Tech & Science EIP 1559: Biggest Ethereum update in recent years is supposed to make blockchain faster and cheaper
900 percent "interest" and more: This is behind the farming of crypto currencies
Anyone who wants to increase their crypto assets gets a tool with Yield Farming. With farming, profits of several hundred percent can be achieved - but of course not without risk. © Shutterstock / Scharfsinn With the farming of crypto-coins, high profits can be made. In farming, you use smart contracts to lend your money and collect fees in the form of a crypto currency.
The Ethereum developers have decided on the improvement proposal EIP 1559, which has been discussed for over a year, against the will of the majority of the mining community. It is to be integrated in July.
The implementation of the Ethereum Improvement Proposal (EIP) 1559 is considered the largest and most influential update of the blockchain in recent years. It aims to make the Ethereum network cheaper and faster by restructuring the transaction fees. The regulation was decided in the course ofand is to flow into the .
Coronavirus: Daily update
Five things you need to know about the coronavirus pandemic this Saturday. We'll have another update for you tomorrow morning.1. Public finances facing 'challenge' - chancellorChancellor Rishi Sunak has said he will use the Budget to level with the British people about the state of the economy in the wake of the coronavirus crisis, adding that public finances face a "challenge". When he addresses the Commons on Wednesday, Mr Sunak is also expected to unveil a new mortgage guarantee scheme to help those with small deposits get on the housing ladder, plus a £126m boost for traineeships in England.
Uniform fee instead of auction principle
In future, instead of the transaction fees set independently by miners, the so-called gas fees, there should be an algorithmically determined base fee, i.e. a base fee that does not have to be auctioned again for each transaction. We explained the principle of gas fees to.
The calculated base fee should take into account the degree of utilization of the network and increase or decrease gradually. The block size in the network should also be changed dynamically in order to counteract blockages.
The base fee determined in this way is burned in the course of the transaction, i.e. destroyed by the protocol. Nobody benefits from these payments, which will always remain set todue to the new regulation.
Dot, Ada and more: Grayscale is considering new crypto financial products for the exchange
The asset manager Grayscale, which specializes in crypto currencies, wants to make several new crypto projects tradable on the exchange, including Polkadot (Dot) and Cardano (Ada). © Pixels Hunter / Shutterstock Defi projects targeted by Grayscale. Grayscale Investments, by its own account the largest digital asset manager in the world, had recently caught the news that Grayscale Bitcoin Trust bought bitcoins worth 255 million US dollars .
miners receive "tips"
So it is understandable that large parts of the miner community could not get used to the proposal because it would lose a very important financial incentive. The EIP 1559 still includes an incentive system, the so-called tip or "inclusion fee". In the future,
users will be able to offer an excess payment, the tip, in addition to the base fee, in order to prioritize processing on the chain. Miners only receive these tips.
With that you should by far not achieve your previous sales. In February alone, transaction fees alone were around 723 million US dollars.
Nevertheless, there are also miners who are positive about the proposal. They see the current problems of the Ethereum network quite soberly and acknowledge that they must contribute to the solution in order to keep the network future-proof.users and developers are fully behind the proposal
On the side of the users and the Ethereum application developers, i.e. the side that has to pay the transaction fees, EIP 1559 enjoys the greatest support. The world's largest crypto administratorsees the proposal as an essential further development of the Ethereum network. Mainly because of the concept of burning the transaction fees and the associated shortage of the ether inventory, Grayscale predicts a strong upward trend for the ether price.
NFTs or non-fungible tokens: The new kind of digital art that could prove a bonanza for creators
Digital artworks called NFTs are selling for thousands, even millions of dollars. Is this a bubble or a new way for artists to finally get paid for digital art?This week, he sold the same artwork — a depiction of Homer Simpson combined with internet meme Pepe the Frog — for $US320,000.
mining is gradually being made more difficult
Regardless of the resistance of theand mining pools, EIP 1559 was ultimately binding. Apparently, the core developers fear countermeasures by the opposing miners, which is why they have also included in the upcoming update for inclusion.
This is the technical implementation of a "Difficulty Bomb". This should gradually make mining on Ethereum more difficult. With the combination of the two proposals, the core developers want to ensure that forking Ethereum is at least only possible if technical obstacles are overcome.MEV can partially compensate miners for lost sales.
Miners will probably get used to the new regulation in the end. A replacement for lost transactions is already available anyway. With the so-called "Miner Extracted Value" (MEV), miners can use their influence in the compilation of blocks in order to place more profitable trades further up in the processing sequence.
MEV is already enjoying some popularity in the. Defi traders offer high fees to secure their place in the block. Ethereum mining pools will probably increasingly use MEV software in the future to develop this unused source of income.
By the way: The basic idea of the EIP 1559 goes back to Vitalik Buterin, co-founder and inventor of Ethereum. In August 2018, he formulated a proposal (PDF) that relates to the fairer calculation of transaction fees on the blockchain that is more in line with the actual effort.
NBA Top Shot This: LaMelo Ball spins his way to a three-pointer vs. Toronto Raptors .
The highlight-reel plays keep coming from LaMelo Ball, with this smooth 3-pointer, earning our NBA Top Shot moment of the day.These specific moments we select are not associated with NBA Top Shot and will not necessarily be made into a real Top Shot moment. This is simply to highlight some of the best plays in a given night that we believe could be deserving of a special Top Shot moment.