Ethereum developers recently proposed a network change called EIP-1559, aimed at combating the network’s rising transaction fees. The change, which is planned to be implemented in July this year, envisages that some of the transaction fees will be sent to the Ethereum network. Ether sent in this way will be burned and the number of cryptocurrencies in circulation will decrease.
This change, which offered a reduction in the amount of rewards allocated to the network’s miners, caused some miners to react. Some participants have offered to take control of the network, which could compromise network security. However, this group seems to want to show how much such an attack is possible, rather than really taking control of the network. Buterin and other Ethereum developers responded by planning defense methods.
Status highlighted the framework created by Buterin in its blog post on March 12: “The Ethereum community quickly organized potential solutions to possible 51 percent attacks, led by Vitalik. Vitalik explained how to quickly move from proof of labor to proof of stock by making limited changes to Ethereum clients. “
An Ethereum miner known as “Bits Be Trippin” explained in a video on March 9, “The goal here is not to attack the network, but to show people that it’s possible.”
Ethereum 2.0 is a scaling update that has been developed over the years that has moved the network from proof-of-work mining consensus to proof of stake.
Buterin’s latest proposed framework envisions accelerating the network’s transition to a mining consensus. In this way, developments on Ethereum 2.0 can be carried out more smoothly.
In the status blog post, it is stated that the group against EIP-1559 is technically strong enough to attack 51 percent.