Developers Ethereum recently proposed a change to the network called EIP-1559 – a proposal to combat the growing transaction fees of the network. It is expected to take effect in July this year, a move that would send part of each transaction fee to the Ethereum network itself. The ether thus allocated would then be burned, which would reduce the number of coins in circulation.
This change would also reduce the amount of remuneration for miners in the net, leading to protests against the move. The vocal group of participants has since begun to push for a demonstration network takeover, which could compromise network security. However, the group clearly has no intention of overthrowing Ethereum and insists that it only wants to show the viability of such an attack. Buterin and other Ethereum developers have since responded planning defensive efforts.
“The goal of this paper is to describe a mechanism by which merging can occur quickly, with minor modifications to ethpow or beacon clients,” Buterin said. The move would essentially move the network to Ethereum 2.0 faster than expected.
“Like the watch, the Ethereum community quickly organized a potential solution to this possible 51% attack, with Vitalik leading the charge,” a blog post from Status he said March 12, leading to a framework written by Buterin. “Vitalik describes how Ethereum can make a ‘quick merger’ with a quick transition from proof-of-work to proof-of-stake with limited necessary changes for Ethereum’s clients,” he said.
Miner known as “Bits Be Trippin” commented during a video on March 9 on YouTube, which “Part of the display of risk here is not an attack on the network, it is to show that the projection of force is possible.”
Buterin’s recently proposed framework would speed up the transition of network mining consensus and decide to resolve system errors and details after detailing the situation. The merger could pave the way for smoother development on Ethereum 2.0, according to the paper and Buterin’s note.
The Status blog noted that the opposition group EIP-1559 had already technically accumulated enough energy to carry out its 51% attack, based on the group’s website at the time of publication of the blog post.
The Ethereum network has been home to many significant changes in the area of decentralized financing and non-operational tokens over the past year. With the growing number of platforms and assets running on the Ethereum network, the number of networks also grew transaction fees.
Ethereum launched Eth2 in December 2020, p launch its lighthouse chain.