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EIP 3368 update intends to settle conflicts with miners

EIP-3368-Ethereum
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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).

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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.


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.
Miner gave his prior support in case the proposal is voted. Source: Red Panda Mining / Twitter

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”.

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“Miners’ personal business decisions are not a concern for Ethereum users. You don’t socialize profits, so you don’t socialize losses, ”said a Twitter user.

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The information expressed in this article is solely those of the author and do not necessarily reflect the vies of CryptoDeFinance.  Each and every investment and trading move involves high risk. You should always conduct your own research when making a decision in crypto investment.
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Ana Teixeira

Hi! I am Ana and I am a crypto enthusiast. Enjoy my articles, share them and don't forget to drop a comment. If you like us and our news, share the posts and comment. Your visit and interaction is very important to us.
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[…] Past March, CryptoDeFinance announced that the Eip-3368 proposal was the common denominator obtained by conversations between miners about EIP-1559. […]

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