Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Ethereum News & Updates => Topic started by: Fawpac2 on May 27, 2021, 08:45:14 PM
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Ethereum Improvement Proposal (EIP) 1559 is one that keeps on giving - discussions, that is. What it does not do is "deliver," argued Founder and CEO of popular Ethereum (ETH)-focused wallet manager MyCrypto, but receiving numerous counterarguments along the way.
The contested and much-debated EIP-1559 has been through reports of "likely" miner support to a failed "educational show of force." That said, this bringer of a token burn mechanism and automatic fee setting is included in the upcoming upgrade, known as London hard fork, and scheduled for this July.
While many users got interested in this proposal, "unfortunately the social traction seems to be mostly due to the not-so-subtle promises of "$ETH price go up!" and/or "TX fees go down!", [while] the early promises of overpayment reduction, market efficiency, fee stability, and even reduced TX fees seem to be.....not actually a thing, said Monahan in her Twitter thread.
EIP-1559 is "a fundamental change to an expansive, live network made of people, machines, systems and subsystems, each with massive financial incentives," and while Monahan said she was even willing to "sacrifice a perfectly perfect solution if it meant more people were more empowered to better the system" - one must always keep in mind how the proposals operate in reality, not in theory.
The reality that seems to be missing from EIP-1559 is that people pay what was recommended by clients, wallets, and random pricing APIs, or a bit less than the amount they profit off the execution of a transaction, meaning 'the prevailing market price. Source (https://cryptonews.net/709898/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared)