EIP-1559 is a network upgrade intended to send a small portion of the commission associated with all ETH transactions directly to the network. Then the tokens will be burned, which will reduce the total number of coins in circulation at the moment. As a result of this suggestion, many are expecting that Ethereum’s current scalability issues and transaction fees will be drastically reduced.
Additionally, if EIP-1559 is not launched, it will have a significant impact on the total income of Ether miners. It is said that as a result of the proposal, the number of miners could be reduced by up to 50%, which partly explains why many miners are against implementation and even calling for a takeover of the network, which would potentially threaten network security.
However, to mitigate the growing tensions in the Ethereum community, the ETH developer community has proposed adopting EIP-3368. The suggestion says that instead of the immediate reward for the locks, it should remain at 3 ETH and then gradually decrease to about 1 ETH over the next 24 months.
Although EIP-3368 was introduced as a way to de-escalate tensions between miners and Ethereum developers, it appears to have received little or no support, as most miners are still in trouble with the Altcoin development team.
how are you?
Kirill Kuznetsov, the lead developer of the 1-inch DeFi complex, told Cointelegraph that the upcoming EIP-1559 is already putting miners in a bad position as it severely limits the commission share to a certain maximum, adding: The amount of commission lost after the upgrade. Therefore, miners will earn many times less and may not even be able to pay for their computers. ”
However, Kuznetsov believes that although miners have their own truth, developers do as well, and each party strives to achieve the best: “The first cares about revenue, the second cares about their performance and the user experience of the network. But without the first, the second would not be required, so so. There has to be some kind of consensus. ”
The Grim Reaper, a pseudonym, founder of Pylon, spoke about this. Funding – one of the largest ETH miners in the United States – for Cointelegraph, as a miner and developer, he understands the situation on both sides, highlighting the fact that ETH miners usually have to wait three to five years to get which one is painful. More when you consider that they have spent years building the ecosystem.
Additionally, since most miners were planning their future earnings based on the current system, he believed that a major transition such as EIP-1559 would take everything away from miners who had built their entire lives on this single action, adding:
“As a developer, I see this as essential because it helps users get involved as only wealthy people can buy when the gas is high. This is the bottleneck to growth when the market is at its peak. I don’t think this EIP will solve a problem beyond standardizing transaction costs.”
He also expressed his belief that if the proposal goes into effect, the number of transactions taking place on the network will increase dramatically – due to the newly acquired reasonable prices of ETH – which in turn will again create many congestion problems and put miners in the position with less fragmentation. And it really allows you to solve the problem of overload.
While experts hope for a future downturn, and developers hope to lower transaction costs, Grim Reaper believes the core of the problem – that is, congestion – won’t change on its own with even the slightest implementation of EIP-1559. “The guillotine fell on the miner and it looks like Vitalik seems to have real solutions,” he said.
Buterin suggests a “patch.”
In response to the aforementioned miner, Ethereum co-founder Vitalik Buterin, and other prominent developers associated with the network recently protested the attack, saying they had already ramped up their efforts by making some small adjustments to the Ethereum evidence present in the processing. Frame and beacon chain clients. Not only that, a recent blog post mentioned the following:
The Ethereum community was quick to find potential solutions to this 51% potential attack. Vitalik describes how Ethereum can accomplish a “fast fusion”, quickly transitioning from proof of work to proof of effort with the limited changes required for Ethereum customers. ”
With his thoughts on this issue, Kuznetsov believes that the changes were suggested by Buterin and his company. Blocking a 51% potential attack can be seen as a temporary solution at best. But even in the event of an attack, he indicated that the development team would likely move the network to Ethereum 2.0 as soon as possible. “The best mining pools have no reason to trick the network by sending invalid blocks,” he said.