For some weeks, there has been a lot of fracas over the EIP -1559 proposal that is meant to address Ethereum scaling issues. The proposal has resulted in a split between Ethereum developers and miners on the network. However, a new EIP counter-proposal appears to be a compromise that would eventually suppress the tensions.
In response to the network’s backlog, the CEO, Vitalik Buterin announced the EIP-1559 as a proposed solution. While the EIP proposal was accepted and appreciated by many, especially Ethereum developers, miners rejected the idea. The reason for the rejection was that the proposal would cut out a huge chunk of miners profits.
Recently, the contention has grown stronger after the 1559 was scheduled to roll out in July. The implementation would address the volatility of the transaction fees while greatly lowering miner profits. As a result, miners planned to demonstrate their disapproval by directing their hash to a single pool for 51 hours.
However, the new EIP-3368 proposal, which was revealed today, seeks to mitigate the risks associated with EIP-1559. In contrast to 1559, EIP-3368 proposes that block rewards are raised to 3 Ether and then reduced to 1 Ether in approx. two years. Although this appears to be a favorable alternative to 1559, there is yet another rising disapproval.
Ethereum Community Rejects Miners EIP-3368 Proposal
While 3368 looks good to developers and miners, the Ethereum community has shown strong disapproval. Community members called the 3368 a mere delay for the merge between the existing network and the proposed ETH 2.0. A member commented that the upgrade cannot be delayed is a step towards the total annihilation of miners PoW.
The opposition to EIP-3368 is mainly coming from the Ethereum community. Another member suggested that any action that would allow further investment in mining equipment should be discouraged.