In addition to EIP-1559, what changes will the London hard fork bring?

Let you know the 5 EIP proposals included in the London hard fork

summary

1. The London hard fork is an upcoming network upgrade of Ethereum.

2. In addition to the recent highly topical EIP-1559, the hard fork will also bring other changes.

No one knows the Ethereum network upgrade better than Tim Beiko. As a developer of the Ethereum Foundation, Beiko is responsible for holding core developer meetings and the upcoming London hard fork.

The London hard fork is an upgrade to the Ethereum network and is expected to go live on August 4th. It includes 5 Ethereum improvement proposals EIP. These proposals will change the code and must be unanimously agreed by stakeholders.

Although people may have heard of some of the content of the London hard fork, especially the highly anticipated EIP-1559, they may not know what other changes are included.

EIP-1559

The most exciting change is EIP-1559. Although this proposal has also caused a lot of controversy, the proposal has two parts. First, every transaction on the Ethereum blockchain will add a base fee. Beiko said that although this sounds troublesome, but in fact this fee should be able to reduce the overall transaction cost, because the base fee can help you better estimate the transaction cost. The current Ethereum transaction fee system is based on an auction mechanism, which means that people can pay more for the transaction to be processed first.

Beiko said that base fees are important, but they will not change dramatically. Transaction fees may only be reduced by 20% instead of 20 times.

Second, after the launch of EIP-1559, transaction fees no longer fall into the hands of miners, who are people who run hardware, verify and process transactions all over the world. Instead, ETH will be sent to an inaccessible address, destroying transaction fees. In this case, there will be less ETH in circulation, causing what Beiko calls “ethereum network deflationary pressure”. In other words, the price of ETH may rise as the supply becomes more limited.

EIP-3198

Beiko refers to EIP-3198 as the “sister proposal” of EIP-1559, which aims to improve the user experience of smart contracts. Smart contracts are computer codes that execute instructions on the Ethereum blockchain. For example, smart contracts can allow DeFi applications to provide people with loans or interest while eliminating intermediaries.

With EIP-3198, smart contract transactions will not incur excessive transaction fees.

EIP-3529

Although EIP-1559 has attracted a lot of attention, EIP-3529 may have an equally large impact on the network. Beiko said that the proposal “cancel the gas fee refund for certain opcodes.” Currently, Ethereum transactions will incur Gas fees, but smart contracts and related data will block the network, so after you cleanup the network, you can Get a refund of Gas fees.

Although this sounds good in practice, Beiko said: “In fact, the opposite situation has occurred. Most of the gas fee refunds are not used to reward cleanup work.” When the network gas fee becomes low, people will use junk data. After filling up the network and making Gas fees higher, they will delete all junk data and get a refund.

He said that EIP-3529 will cancel or reduce Gas fee refunds, so that the Ethereum network will be more stable.

EIP-3541

According to Beiko’s description, EIP-3541 “in itself will not bring much change.” The proposal is mainly to lay the foundation for future network updates, reserve space in the network, and create new smart contract types. Beiko said: “EIP-3541 is very clever to add new features to the Ethereum virtual machine EVM without breaking anything.”Coin World-In addition to EIP-1559, what changes will the London hard fork bring?

EIP-3554

Beiko did not mention the final code changes included in the London hard fork, possibly because this has become a standard operation of the Ethereum hard fork. EIP-3554 postponed the “difficulty bomb” to December 2021. Difficulty bombs will increase the difficulty of mining for miners, making it more difficult to obtain ETH, but will slow down the network.

In fact, Ethereum developers deliberately set up a difficulty bomb mechanism in 2015, with the purpose of encouraging developers to completely abandon the mining mechanism. After Ethereum 2.0 is fully operational, the blockchain network will shift from the PoW mining mechanism to the Pos mechanism, and people can pledge their ETH to maintain network security.

EIP-3554 provides more time for ETH2.0 developers by postponing the difficulty bomb time.

Once ETH2.0 is online, many code changes will become irrelevant.

The content of this article comes from decrypt

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