Next month, Ethereum\u2019s \u201cLondon\u201d hard fork will go live, and with it comes Ethereum Improvement Proposal (EIP) 1559. One of the most significant but also controversial alterations to the Ethereum blockchain since the split between Ethereum and Ethereum Classic in 2016, EIP-1559 brings with it several changes to the way fees are set and distributed on the network.Traditionally, users include a \u201cgas\u201d fee in their transaction to incentivize miners to include it in the block, and fees are set by the highest bidder model. If you set your fee too low, other users might outbid your gas fee and your transaction may linger in the pool until it expires and is cancelled. This can lead to unpredictable and volatile fees during high usage times. The new model will set fees according to network usage with a variable \u201cbase fee,\u201d which will be burned or destroyed, and only an optional tip will go to the miners. The base fee, or minimum fee, is automatically set by the Ethereum protocol based on usage and demand, aiming for 50% network utilization and drifting up or down to meet that goal.Considering over $1 Billion was earned in transaction fees by miners in May, miners and mining pools are understandably upset about this change and have vocally opposed it over the past couple of months, organizing protests and even threatening to stall the network in a show of force against the upgrade. These actions have only led to Ethereum developers pushing up their desired timeline for a move to Eth 2.0, which would formally transition the Ethereum blockchain from proof-of-work to proof-of-stake, cutting out the miner\u2019s role in securing the blockchain by basing security on staked assets, rather than hash power.Since the base fee will be burned when the transaction is included in a block,\u2026<\/p>","protected":false},"excerpt":{"rendered":"
Next month, Ethereum\u2019s \u201cLondon\u201d hard fork will go live, and with it comes Ethereum Improvement Proposal (EIP) 1559. One of the most significant but also controversial [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts\/4701"}],"collection":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/comments?post=4701"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts\/4701\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/media?parent=4701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/categories?post=4701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/tags?post=4701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}