The Ethereum Cat Herders are hosting a call on EIP-1559 featuring the major stakeholders concerned with the proposal: EIP champions researchers, developers & miners from the Ethereum community. After a brief overview, the panel will discuss the concerns raised by miners about the EIP, discuss relevant development and research updates and answer community-submitted questions.
What is EIP-1559?
This Ethereum Improvement Proposal (EIP) suggests a new transaction pricing mechanism that includes a fixed-per-block network fee that is burned and dynamically expands/contracts block sizes to deal with transient congestion. This EIP changes several fundamental parts of the protocol, including block headers, the transaction format, and the transaction pool. It would bring significant UX and economic benefits to Ethereum. It was originally proposed in 2019 by Vitalik Buterin and Eric Conner and has been in active development over the past 18 months.
👥 About the Stakeholder Call
The Ethereum Cat Herders are organizing this call to bring authors, client developers, and other stakeholders together to understand the pressing need of the proposal and address any concerns in hopes of coming to a community consensus.
The EIP champion will explain the proposal, sharing some of the research & testing work done around the proposal to fill in everyone with the current state of development. Miners will then have an opportunity to voice their concerns about the EIP, which developers and researchers will try and address. If time permits, questions from the community will also be addressed.
With the change in the transaction fees distribution as proposed in the EIP, some of the Ethereum miners’ expressed their dissatisfaction; which was also collected in the 1559 community outreach report. As the development progressed, a handful of miners showed-up in the 1559 Discord insinuating the mainnet deployment to be a contentious upgrade. This community call is mainly to address miners’ concerns and build consensus for the Ethereum network upgrade followed by the Berlin upgrade.
🗣 Speakers & Panelists
- EIP champion — Tim Beiko
- EIP author — Rick Dudley
- EIP editor — Micah Zoltu
- Research & simulation — Barnabé Monnot, Hasu & Georgios Konstantopoulos
- Client developer — Tomasz K. Stańczak (Nethermind)
- Network upgrade coordinator — James Hancock
- Miners — Wang Chun (F2Pool), BitsBeTrippin (Independent), Chris K.(Flexpool.io)
- Community — Aftab (DC investor)
- Ethereum Foundation — Hudson Jameson (All Core Dev meeting moderator)
Support (Chatbox questions)
- Ethereum Cat Herders — Pooja Ranjan (Herder-in-chief)
🪑How to join
If you have a question about the proposal, testnet results, or general understanding of why this is a good proposal for the Ethereum 1.0 chain, please post your question to the Reddit post, Fellowship of Ethereum Magicians, or join the live-stream. Everyone is welcome to join us!
Join us at ECH YouTube, on Friday, February 26, 2021, at 1400 UTC.
Considering the far-reaching implications of this proposal; detailed technical & economic research has been conducted. The client developers are engaged in simulations & testing to prevent any failure with the deployment on the mainnet. Multiple resources are available in terms of blogs, & video explanations.
- EIP- 1559: Fee market change for Ethereum 1.0
- Tim Beiko updates
- Barnabe’s Notebook
- EIP 1559 and Fee Structure by Vitalik Buterin
- What Does a Miner Revolt Look Like? By Micah Zoltu
- Analysis of EIP-1559 by Hasu & Georgios Konstantopoulos
- EIP-1559: Fee market change for Ethereum 1.0 chain on Peep an EIP
- ETH miner revenue with and without EIP-1559
And a comprehensive resource list available on Ethereum Cat Herders website.