The original title ：-1559: What Happens Next for Ethereum
The London hard fork of Ethereum will come this week , With it comes EIP-1559 Ethereum improvement proposal , It aims to solve the problem of transaction cost in the network . This is a major change for Ethereum network , And it has turned the community into a pot of porridge . however , How the upgrade will unfold , Where should Ethereum users go next ？
What is? EIP-1559？
EIP-1559 It aims to make Ethereum's transaction costs less volatile , More predictable , Eliminate the problem of people paying too much for a transaction . It also helps reduce user uncertainty , Because they don't know if the deal will be approved , Because of their gas The fee is set below the recognized or expected price .
EIP-1559 Not only helps to speed up the waiting time for each transaction , It will also serve Ethereum's global community and its dapp Layer provides a better seamless experience .
How does it work ？
Ethereum's improvement proposal is based on two core elements . First of all BaseFee —— That is, the lowest gas price required for the transaction , And a new method of adjusting transaction costs , Trading peak , Transaction costs will rise , Trading low peak period , Transaction costs will fall .
The difference between the current system and this new version is , Miners don't set rates ; The network will use a special algorithm , Achieve a delicate balance in the whole Ethereum ecosystem —— Uniformity . Besides , Miners will not receive transaction fees ; contrary , These transaction fees will be burned , This will reduce Ethereum's supply to some extent , And prevent any malicious profit-making network congestion .
EIP-1559 It also introduced “inclusion fee”, This is an optional “ Tip system ”, You can add it to the base fee , So that miners can give your transactions priority over others in the network .inclusion fee It effectively replaces the original simple and crude transaction fee , Become a source of income for miners .
What happens next ？
EIP-1559 Designed to reduce and gas Fluctuations in costs , But it does not necessarily guarantee that users can get a cheaper transaction price , Because Ethereum still can only handle limited transactions at one time . according to EIP-1559 , Fees based on minimum standards can only be increased and decreased in each block 1.125 times , Make Ethereum transactions more stable and predictable .
It's important , Because the uncertainty of natural gas price has limited Ethereum for a long time dapp Expansion and adoption of , At the same time, it is conducive to other competitive product agreements . Given that Ethereum is building dapp And the developer ecosystem already has a significant first mover advantage , EIP-1559 May further limit Polkadot 、 Dfinity and Solana etc. “ Ethereum killer ” The attraction of , Because it solves the pain points of current Ethereum users , This weakens the competitiveness of other networks in price and transaction speed .
Restrain the increasing supply of Ethereum
Bitcoin has always focused on its 2100 Limited supply of 10000 coins , Similar to the traditional concept of the gold standard . This is in sharp contrast to Ethereum , Ethereum's supply is theoretically unlimited , At least before the London bifurcation began .
at present , Each new block mined by Ethereum , Two additional Ethereum will be released to the market ; This dilutes the value of Ethereum , Because with more assets . At present, the annual circulation rate of Ethereum is about 4 %, The annual issuance rate of bitcoin has fallen to 1.8 % about .
With EIP-1559 The introduction of , The combustion mechanism will also be introduced into the system through underlying programming , Automatically remove tokens from circulation after new coins are issued , So that the supply increase effect of Ethereum is suppressed , Instead of simply introducing the concept of supply ceiling .
future , In a bull market or when Internet activity is frequent , The total number of ethereums burned by paying the basic fee may be greater than the number of newly issued ethereums rewarded by the block . This may also cause the supply of Ethereum to gradually and continuously decline , Thus, the annual circulation rate is reduced from 4 % Down to zero , Even negative numbers .
Ethereum infrastructure services Staked CEO of Tim Ogilvie In an interview with Decrypt In an interview ,” It's like a company making a profit and buying back shares , Burning billions of dollars of Ethereum may indirectly push up the price of cryptocurrency . In terms of supply and demand logic , Due to the reduction in Supply , The value of the remaining shares will increase .”
However , Opponents believe , Burning and balancing supply may lead to more economic instability of the whole network , Because it is difficult to accurately predict over time , How much Ethereum will be created .
Although most Ethereum expenses are paid by Ethereum at present , But nothing can stop miners from accepting other currencies for payment . The motivation for users to pay miners in currencies other than Ethereum is to package their transactions into the next block , And its gas The cost is zero . This basically exists as a back door , In order to reduce more than necessary expenditure .
With EIP-1559, The situation changed ： The basic cost of the network must be paid by Ethereum , The transaction can be processed . Although miners can still accept other alternative currencies to give priority to users' transactions , But the basic cost of the foundation still needs to be paid by Ethereum , Both users and miners must abide by this clause , To incorporate its transactions into the next block .
This ultimately further strengthens Ethereum's important role as an approval for transactions on the network .EIP-1559 It is also expected to consolidate Ethereum's use of computing resources and its extensive dapps The status of ecosystem interaction as a means of payment .
essentially , Ethereum is slowly closing the cycle and filling loopholes in its ecosystem , Like apple for iOS Devices create an integrated and complementary infrastructure , This allows end-to-end control and system efficiency .
Rewards and risks
however , This is not plain sailing . First , As with any major technology upgrade , The risk of mistakes is always there . These errors may also lead to malicious behavior of users , And an attempt to exploit vulnerabilities in the system .
In response to this situation , The Ethereum community has been interested in EIP-1559 Several audits and reviews were conducted , To identify any potential problems . Besides , The upgrade is completely open source . With the combination of virtual testing and community support , The upgrade is under thorough analysis , To ensure that there are no outstanding risks at or after launch .
However , There may also be a counterattack from dissatisfied miners . stay EIP-1559 After the launch , Miners who have upgraded to the latest client software in advance will automatically start producing blocks under the new charging structure . Other miners who have not upgraded will continue to mine the old version of Ethereum .
These splits are called “ Controversial hard bifurcation ”, It has happened in the past .2017 year , Bitcoin network fragmentation , Because they are called “Segwit “ There are differences in the scalability upgrade of . Ethereum itself also has a hard bifurcation , And in 2016 Ethereum classic was created in .
But it is reported that , Ethereum pit 2Miners Chief technology officer Slava Karpenko And other Ethereum miners have accepted EIP-1559 Activation . Ordinary individual Ethereum miners Brian Lee Running in a garage in California 11 individual GPU, He was in 6 The month tells CoinDesk say ：” We all accepted , I am confident that they will finish it . It's just a matter of time ”.
Towards the future
EIP-1559 One thing that has not been done is to change Ethereum's limited transaction processing capacity . For a long time , Network scalability has always been the creator of Ethereum Vitalik Buterin Focus of attention , This is also the upcoming Ethereum 2.0 The purpose of the upgrade .
The etheric fang 2.0 Will see the network from proof of work （PoW） The consensus mechanism （ As adopted by bitcoin ） Conversion to proof of interest （PoS） The mechanism of . In addition to being less energy intensive , The etheric fang 2.0 It will also be through the implementation of the fragmentation chain , Make the network from about... Per second 30 Transactions expanded to per second 10 Million transactions .
EIP-1559 It will continue to have an impact after Ethereum completes the conversion to proof of interest . Because it has largely changed Ethereum's fee model , Not the scalability of trading volume .
author ：Mason Marcobello
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