Why Ethereum’s “EIP-1559” Greenlight Has Me Seeing Green

Ethereum’s Improvement Proposal (EIP) 1559 has put the Ethereum world on notice. The proposed changes will have a major impact and brings a lot of resistance within the mining community. The fight is ongoing and right now the decision to move forward with EIP-1559 is clear for take-off. July of this year the most significant alteration to Ethereum’s blockchain codebase (in Ethereum’s history) is expected to take place. That’s just 3 short months away!  As if EIP-1559 wasn’t bad enough for miners, Core Developers are expected to add 5 more EIPs to EIP-1559. The additional 5 EIPs will change the future of the 2nd largest crypto on the market (ETH). The potential of crypto catalyst ‘1559’ has me seeing green in the land of crypto.

Ethereum’s Improvement Proposal (EIP) 1559 has put the Ethereum world on notice. The proposed changes will have a major impact and brings a lot of resistance within the mining community. The fight is ongoing and right now the decision to move forward with EIP-1559 is clear for take-off. July of this year the most significant alteration to Ethereum’s blockchain codebase (in Ethereum’s history) is expected to take place. That’s just 3 short months away!  As if EIP-1559 wasn’t bad enough for miners, Core Developers are expected to add 5 more EIPs to EIP-1559. The additional 5 EIPs will change the future of the 2nd largest crypto on the market (ETH). The potential of crypto catalyst ‘1559’ has me seeing green in the land of crypto.

Why is EIP-1559 Important?

Long story short, Ether users have a lot of issues doing everyday blockchain transactions and ‘1559’ fixes it. It reduces fees by cutting out the middleman, which happens to be everyone in the mining community. Right now, when an Ether user sends a transaction the gas fees first go to miners so that it can be included in the block transaction. Well ‘1559’ bypasses the miners and connects users right to the network for transactions.  The users can tip miners if they want, but ‘1559’ is pretty much getting rid of it being a requirement.

Why is the Mining Community Hot?

Well for one, why do most people get mad? They feel someone is playing with their money, and by that I mean taking money out of their pockets. That will get anyone upset, miners and mining pools have been banking off of Ether transactions. Crypto mining is literally a gold rush right now. The mining sector made mining history in February when revenue reached $1.37 billion. With that in mind, half of that billion dollar revenue came from user fee’s. I’m in my feelings when I get the wrong change back on a toll road, so I’d be upset as well.

With revenue reaching all time high’s and literally billions of dollars on the line, you can see why the mining community has created marketing campaigns to end EIP-1559. As if removing the requirement of a miner was not bad enough, ‘1559’ will also be include a delay bomb called “Ice Age”. This additional change is said to incrementally increase the difficultly of mining on the Ethereum network. To me this means Ether could become more scarce with this ‘1559’ change. Like I said Crypto Catalyst.

What Could You Do With This Info?

I know what I’m going to do with this info. I see the potential for ‘1559’ to create major waves in Ethereum’s world. I’m riding it and I wanted to share what I learned with you, to see if you wanted to join. My research is starting, I know the catalyst potential and I know it’s expected to happen in 3 months. That’s enough time for me to invest in Ethereum, as well as find the cryptos that have an Ethereum price correlation. I want to get into as many plays as I can before the change. Then ride the wave all the way to the moon.

You don’t have to ride the wave with me, you have your own path to financial freedom. If you made it this far you have the Power you need to start your Ethereum (ETH) research, on your own time. This is just the beginning of more crypto catalyst to come, everything evolves in its own time. Remember if it is something you want to make investment moves in, only buy what you can afford to risk.

Since I learned of this change I have been adding more Ethereum to my portfolio, and I’m researching other coins that could be part of the catalyst. We have started a discord to start discussing crypto moves at multiple levels. Our goal is to create a space to learn/grow together, while we take steps towards our financial freedom journey. On the discord we have a channel dedicated to EIP 1559. To discuss latest news regarding, and possible coin connections. Remember Knowledge is Power. You made it this far, don’t stop. Even if you don’t decide to join this journey with me continue to educate yourself about the major player that is EIP-1559. See how your journey can benefit from this Power.

Here for discord info

4.25 Update

After speaking to some people at the Blockdown 4.0 conference last week about their thoughts on EIP 1559’. I did some additional research and got more information on EIP 1559 (London).  Overall, I found EIP 1559 does have a lot of promise for Ethereum, but it’s not the final improvement for Ethereum to be at its optimal performance. This is just one improvement of many more to come. Like everything else in life, it will continue to evolve. Even though I learned that the purpose of this improvement plan is not just to reduce the current high fee issue, that doesn’t mean that it’s not going to make some major improvements.

The article in the screenshot below was from an interview with one of the developers of EIP-1559 Abdelhamid Bakhta. In the article he stated that the risks that have to be considered is economic analysis and performance impact. One performance concern with the improvement was rather or not the network could handle twice the number of big blocks. Results showed it could successfully process blocks almost 4x the size of the current size. So even with my additional research, I’ll still be making Ethereum moves before the change.

Screenshot from Article

– Crypto Culture

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