Ethereum founder Vitalik Buterin is developing a strategy to remove a potential 51% attack and other vulnerabilities from the blockchain. It is expected to go into effect in July this year. The move would send a portion of each transaction fee to the Ethereum network itself.
After the Ethereum team developers made the ‘fatal’ change to EIP-1559 on Twitter, and the entire crypto community as a whole, thousands of disgruntled comments from miners thundered. They were not satisfied with the fact that after the update they were deprived of part of the reward.
Initially, EIP-1559 aims to reduce fees for all transactions on the Ethereum network. The developers proposed a solution when a part of each commission for the operation performed by the user will be sent “back” to the Ethereum network. And, the amount of coins to be allocated in this way will simply “burn”, reducing the total volume of ETH in circulation.
Vitalik Buterin leads the strategy
“Like clockwork, the Ethereum community has quickly organized possible solutions to this possible 51% attack. With Vitalik Buterin in charge, developing a strategy ”. According to a Status post on March 12, pointing towards the frame written by Buterin. “Vitalik describes how Ethereum can perform a quick merger going from proof-of-work to proof-of-stake. With limited changes to Ethereum clients, ”the post read.
Meanwhile, a miner known as “Bits Be Trippin” commented in a YouTube video on March 9 that, “part of the risk shown here is not attacking the network, it is showing that force projection is possible.”
Ethereum 2.0 is a scaling effort that seeks to bring proof-of-work, or PoW, to a proof-of-stake mining consensus, or PoS, an effort that has been in the works for years.
Buterin also clarified that they will be able to move quickly to ETH 2.0 if urgently needed. However, an attempt to reach a solution in a couple of days, which took several years to develop, still does not sound convincing.
The framework recently proposed by Buterin would accelerate the transition of the network mining consensus, choosing to resolve the problems and details of the system after the fact, the State publication detailed. The merger could clear the way for more fluid development on Ethereum 2.0, according to Buterin’s post and article.
According to the creator of Ethereum, downloading the network after EIP-1559 will have a positive effect on the price of ETH, because the commissions will not be received by the miners, but by the users. Consequently, the rate should skyrocket.
We will see how viable this forecast will be in April. Let us know your opinion in the comment box!