Regarding Ethereum EIP1559, since the proposal was put forward in 2019, the voice of discussion has not stopped. Some of the miners have stood in line, and some even said that the proposal may lead to a hard fork of Ethereum after its official implementation.
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ETH's current gas and miners' income
This is what I saw when I opened the Ethereum browser today. The transaction fee (gas fee) plus the inherent reward of the block is the data shown in the picture such as 4.03, 3.69, 3.98ETH. In other words, nearly 50% of the money miners earn from mining ETH is gas fees.
Some of the thoughts of the miners are written as follows:
"I heard that EIP1559 will cut off part of our miners' rewards. How can this work? I bought so many hardware devices. If the income is reduced, won't it damage my interests?"
"We dug you $1,500 from ETH worth $1, making money from mining, but the greater contribution is to maintain the normal and safe operation of the entire Ethereum network. Now that you're done, are you going to kill the donkey?"
"EIP1559 is a tasteless one, which reduces the income of miners and cannot fundamentally solve the congestion problem of Ethereum, so I don't want to support it"
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EIP1559 Understanding Errata
This proposal is actually quite simple. In the current and past Ethereum networks, each transaction requires some fees. This fee fluctuates greatly, ranging from a few dollars to hundreds of dollars, depending on the congestion of the Ethereum network. This fee is called: gas fee.
In the EIP1559 proposal, the gas fee is changed to "base fee + inclusion fee" (basefee+inclusion fee), the base fee is directly burned, and the tip is given to the miners, so the miners feel "very hurt". Let's look at what the proposal says:
EIP1559 proposal link: https://github.com/ETHereum/EIPs/blob/master/EIPS/eip-1559.md
The content of the red box means: the user does not need to manually adjust the gas, because the basic fee is predictable, the wallet will automatically adjust the appropriate overall fee and display it to the user, and the miner can only get a tip.
Miners’ doubts are also inevitable, because this proposal is inherently “suspicious of pleasing users”. What x is called small inclusion fee? Are you sure about small?
Popular interpretation of EIP1559:
The ETH network is like a road before whoever pays the highest price, whoever passes, whoever has the highest gas fee will pass first, and the result is congestion;
EIP1559 sets up a toll booth. You can see the basic toll displayed on it in advance when you drive. When you receive the basic toll, you burn it with a lighter.
The basic fee is the same for everyone for a period of time, and then you still want to go there quickly. At this time, you take out a tip and give you priority. In general, this base fee does not take up a high percentage of the overall fee (a little), and it will increase exponentially in times of extreme congestion, so that everyone should not come here at the moment, and the proportion of the tip is very low——but , which is a specific case. For most pedestrians, there may be a lot of tips, but it will not be higher and higher like the previous gas fee.
After understanding the above logic, three viewpoints are deduced:
First, EIP1559 is a transitional solution, which has a high probability of solving some of the congestion problems of the current ETH main network. If the roads are not widened, congestion will occur from time to time. Changing the charging method only solves some problems from the economic model, not from the infrastructure Solve the problem;
Second, the tip is not necessarily small. The translator of the base fee and tip (less responsible), and the writer of the EIP1559 proposal (more responsible) are responsible for leading wrong public opinion. The tip may seem small, but the base fee may seem high, but this is not the case. Most of the time, the base fee may not be high, but the tip may be high, or the proportion of the tip in the overall fee may be very small most of the time.
Summarize
Summarize
EIP1559 can alleviate the congestion problem of the Ethereum network, which is conducive to the development of the entire ecology, and the income of miners will not necessarily decrease. Readers, please don't be led by public opinion.
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