According to Ethereum developer Tim Beiko, all three testnets for Ethereum 2.0 have been successfully updated to London. However, no block has been imposed for Kovan yet owing to the activation of OpenEthereum in London, and it will most likely upgrade after the mainnet.
Following the successful release of three testnets (Ropsten, Goerli, and Rinkeby), the update will become another step toward the full deployment of Ethereum 2.0, which will change the popular blockchain network from Proof-of-Work to Proof-of-Stake.
Tim has already stated that the hard fork will be implemented on August 4th. This Ethereum hard fork is intended to revamp the contentious fee system, and EIP-1559 is one of several changes included in the London hard fork.
EIP-1559, first presented in 2018, aims to reorganize the ETH blockchain’s fee scheme radically.
EIP-1559 will make Ethereum a deflationary asset by introducing a baseline charge that will be the same for all users, known as a “base fee.” ETH transaction fees will either be burned or paid into a long-term mining pool.
Ethereum is presently suffering from a “difficulty time bomb,” making mining the cryptocurrency more difficult.
The bomb will ultimately make mining a block so difficult that miners will abandon Ethereum 1.0 in favor of Ethereum 2.0 due to reduced profitability. As a result, Ethereum 1.0 should be fully integrated into Ethereum 2.0 soon.
In a letter to customers on Tuesday, Goldman Sachs analysts hypothesized why Ethereum might someday become a better store of wealth than Bitcoin.
They believe that Ethereum can become the most widely used platform for creating smart contracts and offers the most real-world promise right now.