Ethereum Developers Introduce EIP-3668 Compromise

Ethereum developers have unveiled EIP-3368. The proposal assumes an increase in the miner’s reward for a block to 3 ETH and its reduction to 1 ETH after the implementation of the burning of a part of transaction fees in the London hard fork.

Developer Tim Beiko stressed that the initiative has not yet been accepted and integrated into one of the upcoming hard forks.

The initiative could mitigate divisions between the community and opponents of EIP-1559. Earlier, the latter announced a campaign against the abandonment of the existing fee market based on bidding on April 1. In February, the share of commissions received amounted to 52.9% of the total revenue of miners, which reached a record $ 1.36 billion.

The implementation of EIP-3368 will soften the blockchain’s transition to the new Proof-of-Stake consensus algorithm.

One of the active participants in the “strike” on April 1, Red Panda Mining, promised to abandon the “show of force” and support the new proposal.

In the community, EIP-3368 was not so unambiguously perceived.

 

“This can be thought of as a subsidy from users to miners to postpone the upcoming changes. Which way? Why do they have such privileges? Why not start with 2 ETH? There is no risk-free business. Their “useless” equipment will easily be swallowed up by the market. Even if this were not the case, the personal, business decisions of miners should not be the concern of users. You do not share profits with society, and therefore do not share losses, ”wrote one of them.

 

Another saw EIP-3368 as an incentive for miners to buy new hardware. In his opinion, this should be avoided given the upcoming merger of ETH1 and ETH2 and the rejection of Proof-of-Work.

Recall that the Berlin hard fork will take place on April 14 on the Ethereum network.

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