EIP-1559, considered to be one of the most noteworthy improvement proposals of Ethereum, has been controversial for two years after its birth. When the developers proposed to add it to the Ethereum London upgrade, the debate became more intense and even raised concerns about the Ethereum fork. Proponents believe that it can improve the user experience of Ethereum, while opponents believe that it is merely collecting taxes from miners and users.
EIP-1559 attempts to use the “basic fee + tip” model to replace the fee mechanism of Ethereum’s current bidding model, which concerns every user of the Ethereum ecosystem. What exactly is EIP-1559? What impact will it have on Ethereum and the entire encryption ecosystem? Smart researchers in the Ethereum community have already expressed their views, and we might as well find our own answers from their discussions.
What is EIP -1559 that is hotly discussed in the community?
“In- depth interpretation of Ethereum’s major hotly discussed proposal EIP 1559: user experience, slack mechanism and security, etc. “
One of the biggest problems with the Ethereum rate mechanism is cost estimation. EIP 1559 attempts to solve this problem by making all transactions pay the same rate as possible.
“The EIP-1559 proposal will cause Ethereum to fork? In fact, the miners’ motives are not high ”
The forking is to prevent EIP-1559 and continue to maintain high fee rewards, but the newly forked chain obviously cannot retain DeFi, so where does the fee come from?
” How will EIP-1559 affect the Ethereum ecosystem? Analysis from the perspective of miners, users and investors “
EIP-1559 improves the usability of the Ethereum network and weakens the miners’ transaction packaging revenue.
Supporter’s point of view
” View: The Ethereum Mining Union accepted the EIP-1559 proposal, why? 》
The reason is simple. Compared with protesting against the long-term loss of their own income caused by the upgrade of EIP-1559, miners are better off cooperating with users to promote its implementation.
” Vitalik Buterin: Why don’t I worry about EIP-1559 variable block capacity “
Vitalik Buterin believes that EIP-1559 does not pose a higher risk to the client than the fixed gas limit mechanism.
” Why does Vitalik Buterin support EIP-1559? What does it do for Ethereum? 》
EIP-1559 cannot reduce network congestion, but it can reduce the need for users to intervene in transactions and is more economical.
” EIP-1559 is not to reduce transaction fees, understand its design goals “
EIP-1559 is to achieve better user experience and network security.
” View: The hotly discussed EIP-1559 is just a tax and cannot reduce the gas price “
The Ethereum fee improvement proposal EIP-1559 can neither make the transaction fee more predictable nor reduce the gas price, so it cannot be said that it can create a better user experience.
” View: Ethereum miners will not accept EIP-1559, this is the reason “
None of the critics of 1559 sincerely hope that Ethereum will fork; those who support 1559, more often talk about the fork, which means “forgive me or dare”.
” A Jian: Why am I opposed to the Ethereum EIP-1559 proposal? 》
In March 2019, some people in the Ethereum community discussed the issue of Ethereum fee. Eric Conner proposed EIP-1599, believing that this proposal can “fix” many problems in the current Ethereum fee market. This article is Ajian’s economic analysis of EIP-1599. He believes that the proposal will only increase the fees that users pay for transactions, because not only miners ask for money, but the agreement also collects taxes from users.
” What kind of “recommendation” is EIP-1559, listen to the analysis of the members of the Ethereum community “
Recently, some people in the community discussed the issue of Ethereum handling fees. Eric Conner proposed an EIP-1599, believing that this proposal can “fix” many problems in the current Ethereum fee market. This article is A Jian’s economic analysis of EIP-1599.
Filecoin’s EIP-1559 practice
” Juan Benet Analysis of Filecoin’s EIP-1559 Practice and Planning “
Juan Benet, the founder of Filecoin, shared the principles of EIP-1559, the problems and improvements encountered in Filecoin practice.
” Analysis of Filecoin transfer fee mechanism: Why use EIP-1559 fee standard? 》
Whether EIP-1559 can solve the problem of network congestion remains to be tested.