Ethereum Upgrade EIP-1559 Signaled To Launch Around July 2021

Ethereum developers are ready to launch the EIP-1559 in the month of July. After having many public and private discussions, including coordination with miners, Ethereum developers have approved the upgrade for launch. Ethereum developers are making sure everything goes the right way, receiving the support of many users and creating anticipation of what is to come for Ethereum users.

As of now, none of the Ethereum developers has reported any issues with the upgrade and are confident that the progress on the upgrade is going as planned, which is already a great sign for many Ethereum users, as it will enable more flow into the network, practically removing the congestion.

It is still unsure that the upgrade will be enough for the future, as we might eventually see another upgrade by the developers of Ethereum soon in time to counter more congestion issues in the network. As the popularity of Crypto is increasing day by day, more and more users will enter the network, causing a significant amount of congestion at certain times.

Difficulty Bomb Delay

With the increase in difficulty bomb delay, average block times are also increasing, causing concerns about whether the delay should come alongside the EIP-1559 or not. After a detailed discussion, it was concluded that the difficulty bomb delay has to be delivered alongside EIP-1559 despite some rough consequences.

Developers have stated that this will be the biggest upgrade to the Ethereum system, effectively doubling the current capacity. The increase in capacity will surely help in handling network congestion.

This update will include a system in which a base fee for network inclusion will be determined and manipulated dynamically according to the amount of network congestion. Furthermore, this base fee can be burned, affecting supply, giving miners another difficulty bomb, which can be left to raise the pressure for releasing a merger, but even with all of this work, the merger isn’t expected to arrive till a year.

Ethereum Developer Tim Beiko has stated that EIP-1559 should be ready in April and will undergo testing for a couple of months, making sure everything has gone according to plan and is completely ready for the network as Ethereum is a very important asset, and nobody would like to lose anything just because an upgrade went bad.