Ethereum EIP 3554

Ethereum EIP 3554

Although Ethereum Improvement Program (EIP) 3554 is not quite as controversial as EIP 1559, it is equally as important to the transition from Ethereum 1.0 – which is the Ethereum we are using now – to the new and improved Ethereum 2.0 network. EIP 3554 Difficulty Bomb Delay is a protocol which the developers of Ethereum will be including in the Ethereum 1.0 network. EIP 3554 is designed to make it exponentially harder over time for miners to consolidate blocks. EIP 3554 will eventually lead to a point in time when Ethereum 1.0 becomes too difficult to mine for miners to want to continue operating on the Ethereum 1.0 blockchain. This point in time will become known as the “Ethereum Ice Age.”

It is important for the current PoW Ethereum 1.0 blockchain to grind to a halt, once the new Ethereum 2.0 PoS network is up and running, so that we do not have two versions of Ethereum running simultaneously. Miners who wish to continue participating on the Ethereum 1.0 Blockchain will have the choice to switch over to the Ethereum 2.0 network or create a hard forked token from the original Ethereum blockchain; in a similar scenario to how the Ethereum Classic token came to fruition.

Like the implementation of EIP 1559, Ethereum miners are not happy about the upcoming EIP 3554. Ethereum miners have made a lot of money from mining the Ethereum token over the years. EIP 1559 effectively eliminated the miners’ ability to both control and profit from the GAS fees on the Ethereum blockchain; a source of income which has generated an additional $650M for the Ethereum mining industry, on top of the $650M generated by the consolidation of blocks. EIP 3554 is arguably the most important piece of the puzzle needed to facilitate Ethereum’s transition to the PoS network. It is inspiring to see the Ethereum development team continue to implement protocols that favor the small fish on the network, rather than the whales.

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