Possibility of Split Chain Of Ethereum
Ethereum Improvement Proposal (EIP) 1559 will cut down the revenue of miners. Economically, they will discomfort with this proposal. EIP seems to support big investors instead of some miners.
pic : fwww.cryptoispy.com
From that reasons, is it possible that Ethereum will be split into two networks. What then with all Ethereum tokens if split chain takes place? Hundreds of dapps based on Ethereum 1.0. When some miners decide to stay on the network instead of agree to the EIP to be Ethereum 2.0. Hardfork or split chains is possible. This will affect to all ecosystems in ethereum network.
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
This was stated by Michael Carter of Bits Be Trippin, a YouTube channel for Ethereum miners. In his words in the video, he said, “This is a show of force. It’s a show of how miners can coordinate.”
Some eth miners accumulate hash power to ethermine. Ethermine is the second largest mining pool that opposes to EIP.
“That pool (Ethermine) is not going to attack the network. There’s no incentive for them to attack the network,” Carter told his 55,000 subscribers.
Will eth be two chains?
From the two statements I see contradiction. First, a group of miners show of force to coordinate the hash power to ethermine. While other statement that the pool is not going to attack the network.
In the two contradiction, there is no guarantee that some miners will not attack the network when EIP is applied completely. Some miners will not disagree with the cut of revenue because EIP. This is an economic reason. This is a real and rational reasons for miners to reject EIP. On other sides, will the old network be as stable as the EIP network after hardfork? Most developers and investors agree to EIP and the founder of Ethereum Vitalik is the man in the front line.
Ethereum users and EIP
The hard fork of EIP-1559 has been strongly supported by ETH developers and users, but also strongly opposed by partial ETH miners. The final result will be seen in the “London hard fork” in July or August this year.
Most ethereum users will get benefit from the reducing gas fee. Some developers may will support this proposal. Ethereum gas fee is very high. The rise of defi and other projects also make the bid of gas is higher. With EIP users will have choice to set the fee as tip.
The system will automatically quote a reasonable price to the users, and they will be able to choose whether they want to pay an additional fixed tip, instead of having to set up a bid to compete to be the first to be recorded in blocks, as in the past.
In this occasion, gas fee will be reduced for users so that earning rewards for miners will go lower too. Users will not care about miners in general. They will think of economic benefit when they use coins. When eth gas fee is too high, we can see some developers and investors move to binance smart chain , polkadot and other networks that promise lower gas fee with the same smart contracts capability. Binance smart chain is one of the most growing dapps and defi after ethereum as the choice of the higher gas fee in eth network.
Lowering gas fee will be more interesting for general users. However, ethereum miners are part of the ecosystem of eth network. Will eth be two chains or not depends on the final consensus. Let's wait and see what is going to be. All this content is my personal opinion. Thanks for reading hope you enjoy and take benefit don't forget to upvote and follow me to support me write better contents. Follow me @lebah I will follow you back!
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