2021-03-12 16:00:50
The imbalance between the commission fee and the actual price for processing transaction , long term delays and long confirmation of transaction in the block, inefficiency of the current way for determining the gas price for the inclusion of transactions in the blockchain.... all of this makes it difficult to work with the ETH blockchain
Ethereum average transaction fee now, on 12.03.2021, is 0.0093 ETH ($16.67 USD), which clearly does not suit the network participants.
Miners on the other hand feel great In February, they earned $1.36 billion, which is 64.8% more than in January. The share of commissions from the network's total revenue was 51.2%. The new record
But let's not forget one thing: ETH ecosystem is its users. And miners are engaged in providing them with a security service for a fee.
The endless search for solutions to reduce fees led to the introduction of the EIP-1559 application in April 2019. Authors: Vitalik Buterin, Eric Conner, Matthew Slipper, Rick Dudley, Abdelhamid Bakhta and Ian Norden.
Now ETH users can manually set "gas price", that is the miner's commission for including the transaction in the block. This means that rich users can set a higher gas price, so that their transaction is included in the block faster.
What does this lead to?
Commission growth
The network overload because the miners have priority over those who pay more, and let the rest wait until their turn comes. As a result, the transaction may hang unconfirmed for a long time.
EIP-1559 solution
According to EIP-1559, the network will automatically offer a "BASEFEE", which will be determined based on network activity, and provide a set speed for all transactions. In other words, the network will regulate "itself", providing flexibility and more blockchain security
One thing's for sure, some individuals will be deprived of the opportunity to manipulate gas prices in order to increase fee.
When
The London hard fork is scheduled for July 2021, part of which is EIP-1559 proposal, which provides changing in the structure of commission fees
What about the miners?
Yes, of course, there're several possible scenarios: either everything will go according to plan and the ETH network will be updated with EIP-1559, or there will be a split into 2 chains, as it has already happened before (ETC and ETH)
The situation is heated by the miners behavior, who plan to arrange 51-hour "show of force" against EIP-1559, hoping to capture more than 51% of hashrate
If successful, the one pool will manage enough power to make one-way changes to the network protocol.
The largest mining pool Sparkpool (23.75% of hashrate) opposed EIP-1559, the company Bitfly (the operator of Ethermine pool, which occupies the 2nd line after Sparkpool) also doesn't agree with EIP-1559.
The 3rd largest pool (F2Pool) has published a post in support of the upcoming update.
According to some estimates, the opponents of EIP-1559 are more than 50%. What this story will lead to, we will see... soon.
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