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- Tim Beiko recently released the first official updates of EIP 1559
- The Ethereum Improvement Proposal (EIP) 1559 was proposed for the first time in 2019 by Ethereum’s CEO and Co-founder Vitalik Buterin
- The most recent simulation update is regarding the implementation work of the Ethereum Foundation’s Robust Incentives Group
Tim Beiko recently released the first official updates of EIP 1559. He further mentioned that he would provide such updates once or twice a week as they continue making progress on the EIP.
EIP 1559 was First Proposed by Vitalik Buterin
The Ethereum Improvement Proposal (EIP) 1559 was proposed for the first time in 2019 by Ethereum’s CEO and Co-founder Vitalik Buterin. The proposal aims at improvising the Ethereum fees market. It will make the Ethereum fees much more certain and predictable. In addition, the handling of the price spikes will be done much more efficiently. The EIP 1559 proposes to stretch the size of each Ethereum block twice its existing size while maintaining the half fullness of the block. The system will achieve this by a simple procedure. EIP 1559 uses the minimum Ethereum gas price or base fees that every transaction must pay in order to be included in the block. The mechanism works in this way: when a block is more than 50% full consequently the base fees goes up, and when a block is less than 50% full, it goes down.
Vulcanize.io Team Studied the Necessary Changes Required in the Proposal
One of the first development works that were done on the EIP 1559 proposal was an implementation study that was released an year ago. The study highlighted all the changes that would be necessary for implementing the proposal. Soon, the Vulcanize.io team began the development procedures for the proposal. Soon after, the main developers got together and began discussions regarding the same. At the beginning of the year, the Consensys Development team confirmed their contribution towards the development of the project, by introducing another use case of the Hyperledger besu. However, more recently both Hyperledger and Besu have been implemented on the EIP.
Development Team Confirms That EIP 1559 is Optimal and Ideal
The most recent simulation update is regarding the implementation work of the Ethereum Foundation’s Robust Incentives Group. The main focus of these implementations is to determine as well as analyse how the EIP would behave under a relatively higher range of different usage patterns which briefly include network operating normally, a large spike of usage, users submitting their transactions strategically based on historical base fee values and so on. The update statement has revealed that EIP 1559 is game theoretically sound and, ideally, optimal, which indeed is great news for the community.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
