Bankless LIVESTREAM: London Hardfork | EIP1559 GOES LIVE
Aug 5, 2021
Vitalik Buterin, co-founder of Ethereum and a prominent figure in blockchain, is joined by core developer Eric Conner and researcher Justin Drake. They celebrate the launch of EIP-1559 and its potential to deflate ETH supply. The trio dives into the evolution of Ethereum's gas dynamics and transaction fees while exploring the impact of recent upgrades on user experience and wallet interfaces. With lively community engagement and banter, they discuss the transformative nature of EIP-1559 and its implications for the future of Ethereum, blending technical insights with enthusiasm.
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EIP-1559 Implementation Challenges
- EIP-1559 took three years to implement due to the challenge of translating technical ideas for the community.
- This highlights the need to clearly communicate the benefits of complex changes.
Initial Priorities
- The Bankless team prioritized ProgPoW over EIP-1559 initially.
- This anecdote emphasizes how different priorities can influence project timelines.
Second-Price Auction Strategy
- In second-price auctions, your bid determines whether you win, but not how much you pay.
- Bidding your true valuation is the optimal strategy, simplifying decision-making.