EIP-1559 update, which expects to reduce expenses, reduce Ethereum inventory, and thus bring benefits to customers, regardless of whether it is a matter of lowering fees or expanding the cost of Ethereum, since the redesign would reduce Ethereum's proposal, but this fix was not exceptionally liked. Miners who see themselves as survivors of this modernization.
Announcement of date and time of repair of "EIP-1559":
The "EIP-1559" update is reserved to begin the imminent Ethereum reform called "London" in July 2021.
The EIP-1559 modernization reduces exchange expenditures by consuming fees paid rather than submitting and paying.
Although the miners will lose cash, examiners accept that the update could pull off the cost of Ethereum and make the Ethereum network less expensive to use.
The EIP-1559 update will fix the way customers pay their Ethereum exchange fees. Currently, the expenses are paid to the miners to handle the exchanges.
The calculation of these fees depends on the shares and the interest of the clients in their regard.
If there is no blockage in the organization, miners can charge expense handling fees of more than $ 25 per exchange.
The EIP-1559 reform is being relied upon to replace the organic market framework where the fees are determined by the organization rather than by the miners, and the expenses collected from the customers will be incinerated rather than paid to the miners.
Is it useful for Ethereum?
The update is likely to be positive with Ethereum's protracted cost.
The gas fees will become less surprising, which means that Ethereum isn't just for the wealthy, inducing individuals to manufacture and use the organization.
Ethereum consumption will also increase the cost since it makes ETH coins more scarce, so unlike the dispersal of fees on the two metals, this Ethereum will vanish forever.
A blow to the miners:
Regular repair and modernization is not without analysis.
Two of Ethereum's top three miners are outraged that it will dilute what they are getting now, and 10 others have expressed disappointment with the overhaul.
The overhaul of "EIP-1559" is similar to the one that accompanies it:
Instead of giving the server a tip, she simply consumes it in front of him while you laugh at him.
Not all miners are against the suggestion, but there are individuals in favor, such as "F2Pool" that controls 11% of Ethereum's hash rate.
I don't think Miners will be long distance champions here.
I think they will fight.
However, I believe they will be weaknesses in the long run.
The much awaited Ethereum 2.0 update is closer than ever.
Ethereum will change from Proof of Work to Proof of Stake component.
The component will reward individuals who have a lot of Ethereum.
