EIP-1559 sparks controversy: F2Pool supports it, Spark opposes it, will Ethereum fork?

巴比特

特邀专栏作者

2021-02-26 16:38 (UTC+8)

This article is about 2333 words, reading the full article takes about 4 minutes

Ethereum forks are inevitable.

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Ethereum forks are inevitable.

Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc), author: Wang Jiajian, published with authorization.

Editor's Note: This article comes from

Babbitt Information (ID: bitcoin8btc)

, author: Wang Jiajian, published with authorization.

On February 26, F2pool published an article titled "Standing on the Right Side of History: EIP-1559". The article mentioned that F2Pool will formally support the EIP-1559 proposal. This is a blockbuster in the Ethereum mining industry, because F2Pool became the first well-known mining organization to publicly support the EIP-1559 proposal.

EIP-1559 will reduce the income of miners to some extent, why does F2Pool support it? The article mentioned that it is important to stand on the side of users and core contributors, and F2Pool hopes to stand with users and developers.

More information shows that the Ethereum development team may include EIP-1559 in the Berlin hard fork in July 2021.

It can be guessed that if there are organizations that do not support EIP-1559, such as miners, then Ethereum will inevitably fork. This scene once appeared when Ethereum (ETH) forked out of Ethereum Classic (ETC).

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GAS fee growth data (from F2Pool's article)

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EIP-1559, the source of the Ethereum split

The previous income of Ethereum miners mainly consisted of two parts: new block rewards + transaction fees.

In the operation of the Ethereum network, the trader submits the transaction, and sets the GAS fee for the transaction, and then waits for the transaction to be packaged. The packaging work is done by the miners, who will choose the most recent transactions. From their own interests, they will give priority to the transaction packaging with high transaction fees. Therefore, when the Ethereum network is congested, the higher the service fee, the faster the transaction will be packaged and completed.

The user experience of Ethereum has also become poor. On-chain transactions such as micropayments and NFTs are difficult to carry out. Normally, Ethereum is not congested, and handling fees are not a problem. Once it is congested, especially DeFi may become a historical trend, congestion and high fees will become the weakness of Ethereum. This gave Binance Chain, Huobi Chain, and Ethereum killers a chance to overtake in a corner.

EIP-1559 will also destroy fees, introducing a deflationary mechanism for ETH. We will not expand on the details. If you are interested, please refer to "Interpretation of Ethereum Proposal EIP1559: Significantly Reduce Total Transaction Fees and Transaction Fee Volatility".

However, opponents do not think that the above objectives can be achieved smoothly, and may even be counterproductive. In short, the Ethereum community is currently split into two camps. Some practitioners feel that it is no less than the dispute over the size of Bitcoin in the past. Obviously, both camps have their own interests and demands, but this kind of dispute must also have its own reasons.

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Yuchi Articles

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The fork of Ethereum is inevitably a short-term game

Many people believe that EIP-1559 will reduce the income of miners, so miners are the biggest opponents. In earlier media reports, eight Ethereum mining pools, which accounted for about 30% of the total network computing power, stood up to oppose it, such as BitFly and Ethermine.

Let’s go back to F2Pool’s article. It does not dwell on the advantages and disadvantages of EIP-1559, but emphasizes that it can improve user experience. For applications and users, EIP-1559 will create more predictable gas estimates.

What does that mean? Recently, investors are scrambling to grab the ITO of the token MASK. Many investors who have grabbed the trading qualifications don’t know how much GAS is appropriate to set, so they slapped their heads and raised the tone. It is said that someone has prepared 2 ETH for handling fees. The friend who successfully grabbed MASK said that he used a super high handling fee of 0.2 ETH.

F2Pool believes that EIP-1559 is worth affirming. Users can observe the transaction fee situation of the entire network, and then do not need to make the gas fee higher than the current level to seek to be packaged.

The author tries to be a good person in the article. He said: (The development team and the miners) No one party is at fault for this. Our ecosystem needs better service from the core team working to improve Ethereum, then we miners and mining pools can better express our struggles, difficulties and suggestions.

Historically, if it really forks, and does not stand with core users and core developers and contributors, the consequences will be very bad, such as Ethereum Classic.

There is reason to speculate that regarding EIP-1559, different teams are still in the final game, and this process may last for a long time, which may also become the biggest dark cloud hanging over Ethereum. There is reason to speculate that in the long run, miners may still be preparing for Ethereum 2.0 from POW to POS.