Posted 5 months ago | by @devadmin
Miners are aiming to protest the EIP-1559 proposal that will cut their revenues due to the current flawed mechanics of gas fees bidding. Meanwhile, Vitalik Buterin the Co-Founder of Ethereum has stated that ETH is ready to scale imminently within the next couple of weeks with Optimism an L2 cross-roll up solution
A group of Ethereum miners are organizing to redirect their hash power to a pool that is opposed to the 1559 proposal for 51 hours symbolizing a 51% attack.
For educational purposes, let's collectively move our hash to https://t.co/6osh2Op6yl April 1st for 51 hours. @etherchain_org @BitsBeTrippin @SonOfATech @maxvoltage @SavageMine @VoskCoin @Nemisist2 @notyournormalm1 @BrandonCoin1 @GuntisVitolins #eip1559 #stopeip1559 #Ethereum
— Red Panda Mining (@RedPandaMining) March 7, 2021
The Ethereum Improvement Proposal (EIP) is proposing to replace the ETH network’s existing model of gas fees bidding with a fixed price and burn in July with the “London” hard fork, as Bitboy Crypto previously reported.
Although, the proposal is expected to put stress on the revenue of miners with some estimates suggesting a massive 50% of lost funds. As a result several Ether miners in opposition to the proposal, have planed a 51-hour hash war starting April 1st ironically April Fools day. Miners aim to direct their hash rate to the 1559-opposed pool, Ethermine, for 51 hours to harness more than 51% of the hash rate. If successful miners would hold enough power to make significant one-sided changes to the Ethereum network.
At the same time, Ethereum co-founder Vitalik Buterin has proposed a solution for cross-rollup scaling of the network and said that Optimism’s roll-ups are coming in the weeks to come. Buterin’s proposal outlines utilizing two protocols to use rollups to communicate with each other while maintaining interconnectivity.
Rollups are layer-two solutions that will process and store transaction data off the main chain. There are two types of rollups. There are (ZK-rollups) which is based on validity proofs and then there are fraud proofs under optimistic rollups. Vitalk has recently announced in a podcast that he was confident that layer-two solutions can support the network until sharding is developed noting one specifically called Optimism which he said will be ready within weeks.
“Rollups are coming very soon,” Vitalik said, adding: “we’re fully confident that by the time that we need any more scaling of that, sharding will have already been ready for a long time by then.”
Buterin stated that Optimism will soon launch their Ethereum Virtual Machine, or EVM,-compatible rollups “in around a month or so.” Vitalik further highlighted the notable progress made by Arbitrum on their own EVM-compatible rollups. Meanwhile, there is also our partner Cartesi that is working on roll-ups with a Linux machine as Bitboy Crypto has expressed in videos and promotional articles on this site. Everyone seems to be competing to be the first to fix Ethereum’s scalability issue. On the other hand, miners are threatening the security of the network for attempting to bring down gas fees with the recent EIP-1559 proposal. It’s worth noting that miners will be phased out in ETH 2.0 with proof of stake replacing proof of work, so this drama with miners doesn’t make much sense. Watch Ben of Bitboy Crypto explain what all this means in the livestream below.
Ethereum is currently trading at [FIAT: $1,823.92 ] DOWN -0.6% in the last 24 hours according to Coingecko at the time of this report.