The London hard fork of Ethereum will arrive tonight (Beijing time). Together with it will be the EIP-1559 Ethereum improvement proposal, which aims to solve the problem of ongoing transaction fees in the network. This upgrade will affect Ethereum (ETH) The economy will bring about major changes and will have a wide-ranging impact on all aspects of the Ethereum ecosystem.

This article mainly discusses the changes that the EIP-1559 proposal may bring to miners, and what will happen if miners do not accept the proposal?

ETH has played a key role in the Ethereum network for a long time, and users need to pay "gas" fees with ETH when making transactions. And miners engaged in transaction verification and blockchain upgrade work have been paid in the form of ETH. EIP-1559 aims to change this system. The user will pay a simplified fee (now called the "base fee", which is usually set automatically by the wallet), and will also pay a "tip" that can be used to speed up the transaction.

However, this base fee is not paid to the miners who verify the transaction. On the contrary, it will be "burned" by the network-which means it will be permanently removed from circulation, and some potential impacts include: The income may decline.

The difference between the current system and this new version is that miners will not set fee rates; the network will use a special algorithm to achieve a delicate balance in the entire Ethereum ecosystem-consistency. In addition, miners will not receive transaction fees; these transaction fees will be burned, which will reduce the supply of Ethereum to a certain extent and prevent any maliciously created for-profit network congestion.

So, what will happen if the miners do not accept the proposal?

After the launch of EIP-1559, miners who have upgraded to the latest client software in advance will automatically start producing blocks under the new fee structure; other miners who have not upgraded will continue to mine the old version of Ethereum. These splits are called "controversial hard forks."

Ethereum itself has also undergone a hard fork. In 2016, hackers used this vulnerability to transfer ETH; Ethereum founder Vitalik Buterin proposed a hard fork concept, through which hackers used the loopholes to transfer blocks of transactions to become invalid. More than 85% of Ethereum's computing power supports the hard fork, and the Ethereum hard fork was successful. The new chain is Ethereum (ETH), and the original chain is Ethereum Classic (ETC).

Will Ethereum create two competing Ethereum chains due to this upgrade? We will wait and see.

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