{"id":137695,"date":"2020-06-28T17:00:33","date_gmt":"2020-06-28T16:00:33","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=137695"},"modified":"2020-06-28T08:04:34","modified_gmt":"2020-06-28T07:04:34","slug":"the-ethereum-community-is-raising-thousands-for-a-make-or-break-change","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/the-ethereum-community-is-raising-thousands-for-a-make-or-break-change\/","title":{"rendered":"The Ethereum community is raising thousands for a “make or break” change"},"content":{"rendered":"

If you've been following Ethereum over the past few months, you've likely heard of EIP-1559. EIP, of course, standing for Ethereum<\/a> Improvement Proposal \u2014 a design document outlining a change\/new feature to the blockchain.<\/p>\n

In short, the proposal will change how transaction fees work on the crypto network, making fees more predictable while burning ETH when transactions are sent.<\/p>\n

If implemented, EIP-1559 will seemingly be the first change of this magnitude to a blockchain's fee model.<\/p>\n

Users of the network are responding to the proposal by donating to its development and acceptance, to the tune of thousands of dollars worth of the crypto stablecoin DAI<\/a>.<\/p>\n

Ethereum users raise tens of thousands of dollars<\/h2>\n

In April of 2019, some of the top blockchain developers and researchers came out with EIP-1559. One of the authors of the proposal was Vitalik Buterin<\/a>, the Russian-Canadian founder of Ethereum.<\/p>\n

The premise of the proposal was that the fee model Ethereum had (and currently has) is “inefficient and needlessly costly to users.” This comes despite Bitcoin and other cryptocurrencies having a similar model, where users bid in a market to get their transactions included in blocks first.<\/p>\n

To solve these inefficiencies, the authors proposed the establishment of a “market rate” for transactions and will burn a majority of the ETH spent on each transaction. Bankless' David Hoffman wrote in 2019 on the proposal<\/a>:<\/p>\n

“The purpose of EIP 1559, according to Eric Conner, is to provide wallets and users a much needed improvement to the user-experience of gas management. The way that EIP 1559 solves the gas-management problem also improves Ethereum\u2019s monetary management system.”<\/p><\/blockquote>\n

The EIP flew under the radar for months, with the proposal only going mainstream in Ethereum circles more recently.<\/p>\n

Yet many are already excited about the change.<\/p>\n

Ethereum proponents and developers launched<\/a> a grant for EIP-1559 on the decentralized funding platform Gitcoin<\/a> on Jun. 26. And a day after it's launch, $25,000 has already been raised.<\/p>\n

\n

The EIP-1559 @Gitcoin<\/a> Grant is up ?\u2728https:\/\/t.co\/l71AAx9i6p<\/a><\/p>\n

As mentioned on the last implementers' call, the goal is to use funds to both pay for multi-client development, testing\/auditing, and for the community to signal its support for the EIP.<\/p>\n

— Tim Beiko | timbeiko.eth (@TimBeiko) June 26, 2020<\/a><\/p><\/blockquote>\n