{"id":451293,"date":"2020-12-04T16:28:40","date_gmt":"2020-12-04T16:28:40","guid":{"rendered":"https:\/\/wncen.com\/?p=451293"},"modified":"2020-12-04T16:28:40","modified_gmt":"2020-12-04T16:28:40","slug":"buterin-wants-ethereum-1-0-gas-fee-upgrade-despite-beacon-chain-going-live","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/buterin-wants-ethereum-1-0-gas-fee-upgrade-despite-beacon-chain-going-live\/","title":{"rendered":"Buterin Wants Ethereum 1.0 Gas Fee Upgrade Despite Beacon Chain Going Live"},"content":{"rendered":"<p>Ethereum co-founder <a href=\"https:\/\/twitter.com\/VitalikButerin\/status\/23101440\" rel=\"nofollow\">Vitalik Buterin<\/a> thanked everyone involved with the beacon chain upgrade, which went live yesterday. After years in the making, Ethereum&#8217;s proof-of-stake concept is finally a reality.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Congrats on the launch all!<\/p>\n<p>&mdash; vitalik.eth (@VitalikButerin) <a href=\"https:\/\/twitter.com\/VitalikButerin\/status\/23101440?ref_src=twsrc%5Etfw\" rel=\"nofollow\">December 1, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Beacon chain, or Phase 0, represents the first step in a long journey to transition into a proof-of-stake consensus mechanism. With that, Buterin also tweeted a revised roadmap detailing this journey.<\/p>\n<blockquote><p>&#8220;<span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\">The roadmap I made back in March updated with (very rough and approximate!) progress bars showing what has been done and some of the recent tweaks to the roadmap itself. A lot has been accomplished, but still a lot remains to be done!<\/span>&#8220;<\/p><\/blockquote>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1523\" height=\"1631\" class=\"aligncenter wp-image-451296 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/EoMLYGdVQAAv1q1.jpg?resize=1523%2C1631\" alt=\"Ethereum 2.0 roadmap\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/EoMLYGdVQAAv1q1.jpg?w=1523 1523w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/EoMLYGdVQAAv1q1.jpg?w=430 430w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/EoMLYGdVQAAv1q1.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/EoMLYGdVQAAv1q1.jpg?w=803 803w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/EoMLYGdVQAAv1q1.jpg?w=1434 1434w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/EoMLYGdVQAAv1q1.jpg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/EoMLYGdVQAAv1q1.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<pre>Source: <a href=\"https:\/\/twitter.com\/VitalikButerin\/status\/94663937\" rel=\"nofollow\">@VitalikButerin on Twitter.com<\/a><\/pre>\n<p>For now, Ethereum 1.0 and the beacon chain will run in parallel with one another. But considering the mammoth task that lies ahead for developers, the final product is likely years away.<\/p>\n<p>In the meantime, Ethereum 1.0 still suffers from several limitations; the most pressing of which is the high gas fees.<\/p>\n<p>Ethereum Improvement Proposal (EIP) 1559 was first floated in <a href=\"https:\/\/wncen.com\/news\/ethereum\/3-reasons-ethereums-future-hangs-in-balance-over-eip-1559-reform\/\">2018<\/a> to tackle this problem. However, as a proposal, it&#8217;s still unclear if EIP 1559 will make it into Ethereum 1.0.<\/p>\n<p>This is especially so considering the time and money involved in implementing it, only for Ethereum 2.0 to nullify the effort eventually.<\/p>\n<p>Nonetheless, as &#8220;short-term usability relief, &#8221; <a href=\"https:\/\/twitter.com\/VitalikButerin\/status\/94663937\" rel=\"nofollow\">Buterin<\/a> is determined to integrate the EIP 1559 upgrade.<\/p>\n<blockquote><p>&#8220;<span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\">Let&#8217;s work hard and get this important economic upgrade into ethereum soon.<\/span>&#8220;<\/p><\/blockquote>\n<h2>What is Ethereum Improvement Proposal 1559?<\/h2>\n<p>Under the present Ethereum transaction fee system, an auction mechanism determines the gas price paid by users. Users send bids to execute transactions, and miners choose which transactions to execute.<\/p>\n<p>However, this set up has several inefficiencies, the most problematic being the imbalance of power towards miners. By miners cherry-picking the highest paying transactions, the net result is an unusable and expensive network.<\/p>\n<p><a href=\"https:\/\/github.com\/ethereum\/EIPs\/blob\/master\/EIPS\/eip-1559.md\" rel=\"nofollow\">EIP 1559<\/a> brings several changes to the transaction fee system. Gas fees will consist of the base fee plus a small &#8220;miner bribe.&#8221;<\/p>\n<p>Instead of an auction mechanism, the base fee will move in line with network activity, bringing greater fee predictability into the mix.<\/p>\n<blockquote><p>&#8220;When the network exceeds the target per-block gas usage, the base fee increases slightly and when capacity is below the target, it decreases slightly.&#8221;<\/p><\/blockquote>\n<p>Under this proposal, the miner keeps the bribe, and the mechanism burns the base fee adding a deflationary aspect to the network.<\/p>\n<p>According to Buterin&#8217;s roadmap, developers have completed about 75% of the groundwork for EIP 1559. What&#8217;s more, existing Ethereum users are crying out for a solution to high gas fees.<\/p>\n<p>But, with Ethereum 1.0 in the stages of winding down, is EIP 1559 worth implementing?<\/p>\n<p>The fact that Buterin is pushing for EIP 1559 could indicate his lack of confidence in the timely completion of Ethereum 2.0.<\/p>\n<p>Few can grasp the scale and complexity involved with finalizing Ethereum 2.0. With that, it&#8217;s almost certain that the path to completion will be long and drawn out.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1805\" height=\"890\" class=\"aligncenter wp-image-451305 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Fe98mnmx.png?resize=1805%2C890\" alt=\"Ethereum daily chart\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Fe98mnmx.png?w=1805 1805w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Fe98mnmx.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Fe98mnmx.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Fe98mnmx.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Fe98mnmx.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Fe98mnmx.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Fe98mnmx.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<pre>Source: <a href=\"https:\/\/uk.tradingview.com\/symbols\/ETHUSDT\/?exchange=BINANCE\" rel=\"nofollow\">ETHUSDT on TradingView.com<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum co-founder Vitalik Buterin thanked everyone involved with the beacon chain upgrade, which went live yesterday. After years in the making, Ethereum&#8217;s proof-of-stake concept is finally a reality. Congrats on the launch all! &mdash; vitalik.eth (@VitalikButerin) December 1, 2020 Beacon chain, or Phase 0, represents the first step in a long journey to transition into a proof-of-stake consensus mechanism. With that, Buterin also tweeted a revised roadmap detailing this journey. &#8220;The roadmap I made back in March updated with (very rough and approximate!) progress bars showing what has been done and some of the recent tweaks to the roadmap itself. A lot has been accomplished, but still a lot remains to be done!&#8220; Source: @VitalikButerin on Twitter.com For now, Ethereum 1.0 and the beacon chain will run in parallel with one another. But considering the mammoth task that lies ahead for developers, the final product is likely years away. In the meantime, Ethereum 1.0 still suffers from several limitations; the most pressing of which is the high gas fees. Ethereum Improvement Proposal (EIP) 1559 was first floated in 2018 to tackle this problem. However, as a proposal, it&#8217;s still unclear if EIP 1559 will make it into Ethereum 1.0. This is especially so considering the time and money involved in implementing it, only for Ethereum 2.0 to nullify the effort eventually. Nonetheless, as &#8220;short-term usability relief, &#8221; Buterin is determined to integrate the EIP 1559 upgrade. &#8220;Let&#8217;s work hard and get this important economic upgrade into ethereum soon.&#8220; What is Ethereum Improvement Proposal 1559? Under the present Ethereum transaction fee system, an auction mechanism determines the gas price paid by users. Users send bids to execute transactions, and miners choose which transactions to execute. However, this set up has several inefficiencies, the most problematic being the imbalance of power towards miners. By miners cherry-picking the highest paying transactions, the net result is an unusable and expensive network. EIP 1559 brings several changes to the transaction fee system. Gas fees will consist of the base fee plus a small &#8220;miner bribe.&#8221; Instead of an auction mechanism, the base fee will move in line with network activity, bringing greater fee predictability into the mix. &#8220;When the network exceeds the target per-block gas usage, the base fee increases slightly and when capacity is below the target, it decreases slightly.&#8221; Under this proposal, the miner keeps the bribe, and the mechanism burns the base fee adding a deflationary aspect to the network. According to Buterin&#8217;s roadmap, developers have completed about 75% of the groundwork for EIP 1559. What&#8217;s more, existing Ethereum users are crying out for a solution to high gas fees. But, with Ethereum 1.0 in the stages of winding down, is EIP 1559 worth implementing? The fact that Buterin is pushing for EIP 1559 could indicate his lack of confidence in the timely completion of Ethereum 2.0. Few can grasp the scale and complexity involved with finalizing Ethereum 2.0. With that, it&#8217;s almost certain that the path to completion will be long and drawn out. Source: ETHUSDT on TradingView.com<\/p>\n","protected":false},"author":515,"featured_media":451294,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[1946,8686,78803],"class_list":["post-451293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Buterin Wants Ethereum 1.0 Gas Fee Upgrade Despite Beacon Chain Going Live<\/title>\n<meta name=\"description\" content=\"Ethereum co-founder Vitalik Buterin thanked everyone involved with the beacon chain upgrade, which went live yesterday. 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