Ethereum News

The summer Ethereum fee reduction plan applies to the network


Leading Ethereum developers have agreed to add the EIP-1559 improvement plan for the Blockchain to the London Fork. The plan is expected to become operational in July.

to the the report Cryptoburfing, Ethereum developers reached a consensus to add EIP-1559 to London Hard Fork. Although the plan has received a negative response from miners, it could greatly improve Ethereum’s economic plan and security. The major EIP-1559 project will be operational next July in London Hard Fork.

Tim Beiko, the coordinator of the researchers working on the update, confirmed the news on Twitter.

We talk about the EIP-1559 plan and the opposition [فعالسازی] We agree on a hard bomb in London Hard Fork.

Bico posted this live from the last AllCoreDevs meeting. He suggested that EIP-1559 be implemented as part of the London Hard Fork, to which other Ethereum developers agreed.

Bico has just begun finalizing the launch date of the London Fork at the Gate Hub. He suggested that the plan be put into operation on the main network in July. The fork is scheduled to follow the Berlin fork, which will take place in April.

EIP-1559 is the most anticipated update since the launch of Serenity in December. In this upgrade, part of the gas commissions per transaction burns, which reduces the supply of Ethereum. Bico told Crypto Briefing that EIP-1559 could be considered a “reciprocal purchase” plan earlier this year. This design can turn the Ethereum into an anti-inflammatory asset.

Justin Drake recently shared a post showing how the EIP-1559 project could affect the Ethereum. He used the term “super healthy money” to compare Ethereum to Bitcoin and the famous “healthy money” version of it.

Although EIP-1559 reinforces the Ethereum value proposition and network security, it has always been one of the most controversial issues for members of the Ethereum community.

Some miners have opposed the upgrade because it hurts their revenue streams. SparkPool and Bitfly are two important mining pools that regularly share their concerns on Twitter. Spark Money said on February 5 in this regard:

We are upset that many are just worried about the price.

Meanwhile, another large Ethereum mining pool, F2Pool, has supported the update. The team from this mining pool wrote in a post titled “Standing on the bright side of history” on February 25:

Dissenting views have focused only on the loss of miners’ incomes in the short term; So now we fully support the project and help move it forward.

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