Bankless SotN#18: ANTICIPATING! w/ Tim Beiko (EIP1559, ETH 2.0, Elections, market crossroads)
Oct 14, 2020
Tim Beiko, a key player at ConsenSys and contributor to EIP-1559, sparks an engaging discussion about Ethereum's upgrades and the future of DeFi. He delves into the complexities of EIP-1559, its implications for transaction fees, and the community's mixed feelings on its impact. Beiko also shares insights on the upcoming Ethereum 2.0 features like proof of stake and sharding, while analyzing six key market drivers. Get ready for a deep dive into the balance of anticipation, optimism, and challenges shaping the crypto landscape!
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EIP-1559 Overview
- EIP-1559 is a crucial upgrade for Ethereum, acting as a scarcity engine.
- It aims to balance fee volatility with block size volatility, burning a portion of transaction fees.
EIP-1559 Mechanics
- EIP-1559 changes how fees work on Ethereum, aiming for more predictable transaction costs.
- It burns a base fee, making ETH deflationary under high demand.
Multifaceted Benefits
- EIP-1559 has multiple benefits, appealing to different groups in the Ethereum ecosystem.
- These include improved user experience, ETH scarcity, and better layer-two integration.