July 24, 2021

New EIP hopes to quell tensions between Ethereum’s miners and developers

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A new Ethereum Improvement Proposal, or EIP, has emerged amid opposition from miners to scheduled changes to the network’s fee market. While some are looking to the proposal as a means to cool flaring tensions between Ethereum’s miners and developers, the EIP appears to have secured little support from the community.

In recent weeks, tensions have escalated over EIP-1559 — an upgrade slated for integration in July that is expected to discipline Ethereum’s volatile fee market while significantly impacting miner revenues.

The new proposal, EIP-3368, advocates that block rewards immediately be increased to 3 Ether and then reduced to 1 Ether over the two years following 1559’s implementation to ease the impact of Ethereum’s transition to Proof-of-Stake on miners.

On March 13, Ethereum developer Tim Beiko took to Twitter to share EIP-3368, encouraging robust debate over the proposal within the Ethereum community. While Beiko emphasized 3368 “is not accepted” or “scheduled for a fork” yet, the developer described the proposal as “the most tangible thing to come out of miner conversations [regarding 1559] in the past few weeks.”

Coming out of my twitter break toTitle: New EIP hopes to quell tensions between Ethereum’s miners and developers
Sourced From: cointelegraph.com/news/new-eip-hopes-to-quell-tensions-between-ethereum-s-miners-and-developers
Published Date: Mon, 15 Mar 2021 04:05:28 +0000