Recently suggested Ethereumdevelopers released a network update called EIP-1559. It should be an update that should limit rising transaction costs on the network. After the update, which is expected to be completed in July, some of the transaction fees would be sent back to the Ethereum network and after a token burn there should be fewer coins in circulation.
The above update has a group of opponents who are now making themselves heard. This group, which does not agree with reward of miners – a reward that decreases with the update – recently talked about a takeover of the Ethereum network. Such a takeover could endanger the security of the network. For the time being, the opponents only seem to want to demonstrate that such a takeover is possible in practice. Vitalik Buterin, co-founder of Ethereum, and other developers are not taking any risks and have now indicated that they will oppose a possible takeover.
Ethereum miners are trying to perform a 51% attack to stop EIP-1559.
In no time, Vitalik Buterin responded with a “quick merge” proposal to escalate the ETH 2.0 merge.
We #SupportEIP1559!https://t.co/LDVEyGtHqA
— Status (@ethstatus) March 12, 2021
The defensive proposed under Buterin’s leadership describes, among other things, one quick merge, which makes it even faster Proof-of-Work (PoW) mechanism is switched to Proof-of-Stake (PoS). Anyone who follows the news about Ethereum knows that plans to switch to PoS have been on the table for years. The proposed move in response to the takeover, the transition would only accelerate.
On the website From the group behind the efforts to take over the network, you can read that, in their own words, enough computing power has already been collected to carry out a possible attack.
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