Ethereum developers recently proposed a network change called EIP-1559 – a proposal to curb the rising transaction fees of the network. It is expected to take effect in July this year, a portion of each transaction fee will be sent to the Ethereum network itself. Ether allocated in this way will then be burned, reducing the number of coins in circulation.
This change will also reduce the amount of rewards going to the miners of the network, leading some to protest against the move. A singing group of participants has since started pleading for a demonstrative takeover of the network, which could threaten the security of the network. However, the group apparently does not intend to overthrow Ethereum, and insists that they only want to show the viability of such an attack. Buterin and other Ethereum developers have since responded by planning defense efforts.
“The purpose of this document is to describe a mechanism by which a merger can take place quickly, with little change to the ethpow or beacon customers,” Buterin said. This step will make the network essentially faster than expected after Ethereum 2.0.
“Like a clockwork, the Ethereum community quickly organized potential solutions to this possible 51% attack, with Vitalik taking the lead,” a Status blog post on March 12 said, pointing to the framework Buterin wrote has. “Vitalik describes how Ethereum can do a ‘quick merger’ by moving quickly from proof of work to proof of importance, with limited changes required for Ethereum customers,” the report said.
A miner known as ‘Bits Be Trippin’ said in a March 9 YouTube video: ” Part of the risk shown here is not to attack the network, that’s to attack shows that power projection is possible. ‘
Ethereum 2.0 is a comprehensive effort to take the proof-of-work, or PoW, network to a proof-of-game, or PoS, mining consensus – an effort that has been in the works for years.
Buterin’s recently proposed framework would accelerate the transition of the network’s mining consensus, and then decide to work out the twists and turns of the system. The merger could pave the way for smoother development on Ethereum 2.0, according to the report and Buterin’s headline.
The Status blog noted that the opposition group of the EIP-1559 had technically created enough power to carry out their 51% attack, based on the group’s web page during the blog post.
Ethereum’s network has been home to many important developments in the decentralized finance and non-flammable arenas over the past year. As the number of platforms and assets used on the Ethereum network grew, so did the network’s transaction fees.
Ethereum launched Eth2 in December 2020 with the launch of its beacon chain.