The most controversial Ethereum EIP-1559 proposal in 2021: no less than Bitcoin block expansion?

Editor's Note: This article comes fromGolden Finance, reprinted by Odaily with authorization.

Editor's Note: This article comes from

Golden Finance

Golden Finance

, reprinted by Odaily with authorization.

The Ethereum EIP-1559 proposal, first proposed by Ethereum Vitalik in 2018, is expected to make the fee market of the Ethereum blockchain more predictable and alleviate congestion, but it once caused controversy after it was proposed. There are even more comments that its controversy may be no less than that of Bitcoin block expansion, and if it is not handled properly, it may trigger a new fork.

On January 22, Ethereum developer Danny Ryan said that the Ethereum Improvement Proposal EIP-1559 is expected to be launched this year. Although EIP-1559 has been basically completed in terms of code, the proposal has encountered some resistance from miners. On January 22, some Ethereum miners formed a cartel organization to prevent the implementation of the controversial proposal EIP-1559 . They say the proposal unfairly cuts into their profits and is expected to be one of the most controversial proposals of 2021.

EIP stands for Ethereum Improvement Proposals describes the standards of the Ethereum platform, including core protocol specifications, client APIs, and contract standards. Anyone can participate in the improvement of Ethereum by submitting a pull request for an improvement proposal to the Ethereum EIPs GitHub repository. If the EIP is approved and finalized by the committee, it becomes an ERC. ERC is the abbreviation of Ethereum Request for Comments, which is the general opinion request protocol of Ethereum.

EthereumFor transactions that occur on Ethereum, the current fee scheme is an auction mechanism. The user bids, and the miners choose the transaction with the highest bid and pack it into the block. This method is simple and efficient, but there are some problems.

First of all, it is difficult to predict how much the bid is appropriate, and users have no way to estimate the fuel cost they need to spend. Secondly, due to the limitation of the gas limit per block and the natural fluctuation of the transaction volume, this will cause the transaction to wait for several blocks before being packaged. For users, it may cause delays. Also, as block rewards decrease, high variance in fees may incentivize "selfish" mining.

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Ethereum

Historical transaction fee graph of the network Source: etherscan.io

Therefore, EIP-1559 was proposed, which changed the payment structure and payment flow.

The setting for EIP-1559 is base fee + tip. The basic fee will be destroyed and cannot be obtained by miners; the income of miners is mainly new block rewards + tips. At the same time, there is also a dynamically scalable block size design to cope with instantaneous network congestion.

Support or boycott? The introduction of EIP-1559 will be a big event

Recently, Ethereum developer Danny Ryan stated that the Ethereum Improvement Proposal EIP-1559 is expected to be launched this year. He emphasized that this improvement plan is very beneficial to the Ethereum network. The charging mechanism of EIP-1559 will be implemented on the shard data layer of eth2. This will provide a better user experience for Ethereum data consumers when attempting to put data into the Ethereum network, helping Rollup securely feed its block data into the beacon chain.

The founder of Ethereum, V God, previously commented that the introduction of EIP-1559 will solve the fundamental problem of the "high gas fee" of the Ethereum network. This is very worth looking forward to and may become one of the big events in 2021.

At present, although V God and others support the introduction of EIP 1559 in Ethereum as soon as possible, the miner community has shown strong opposition.