Justin Drake believes that in less than one year a proposal to reduce commissions would be ready.
According to the estimate of developer Justin Drake, the EIP-1559 proposal, which seeks to reduce fees on Ethereum, could be ready to see its incorporation into the network in less than a year. He said in the last AMA session (“Ask me anything”, for its acronym in English) that took place on Wednesday on the Reddit platform.
For this researcher from the Ethereum Foundation, “it has improved a lot lately” in the development of this proposal. The organization he works for, he explained, supports the advancement of EIP-1559 “with a significant grant.”
None of the developers, who participated in the AMA, among whom was the co-creator of Ethereum, Vitalik Buterin, explained the reason for the delay. The proposal saw the light in March 2019 and, since then, it has been under development and discussion before being incorporated into the protocol.
The problem of high fees in Ethereum increases when the network suffers some congestion. This situation happened on numerous occasions this year. The massive use of decentralized finance protocols (DeFi) and the UNI token airdrop, for example, caused network congestion.
Why some mining pools reject this proposal on Ethereum
EIP-1559 is rejected by some mining pools. There is uncertainty about how miners might incentivize users to tip higher. Is that EIP-1559, unlike the current protocol, adjusts the base commission according to the demand of the network and sends a single commission offer per transaction. This base commission does not go directly to those responsible for mining but is burned. The miners receive what is called a “tip” as an incentive.
To avoid a possible “bidding war” with tips, such as with commissions, the Ethereum Foundation proposes solutions from the side of the wallets. These could detect network congestion; in that case, it offers users the ability to set a low or high priority for the transaction.
EIP-1559 and Ethereum 2.0: complementary developments
During the AMA, Ethereum developers also referenced EIP-1559 within version 2.0 of the network. There anyone can find the proposal by default. “EIP-1559 is part of the Ethereum 2.0 specification,” confirmed developer Danny Ryan. He added that there “similar mechanics will serve to burn commissions and establish the price of gas” and explained that the investigations in both networks complement each other.
There is a lot of overlap from the theoretical point of view, so most of the research and development for the EIP-1559 on the Ethereum 1 mainnet lays on the design and understanding of the use of this tool for Ethereum 2.0 data markets, Said Danny Ryan, developer of Ethereum Core.
By: Jenson Nuñez.
