ETH Devs Discuss Ethereum Improvement Proposals In Online Meeting

With the Istanbul hard fork recently going live on the Ethereum network, things are looking up for the crypto’s blockchain. Ethereum Developers recently spoke in a meeting where they discussed multiple other projects.

Tim Beiko of PegaSys tweeted the meeting, which took place on the 13th December, as it happened where he revealed the EIPs (Ethereum Improvement Proposals) that were up for being included for the future. 

As per AMBCrypto, the proposal put forward by Eric Conner mainly looks into setting up the market rate for block inclusion. On top of this, burning most of the Ethereum in the transaction fee. 

Conner cited that this highlighted the actual need for an EIP:

“The current first auction fee market works but is extremely inefficient and a large UX barrier for adoption. This proposal introduces a fixed fee concept through the use of a MINFEE. Users can pay a premium over this if they want but in general it greatly simplifies the UX.”

Funding was a big thing that was seemingly overlooked by the team as the budget only stretched as far as integration. The EIP was underspecified with the team predicting to stimulate the changes.

Beiko tweeted out the following:

Q: What does the BASEFEE target?

A: A half-full block. Takes a snapshot of the gas price at time of deployment, and it can only vary so much per block. Need more engagement on the implementation to answer adversarial scenarios with more details.

— Tim Beiko | timbeiko.eth (@TimBeiko) December 13, 2019

In response to this, the answer was:

“There is an averaging of the BASEFEE over a large number of blocks. Miners would need a large % of the txn volume over time to adjust the price. IOW, they’d need to be the majority of the txn demand.”

For more news on this and other crypto updates, keep it with CryptoDaily!