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Given Ruvic / Reuters
- Ethereum developers have championed the network changes that will come this summer.
- They said the changes are very popular with users because they simplify fees and limit the supply of ether.
- But miners remain unhappy that their fees are reduced, with a debate in the community ongoing.
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The developers of the Ethereum network have championed major changes planned for the summer that will destroy ether tokens and reduce fees paid to miners, saying they are popular with users and could increase the price of the cryptocurrency.
The planned network modification, known in crypto jargon as EIP-1559, “is very popular among Ethereum users because it potentially makes Ethereum a deflationary asset,” said Ben Edgington, developer at ConsenSys, a closely related company. involved in the network. Tuesday.
Ethereum developers approved significant changes to the network that runs the ether cryptocurrency earlier in March. They are ready to overhaul the current system in which users send tokens to miners to pay for transactions to be made in a sort of auction process.
The changes, however, aroused the ire of miners, as they would reduce the fees they collect. Some even proposed some form of strike.
Still, the developers claim that users are supporting the changes, in part because the reduction in coins could cause the price of ether to rise sharply. Ether traded for around $ 1,800 on Wednesday. The token has gained around 145% so far this year.
Dan Finlay, lead developer of the popular Ethereum MetaMask wallet, said: “Its goal is to provide a more predictable transaction pricing system that reduces overpayments and presents a deflationary economy as a side benefit.”
As part of the changes, which will likely go into effect in July, users will send the network a basic transaction fee that would destroy or “burn” the ether tokens, reducing the number of coins in circulation.
This will move the system away from the current mechanism, where users have to bid to have their transactions included in blocks by miners, which can sometimes make the fees very expensive.
Edgington said these issues are “a significant problem for the usability of Ethereum and an obstacle to the wider adoption of Ethereum by non-specialists.”
Lex Sokolin, co-director of fintech at ConsenSys, said the changes will move network charges “from an unpredictable and unlimited pricing mechanism to something much more predictable.”
The anonymous founder of Pylon, a major North American ether miner, said there was a lot of “turmoil” in the world of Ethereum. They said the miners had spent time and money building facilities and now could face heavy losses from the changes.
“It comes back to the point [that] developers don’t mine, so they might care less about a miner, and miners don’t develop, so they might care less about reducing congestion, ”they said.
Some ether miners have threatened to go on strike or try to disrupt the system in other ways to protest the changes.
But there are signs of peace breaking out, with minors propose their own IEP – which represents Ethereum’s improvement proposal – which would increase their rewards and gradually lower them.
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