EIP-1559

EIP-1559 It is an Ethereum improvement proposal , Aimed at Optimize the fee market system of Ethereum blockchain . 

EIP - On 2021 year 8 month 5 On the th, it was activated in the hard fork upgrade in London - Will change Ethereum gas How the cost is calculated , thus Simplify transactions UX , improve ETH The economy of , And overall Improve the security of Ethereum . 

EIP-1559 The origin of

By Ethereum co-founder Vitalik Buterin and EthHub cofounder Eric Conner The impact of early research ,EIP-1559 from Buterin、Conner And a few other Ethereum core developers 2019 year 4 It was officially proposed in August . 

EIP To solve Ethereum's simple legacy “ First price auction ” The low efficiency of the cost system , That is, the fees are overpaid 、 Fee fluctuations and transaction delays .

To overcome these inefficiencies ,EIP-1559 In particular, the author of suggests a new “ Fix each piece ” Expense system , The system has dynamic block size and cost burning mechanism . For more than two years ,EIP-1559 Have been discussing in Ethereum community 、 Research and testing , Until the final approval of the core developers will EIP Included in Ethereum on 2021 year 3 London upgrade in December . 

EIP-1559 How it works

Ethereal Legacy The fee market often causes Ethereum blocks to be filled with transactions from the highest bidder since the previous block . This format can lead to Unnecessary upward bidding pressure as well as ETH Gasoline price and trading time uncertainty .

To overcome these shortcomings ,EIP-1559 A new charging system is introduced , There are three key elements ： Basic cost 、 Gratuity and Cost cap . 

Basic cost

Set by Ethereum , The basic fee means that the transaction must be used for inclusion in the Ethereum block   Minimum amount of gas .

If traders cap their fees （ See below ） Set above basic cost and for miners （ And the next verifier ） Add tips , They can reasonably assume that their transactions will be confirmed in the following series of blocks . This dynamic contrasts with the current legacy fee system , In this system , The user can trigger the transaction , And then the conditions change so fast , So that the transaction could not be confirmed for hours . 

It is worth noting that , The basic cost is burnt （ That is to destroy ）, If the demand for Ethereum block space permits , This can lead to ETH Become a deflationary asset in the future . 

Gratuity

Set by the user , Tips are added to the transaction , To compensate the miners / Verifier's risk , For example, digging uncle blocks . This technique also enables traders to Pay a premium over the basic fee , To dig faster / Verify their transactions . therefore , When Ethereum block is now 100% Full hour , The prompt allows the user to temporarily revert to the traditional “ First price auction ” System to complete their transactions . 

picture From David Hoffman .

 

Cost cap

The upper fee limit is set by the user , Indicates that Ethereum traders are willing to pay for the transaction The maximum natural gas volume . The fee cap includes basic fees and gratuities , When the transaction is confirmed , The trader will receive a refund , As the difference between the amount actually spent and the proposed fee cap . In short , Cost cap –（ Basic cost + Gratuity ）= refund . The system ensures that the user will never   Pay more gas than they are willing to pay .

review ： What was burned and what was paid

• stay EIP-1559 Next , The miners / The verifier gets paid block reward + Gratuity . 

• All accrued basic expenses will be burned . 

• Users set their own fee caps and tips , The basic cost is determined by the agreement according to the demand . 
• EIP-1559 It can still promote traditional style transactions . When these transactions enter , Their gasoline prices will simply translate into cost caps , Including their own basic fees and tips . 

EIP-1559 The advantages of

As mentioned earlier ,EIP-1559 The activation of provides three fundamental advances ： Improved Ethereum transaction user experience 、 The improved ETH economy and Improved Ethereum security . 

Improved user experience

EIP-1559 At the protocol level, it defines the... Of Ethereum transactions gas Price , thus Lighten the concern about gas Most of the uncertainty about the transaction time with Ethereum . 

EIP-1559 One of the main ways to achieve these mitigation measures is Let the block reach 200% full , That is, whether Ethereum gas What is the limit , Can double . This additional flexibility will give Ethereum a better ability to support transaction needs , Thus, the transaction waiting time is shortened and the gasoline price estimation is clearer . 

 

picture come from Finematics.

improve ETH economy

EIP-1559 All basic expenses are required to be in the form of ETH payment , In fact, the traditional cost system does not specify that it must be ETH payment gas. 

This traditional dynamic is the possibility of economic abstraction Left space , namely ETH Lost its core importance in the Ethereum network .EIP-1559 Allow only to ETH Pay basic expenses , This reduces this abstraction , Thus consolidating ETH The economic status of . 

Besides , If the demand for Ethereum block space continues to remain high or starts to grow from here , Then the basic cost combustion may cause ETH The shift from inflationary assets to a steady decline in supply   Of Deflationary assets .

Improved Ethereum security

EIP-1559 It also improves the security of Ethereum in various ways . First ,EIP-1559 Help to prevent For Ethereum network   Spam attacks

before , Theoretically , Attackers can collude with miners to try to send spam to Ethereum to obtain lower than market natural gas costs .EIP-1559 Make sure that such spammers never pay less than the basic cost of launching an attack , So over time , Such attacks can become even more expensive , Because the culprit keeps raising his basic expenses . 

Besides ,EIP-1559 Can help prevent Small scale reorganization or reorganization of Ethereum . 

Due to the nature of decentralized blockchain consensus , Reorganization can occur without malice , But they can also be designed and executed for the benefit of malicious agents . Due to the tradition of Ethereum “ Gas wars ” As a result, the block is full of huge transaction costs , Miners have a very important motivation to perform small blockchain restructuring . by comparison ,EIP-1559 It will consume basic expenses , This leads to a smaller attack incentive .

Big picture

EIP-1559 The activation of marks the Ethereum ecosystem An important milestone of . The system not only improves the user experience of Ethereum's charging market , It is also the latest high-profile reminder , The Ethereum community has the ability to conduct high-quality 、 Grassroots driven and years of research and development (R&D) Work . 

at present , The biggest problem is ETH How long will it take because EIP-1559 Expenses burn and become deflationary . The short answer is that no one knows . The exact answer is , As long as it burns every day ETH The cost exceeds that allocated to miners through block rewards / Of the verifier ETH Number ,ETH Will become deflationary , Because it was destroyed at this time ETH Will be more than created ETH.

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