Ether developers test EIP-1559 at Ropsten

This is the latest progress news about EIP-1559.

Ether developers test EIP-1559 at Ropsten

Tim Beiko, an Ether developer, tweeted that he hopes some of the Ether Ropsten test network giant whales who follow him will send 1,000 to 10,000 ETH to his address for testing the EIP-1559 protocol.

This is the latest progress news about EIP-1559.

In April this year, Tim Beiko already said that the London fork is expected to take place in mid-July, and the fork will contain upgrades such as EIP-1559, EIP-3198 and EIP-3238. It means that the implementation of EIP1559 will start soon on Ether.

And the news on May 20 confirmed that this news is about to come true, as the EtherFoundation JavaScript team tweeted that an EIP-1559 / London-ready version of the EthereumJS Block, Tx, VM and Common libraries will be released within the next week if there are no latest bugs or specification changes.

This makes the deployment of EIP1559 for the Etherium 1.0 network a reality already.

If the Ether 1.0 network deploys EIP1559, there are certain implications for the Ether community.

EIP-1559 introduces a fixed base fee and destruction mechanism for the gas fee mechanism, which is adapted from the original bidding based on network congestion to a fixed fee plus bidding, and, in the fixed fee, a portion of the ETH block rewards originally allocated to miners will be destroyed.

In principle, such a model change does not change the ethereum gas fee situation, but only makes the transaction fee more predictable and improves a user’s experience of using it.

But the destruction mechanism, for access to the Ethernet to provide the arithmetic power of the miners will not be suitable. Because it will affect the miner’s income. Previously, some Ethernet mining pools have expressed clear opposition to the deployment of EIP1559. In order to increase user revenue, miners may also develop to gain greater on-chain benefits through MEV under the compulsion of EIP1559 deployment.

In addition, some phenomena predict that ethereum miners may shift their arithmetic power after EIP1559 deployment, after the price of ETC skyrocketed, making ethereum miners possibly interested in ETC. It is still unclear how much Ether miner gains will be affected when the destruction of ETC begins after the deployment of EIP1559. It remains to be seen what is confirmed on network stability and price gains.

Posted by:CoinYuppie,Reprinted with attribution to:
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