How to crypto
The Ethereum network will undergo a major upgrade on Aug. 4, as the long-awaited London hard fork is expected to launch at block 12,965,000. The transition is part of a roadmap leading to the Ethereum 2.0 release, which aims to migrate the network to a proof-of-stake consensus mechanism.
By no longer depending on the intense energy-consumption mining, the main goal is to drastically increase the network's capacity by using parallel processing, also known as sharding.
The upcoming London upgrade will implement the critical Ethereum Improvement Proposal EIP-1559, making Ether (ETH) gas costs more predictable. This controversial change includes a transaction fee burn process which could potentially turn Ether into a deflationary asset.