What is EIP-1559?
The EIP-1559 proposal was proposed by Eric Conner of the Ethereum community in November 2018, and the core problem to be solved is the transaction pricing problem of the Ethereum network. GitHub address:
https://github.com/ethereum/EIPs/issues/1559
The EIP-1559 proposal has made great adjustments to the transaction pricing scheme of the Ethereum network, from the original market auction mechanism (the one with the highest price is packaged first) to the base fee + tip; at the same time, it also has dynamic scalability The block size is designed to cope with instantaneous network congestion.
In the EIP-1559 proposal, although the base fee of each block is fixed, it will adjust the base fee of each next block according to the congestion of the network. The proposal mentions that there will be an algorithm to adjust the rise or fall of the base fee, which will be adjusted according to the amount of gas consumed in the last block and the target gas limit. When the gas consumed by the previous block is higher than the target gas, the base fee will increase; otherwise, the base fee will decrease.
When the network is congested, tips are used to motivate miners to pack user transactions into blocks. Each transaction can specify a base fee and an upper limit for tipping.secondary title
miner level
The EIP-1559 proposal has been questioned and opposed by some miners in the last six months. We will not delve into whether the EIP-1559 proposal is reasonable here, but just sort out its impact on the miner community.
In this proposal, the most noteworthy point is that the base fee will be destroyed instead of being owned by the miners.This is understood by many investors as a great benefit for ETH, because this move will destroy a part of ETH, which in turn will bring about a deflationary effect.
When miners participate in ETH mining, they can only get fixed block rewards and tips included in block transactions. It is estimated that the base fee in the block should be much higher than the tipping fee. so,secondary title
user level
In the current Ethereum transaction pricing mechanism, if you only use your wallet to transfer funds occasionally, you may not feel the pain of pending.For developers or users who often interact with smart contracts on the chain (such as NEST quote miners and DeFi arbitrageurs), the experience will be deeper.For example, you may often encounter inaccurate gas price estimates, causing the transaction to remain in the pending state. If the front-end interaction tool does not have the function of "cancel transaction" or "accelerate transaction", then you can only wait dryly; if you want to initiate another transaction, it will not solve any problems, because the previous transaction has been blocked There, no matter how high the gas fee for your new transaction is, you have to wait for the completion of the previous transaction. Is it painful? Yes.
What's more painful is that it not only wastes your time and energy, but also increases your basic cost of using the Ethereum network. Originally, a transaction can be solved by spending A ETH, but due to the gas price estimation problem or the short-term fluctuation of the Ethereum network, you may need to spend 2A more to complete the packaging of this transaction.
However, if it is the EIP-1559 proposal, these problems mentioned above will be greatly alleviated. because,In the EIP-1559 proposal, users do not need to estimate the gas price when packing the transaction. They only need to set the maximum amount they are willing to pay to get the included package of the transaction without worrying about paying too much.If the current base fee is 10 and the tip is 1, even if your payment limit is 1000 gas, then the actual consumption is only 11 gas. Rather than the current Ethereum transaction pricing mechanism, if your gas fee setting is 10 ETH, then 10 ETH will be burned as a gas fee.
secondary title
Investor level
Summarize
Summarize
Previously, we just did a simple attribute analysis. As far as the entire EIP-1559 proposal is concerned, it is very complicated, with many hidden functions and issues worthy of discussion. To sum up the above points, we can see that the most significant feature of EIP-1559Features: Improve the availability of the Ethereum network and weaken the miners' transaction packaging income.There is no news about the specific implementation time of the EIP-1559 proposal; according to the recent AllCoreDev meeting of the Ethereum community, it is possible that after the Ethereum "Berlin" hard fork, there will be another fork, and the EIP-1559 proposal will become The most compelling EIP candidate in this fork.
In view of the high probability of opposition from miners, whether the EIP-1559 proposal can be implemented is highly variable.
