Ethereum EIP-1559 Update to Reduce ETH Supply Coming in August

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The next update of the Ethereum blockchain, which calls for a change in payment methods by ETH to miners, is expected to come on August 4 with 12,965,000 blocks – not in mid-July, as previously suggested.

This block count was officially offered on Github today by developer Tim Baiko, the lead person behind the Ethereum Foundation for network upgrades. If the various Ethereum customer teams – the group that codes various software towards the blockchain – agree to the proposal, the goal will become official.

The date provides plenty of time for the many test networks to complete the integration and hopefully ensure there are no code issues. A bug with a previous hard fork in April resulted in about 12% of computers on the blockchain being temporarily unable to sync with the network.

“We’d like to see how the testnet upgrade goes before we commit to a core network date. After two-thirds of the testnet network has been successfully updated (the last one is tomorrow), we’re confident of a mainnet date,” Beiko Decrypt said via direct message.

The so-called London hard fork, named after Ethereum’s second annual developer conference in 2015, is meant to lead the blockchain network into a deflationary future.

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