Ethereum Triple Halving may be delayed as security concerns arise
- Ethereum London hardfork scheduled for August 4 may be delayed due to security concerns.
- At the EthCC event in Paris, the soon-to-be-implemented Ethereum Improvement Proposal 1559 was discussed, key to the Triple Halving event.
- Developers from the ETH2 research and development team stated that the ‘Merge’ is more feasible in early 2022 to be confident of finishing the required testing in time.
Ethereum traders and miners are watching ETH closely as the London hard fork looms and the EthCC event has come to a close. ETH2 developers state that the team will discuss the best approach for the security of the network, and any delay in the hardfork would be due to security concerns.
EIP 1559 launch to be followed by more symmetric base fee update ahead of the Merge
The ETH2 developer team addressed the concerns of miners and traders ahead of the London hardfork. The team found a bug in the code and fixed it. However, the hard fork may likely be delayed in case of further security concerns. The developers are set to discuss the best approach for the security of the Ethereum network on the next AllCoreDevs call.
In the EthCC event in Paris, Tim Beiko, core developer of Ethereum, discussed what’s next after releasing the EIP 1559 mainnet. After collecting EIP 1559’s performance metrics and its successful delivery and transaction pricing, the team has plans to consider a minor adjustment to the upgrade.
The adjustment focuses on making the base fee more symmetric to make the rises and falls in the transaction base fee smoother. Beiko also revealed a plan to apply the ‘1559 mechanism’ to data sharding.
Sharding is the most complex Ethereum scaling solution that splits the entire Ethereum network into multiple portions called ‘shards.’ Each portion or ‘shard’ then has its own unique set of account balances and smart contracts. Sharding is expected to reduce network congestion and increase the speed of transactions per second by creating parallel chains on the network.
Beiko said that the EIP 1559 mechanism would be employed to price the cost of storing data on charts when shards are implemented on ETH2.
Speaking of the ‘Merge’ or the switch to Proof-of-stake (PoS), Beiko stated that the transaction fees from the priority fee would be re-routed to fall on validators, not miners. The Merge is growing in popularity as the event that makes miners irrelevant. A developer from the team shared a timetable for moving from ETH1 to ETH2, representing it visually.
The Merge is key to the Triple Halving, and it is most likely to occur in early 2022. Ethereum price is showing strength ahead of the London hardfork. After trading below the $2000 level a few days this week, the price is up over 4% and gradually holds above key levels at $2016 going into the weekend.