In recent days, there has been a great deal of tension between Ethereum (ETH) miners and the rest of the network. The tensions were caused by the proposal of ethereum EIP 3368 update, which will reduce miners’ earnings.
Therefore, a new proposal seeks to appease the situation. The new Ethereum Improvement Proposal (EIP) was implemented last weekend.
EIP 3368 seeks to resolve the conflict and prevent a 51% attack.
New EIP changes block reward
According to EIP 3368, the rewards of the Ethereum blocks would undergo a change. They would be immediately increased to 3 Ethers (ETH).
After that, the reward would be reduced gradually by 0.25 ETH. The goal is to arrive at 1 ETH It would take place over the 2 years after the implementation of EIP 1559.
With that, the impact of the fall in mining revenues would be softened. At the same time, EIP 3368 would facilitate the impact of the Ethereum transition to proof of participation (PoS).
On March 13, Ethereum developer Tim Beiko shared EIP 3368 on Twitter. According to him, the proposal would be the common denominator obtained by conversations between miners about 1559 in recent weeks.
Some are looking at the proposal as a way to cool growing tensions between Ethereum miners and developers. This was the case with Red Panda Mining, an influencer and cryptocurrency miner.
Red Panda is among those who oppose EIP 1559. He announced his support for EIP 3368 and said the miners would give “a show of strength”.
However, EIP appears to have secured little support from the community. Some described the proposal as “a subsidy from users to miners to delay the impending change”.