably, the testnets will allow the execution of a Proof-of-Stake (PoS) consensus.
In particular, the London upgrade will bring 4 other EIPs that will all make their debut on the testnets. These EIPs include — EIP-3198, EIP-3541, and EIP-3554. However, EIP-1559 is what has caught the interest of the crypto community.
Above all, this proposal offers a transaction pricing mechanism that will bring a fixed network fee per block. This will then be burned and allow a dynamic expansion and contradiction of block sizes. All in all, these moves will help deal with Ethereum’s congestion issue.
The promise of a scalable network with Ethereum 2.0 has been a long-time dream for most users on the network. This dream is getting closer every day as Ethereum 2.0 launches its phases.
Besides all the Ethereum 2.0 updates, the crypto market is also expecting more from the crypto as the days go by. For instance, the founders of Gemini say that the price of Ethereum will reach $10,000.
Other notable figures in the industry believe that Ethereum will rise further. This is because they believe that the Ethereum network is home to many promising projects. One, in particular, is its NFT environment. In fact, the CEO of Voyager Digital says Ethereum is the ‘Backbone for all NFTs’.
Suffice to say, given all the interest with the testnet launches alone, the anticipation for the mainnet arrival is building immensely. No doubt, stakers and miners on the platform are beside themselves with excitement.