The Ethereum London hard fork is coming on August 5th 🥳. There have been different opinions about what it will bring to Ethereum, and it’s pretty technical 🛠️. A hard fork is when a blockchain network is divided from one point. That way, you can apply updates to a new branch of the network while the old branch stays the same. If you’d like to understand more about blockchain forks, we have a detailed guide here.
Ethereum: Everything’s Changing
Ethereum currently operates the biggest blockchain in the world. People use it for just about anything – especially building and launching apps.
A few years ago, Ethereum’s creators decided to move the blockchain from its current technology called proof-of-work to another type of technology called proof-of-stake. The upgrade will be known as Ethereum 2.0, and it is expected to come sometime in 2022 🗓️.
The London Hard Fork💂
The Ethereum London hard fork is needed to help Ethereum 2.0 succeed.
So, what does London bring? 🤷♂️
- Ethereum network transactions might be faster
- A mining fee of 2 ETH per transaction for miners
- Ethereum will become more scarce so its price is expected to rise
How Does the Ethereum London Hard Fork Affect You?
As an ETH owner, the hard fork doesn’t really affect you. There’s no need to do anything special.
But, if you’re a miner whose computer is connected to the blockchain, you might need to download the latest Ethereum version.
For all Quidax Customers
You should note that the hard fork might affect your transactions on Quidax. Our resident crypto geeks have estimated that the London hard fork will be live around (11:00 am GMT+1) on August 5th. So, for about two hours, Ether and USDT deposits and withdrawals will be on hold 🛑.
London will affect ETH and all ERC-20 tokens. For Quidax customers, this means USDT too 🙈
We’re doing this so you don’t have to worry about glitches or mix-ups. When London is implemented, transactions will be back up 😀.