Ethereum PoW Manifesto Reveals Their Plan To Abolish EIP-1559 As Merge Approaches And The Ethereum’s Buterin Stands To Defend The Tornado Cash
It is no news that the miners connived together to maintain their PoW even as the merge approaches although the whole idea hasn’t gotten any support from stablecoins issuers such as Tether and circle as they’ve declared their support for the merge already.
The Ethereum PoW manifesto, the teams driving for the ETH PoW fork after the merge have revealed shocking information about the EIP0-1559 abolishment. Abolishing EIP-1559 in the Ethereum PoW fork creates a system where miners stand to benefit the most.
The team stated this in a long-text tweet:
ETHPOW, which will be forked by the miner organization, would be abolished. “Abolition of EIP-1559. In a truly open and inclusive system/society, there is no justification for punishing one group of participants in favour of another,”
Facts About EIP-1559
It is good to know that the EIP-1559 was introduced in August 2021 in order to reduce the volatility of Ethereum gas fees by fabricating a base fee for the transactions.
More also, these base fees are burned to make Ethereum which lacks a hard cap like Bitcoin, more deflationary, increasing the potential for a higher asset value in the future.
Before the arrival of the EIP-1559, the Ethereum network was using the auction mechanism called the first price auction mechanism where the users are made to send the fee bids with the transaction and allow the miners to make the choice transaction with the highest bid to add to the block but on the long run, this mechanism led to inflation.
Vitalik Buterin Stands To Defend The Tornado Cash
In another tweet, Ethereum’s Buterin came out to defend Tornado Cash after the U.S government announced sanctions against it.
He made mention of a scenario of donating to causes that are politically contentious and need the operation of Tornado Cash.
Another use case is donating to support war victims such as donating to Ukraine, which has been needing aid from the international community due to its present geopolitical conflict with Russia.
Vitalik stated as a smart contract mixer built on Ethereum, tornado Cash was also built with privacy and security as its first principles, with its code fully open-sourced and community-controlled.
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