This week’s Coindesk roundup of Ethereum news is dominated by a series of developer updates indicating a new version of the network is in the works, which could have a serious impact on its future. The Ethereum community has been on edge since Monday, when the network was brought to its knees by a crippling “replay attack”, resulting in a supply shock which affected the network’s mining rate. This week, however, the developers have signaled that this is an era for caution, and that a code update is in the works.

Over the last few months, the Ethereum (ETH) network has suffered from a severe “supply shock”, which has resulted in a potentially damaging lack of ETH supply. This is a serious problem given the network is currently operating at just around 20% of its capacity, and is also one of the key contributors to its market share growth.

Ethereum developer Tim Baco announced the launch of the London-based protocol update in August, according to an official offering on GitHub.

This withdrawal request proposes block 12965000 to activate the core network in conjunction with the extension of the London network. The expected time of arrival of this unit is between 13:00 UTC and 17:00 UTC on day four. August 2021, Beiko wrote, adding:

If we can get anywhere near that timetable, 4. Leaoût is sufficient to announce client versions suitable for the Mainnet and to give infrastructure providers and node operators time to upgrade.

London, supply and Ethereum

The London update is a step in Ethereum’s transition from its current proof-of-work consensus build to a proof-of-stake build. The latter relies on community users depositing their ETH into the nodes, which in turn validate the transactions and secure the network.

This evolution is one of the most anticipated features of Ethereum. This offers benefits such as faster transactions, lower costs and greater security.

Moreover, the ETH decreases continuously as more ETH is introduced into the network. This reinforces market dynamics (less supply and constant/increasing demand) and can lead to higher ETH prices for investors and holders.

Genesis ETH 2.0, as it is known, was launched last year and already owns more than 6 million ETH ($13 billion at the time of publication).

Meanwhile, the update for the 4. August is planned, Beiko said in his tweet. But only as long as no one else broaches the subject. Yes, if no one objects in the next 24 hours, London should be the 4th. He landed in August, he said. Be on your guard.

Yes, if no one objects in the next 24 hours, London should be the 4th. Landing in August.

Several client teams have already ‘d, but we want to make sure no one has any serious objections.

Sequences https://t.co/KWRCvyrWR1

– Tim Beiko | timbeiko.eth (@TimBeiko) 6. July 2021

The article Shock of the ETH offer ? The post Developers signal major update for Ethereum in August appeared first on .

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