As the world waits the launch of ETH 2.0 people are wondering if EIP 1559 will make it through once they switch to PoS and miners no longer have as much of a vested interest?
From a practical view point, it is not possible to have miners without any kind of vested interest at all. Miners simply hope that spike in transaction fees would get spread out over a longer period of time instead of being burned.
Sydney Ifergan, the crypto expert tweeted: “Ethereum (ETH) Vitalik Buterin recently stated that EIP 1559 is exactly what the world needs right now.”
About the EIP 1559 Users opine that although it is true that EIP 1559 is interesting that they have read that it would harm miners a lot and they feel it is one of the reason for a great rejection of this proposal. Some of them were asking if this EIP 1559 is approved, if there would be a blackout to the ethereum network by large miners and mining groups.
In turn someone tried to clarified stating, Miners should or HODLed since the very beginning. Even if they HODLed prior to EIP 1559 being announced they would have been better off. Regardless, they’ve had their fair share to date. It’s obvious a change is needed at this point.
Despite all the discussions some of them are like: Lets deliver it asap. We Vote YES Eip-1559.
Some of them have to state that this would encourage miners to migrate to another blockchain, which in turn will affecting the processing power provided to the system and making transactions slower.
An ETH member tried to clarify stating, It wouldn’t make transactions slower since block difficulty is highly elastic, and miners on ethereum are currently receiving so many rewards that burning a part of the transaction fees will, imo, not cause any miners to flee to other chains.
LoveTheBeach made the conversation light by stating, “Ethereum at $1559 is exactly what the world needs right now!”
Danny ryan tweeted: “Thanks @ETHGlobal for letting me rant last week “eth1” & “eth2” are misnomers and imply a false sequentiality Instead, they are different layers of the same stack. eth1: R&D and upgrades to the user layer eth2: R&D and upgrades to the core consensus.”
When someone asked how to nickname them, Dannyryan replied: Not 100% sure eth-kernel/eth-user might work (drawing from kernel and user spaces in linux. The analogy only kind of works) or maybe just Serenity — the upgrade of ethereums core consensus from PoW to a sharded PoS.
Someone opined, to avoid confusion, they should be renamed to enp3s1 or something equally descriptive.
Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9
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