Ethereum Developers Publish EIP 3368 To reduce the dissatisfaction of miners “burning commissions” - Bits Media

Ethereum Developers Publish EIP 3368, implying an immediate increase in block reward to 3 ETH, and then decreasing it to 1 ETH within two years after EIP implementation 1559.

Ethereum improvement proposal (EIP) 3368 was posted in the background counteracting miners to planned changes in the system of network commissions. And although some consider this proposal as a means of reducing tension between miners and the developers of the Ethereum, оно, it seems, has not yet received special support from the community.

In recent weeks in the Ethereum community, tension has intensified due to EIP 1559, The deployment of which is scheduled for July. EIP 1559 implies the burning of ETH when paying for commissions. This will significantly reduce constantly growing commissions for transactions, but will affect the income of miners, which can lose to 50% Profit.

To express your disagreement with a proposal, Part of the Ethereum miners plans to unite for the 51-hour "Demonstration of Power" 1 april. The miners intend to 51 Hour to send a hashrate to the Ethermine pool, which opposes the EIP 1559.

EIP 3368 implies an immediate increase in remuneration for the block before 3 ETH, and then decreasing it to 1 ETH within two years after EIP implementation 1559, To reduce the negative effect of the Ethereum transition to Proof-OF-Stake (PoS) on miners.

Last weekend, Ethereum developer Tim Beiko (Beiko team) He called on the Twitter social network to an active discussion of EIP 3368. He stressed, that eip 3368 “Not yet accepted” and “not planned for inclusion in FORK”. The developer described this proposal as “the most noticeable result of expressing dissatisfaction with miners [relatively 1559] Over the past few weeks ".

Coming out of my twitter break to share this: miners’ “counter proposal” to 1559 is EIP-3368, which would raise the block reward to 3 ETH and lower it to 1 ETH over ~2 years. @BitsBeTrippin should present it at the next AllCoreDevs. @EthMagicians thread: https://t.co/CLxc30AUPf
- Beiko's team | timbeiko.eth (@Timbeiko) March 12, 2021

In response to EIP 3368 Red Panda Mining, which was among those, who insisted on counteracting EIP miners 1559, promised to support this proposal and announced, that "refuses to participate in the demonstration of power".

We have been heard. EIP-3368 has been proposed. Reward to 3 ETH but drops 0.25 every quarter till 1 ETH over 2 years. I am going to rescind from the show of force to @etherchain_org April 1st and so should all of you (unless you were already on ethermine)
— Red Panda Mining (@RedPandaMining) March 13, 2021

Despite the comments of Red Panda Mining and Beiko about that, that miners and developers of the Ethereum can reach a compromise, Judging by the discussion of EIP 3368 At Ethereum Magicians forums, The community of the Ethereum remains a fragmented. The Green user describes the offer as "Magineans subsidy for delaying upcoming changes". He notes:

“Personal benefits for miners should not bother Ethereum users. You do not adapt to profit, So you will incur losses ".

Other visitors to the forum emphasized the efforts of the main developers of the Ethereum to accelerate the merger of the existing network with ETH 2.0, Having described EIP 3368 as a delay in the inevitable. The user of Dcinvestor wrote:

“This proposal will only delay the inevitable, Since we are quickly moving towards the merger ETH1 and ETH2, in which the reward for mining Pow will be zero. I think, We should avoid measures, which encourage further investments of miners in equipment, Given this reality ".

Seems to be, Some miners also did not like EIP 3358, and numerous answers to the recording of Red Panda Mining on Twitter indicate, that many miners still plan to take part in the "Demonstration of Power".