Ethereum London upgrade: what is Ethereum eip-1559 in effect

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ethereum london upgrade ethereum eip-1559

Last night, 8 when , The Ethereum main network is located at the block height 12,965,000 Complete the London hard fork upgrade , This upgrade makes Ethereum EIP-1559 The proposal comes into force , It also means distance PoW turn PoS A step closer .

In the past year , except BTC Sit firmly on the throne as always ,DeFi It is a carnival hot spot throughout the year . DeFi In making ETH Realize value growth while , It also makes its network increasingly congested 、 Higher transaction costs , Become the of Ethereum ecology “ Unbearable weight ”.

How to reduce the ETH The handling fee has become an urgent problem to be solved , except Layer 2 Wait for solutions , EIP-1559 It also attracted the attention of the industry . that EIP 1559 What is it , And what's the use ? Let's find out !

1.EIP-1559 What is it? ? What's the use of ?

 Ethereum London upgrade : Ethereum in effect EIP-1559 What is it?

Ethereum improvement proposal EIP-1559 from Vitalik On 2019 Put forward in , He tweeted that : At present, the income structure of Ethereum miners , The transaction fee income is close to half of the block reward , This may threaten the security of Ethereum .

Emphasize at the same time “ Proposals for the cost market ( for example EIP 1559) Can solve this problem ”.

 Ethereum London upgrade : Ethereum in effect EIP-1559 What is it?

EIP 1559 The aim is Improve the efficiency of Ethereum expense market , Make transaction costs more predictable , More efficient in dealing with surging demand , To capture greater Ethereum value .

The contents of the agreement mainly include the following four points :

1. Let all transactions pay the same rate as much as possible , Enhance user experience .

Blockchain platforms such as bitcoin and Ethereum , The first price auction system used ( That is, one “ seal up ” Auction , Buyers do not bid in order , Instead, they bid in writing and bid at the same time , The highest bidder will get the auction at its bid level .)

In this way, in the bidding process , The bidder does not know the total number of bidders and the price of the bid , It leads the bidder to pay a lot of money , Therefore, cost estimation has become a big problem .

EIP-1559 Try to solve this problem by applying the same rate to all transactions as much as possible . in the majority of cases , The user only needs to decide whether to pay the fee , Instead of deciding how much to bid , Because the cost estimation is more accurate , The handling fee is expected to be reduced .

2. Implement elastic block size restriction mechanism , Use of balanced block space .

In the face of soaring transaction demand , And when the use degree of blocks varies greatly , As long as the user pays , Miners can allow some blocks to expand , As long as other blocks are relatively small , Achieve long-term average block size limit .

3. Permanent block subsidies are proposed to encourage miners , Improve network security .

When the block subsidy runs out , Only rely on transaction fees to ensure security , The blockchain platform may encounter problems .

EIP-1559 Try to separate transaction fees from network security , Encourage miners with more reliable permanent block subsidies . Change the original transaction fee to the setting of basic transaction fee and tip , Destruction transaction fee , Tip the miners .

4. Stipulate that the transaction must consume a certain amount of ETH, Increase the difficulty of economic abstraction .

Economic abstraction refers to the ability to use any kind of blockchain assets , Pay the handling fee for initiating any blockchain transaction and the transaction operation itself .

EIP-1559 Stipulate that the transaction must consume a certain amount of ETH, And hope to increase the difficulty of economic abstraction .

Because when users can use any Token , Payment of transaction fees , Native  Token The reserve status and currency premium will be threatened .

2.EIP-1559 How is it going ?

 Ethereum London upgrade : Ethereum in effect EIP-1559 What is it?

2020 At the beginning of year ,ConsenSys Of Protocol The team agreed to help drive EIP-1559 Development , Its team said , About EIP-1559 At present, we are implementing 、 simulation 、 Formal analysis 、 And community expansion .

And on 2021 year 1 month 6 Japan ,EIP-1559 Already in Filecoin The main network is implemented and launched , Consumed by online transactions every day FIL about 10 Wan to 15 ten thousand .Filecoin founder Juan Benet Mentioned in the speech :

The adoption of this standard has achieved at least two key victories :

1. Fast track for high value transactions . As expected , Integrate EIP-1559 by Filecoin Participants provide a direct mechanism to solve this congestion problem , Without having to pay a high price all the time .

2. Network capacity management . up to now ,EIP-1559 Keep the cost of basic network capacity at its target 100% Well done in terms of .

And said EIP-1559 There are many striking features , And Filecoin The design considerations are very consistent . However, due to the great difference in basic costs , The rate of change is also high , Led to the key WindowPost The message is priced .

Last night, 8 spot , The long-awaited Ethereum main network is at the height of the block 12,965,000 Complete the London hard fork upgrade , EIP-1559 It also takes effect , This also starts to allow Ethereum to dynamically adjust the size of each transaction according to the transaction demand and block size Base Fee, And this part of the cost will be directly burned and destroyed , data display , By the end of the upgrade of the hard bifurcation in London 13 Within hours , Burn Ethereum 3300 More than one .

 Ethereum London upgrade : Ethereum in effect EIP-1559 What is it?

Data sources :etherchain.org

therefore , The transaction costs paid to miners are expected to be reduced , It also makes the consensus algorithm from the workload proof mechanism (PoW) Into a share certificate mechanism (PoS) The idea goes further .

3. Summary

EIP-1559   It breaks the current situation that the charging market is not friendly to users , At the same time, it captures the value of Ethereum network cost .David Hoffman Call it “ The last piece of puzzle in Ethereum's monetary policy ”, yes ETH “ The key to obtaining a currency premium ”.

however ,EIP-1559 It is difficult to fundamentally reduce the average handling fee , Because of the continued high handling fees , The essence is an extensibility problem, not a mechanism design problem .

You feel EIP-1559 Appearance , What value will it bring to Ethereum ? Welcome to share your opinion in the message area .

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