Why Should Miners Embrace EIP-1559? - Chun Wang

okay cool um so kind of shifting gears uh i believe this is our final talk of uh today's session um and this is a great one too because uh it's it's a super interesting topic right now uh in the eth community um you guys may be familiar with eip1559 uh it's it does a few things but one of the most interesting and potentially controversial issues is the idea of fee burning uh which is a uh it's a elegant perhaps way to um you know get uh eats inflation under control it has some really interesting properties on the other hand you know it's not something that's been uh you know immediately embraced by minors it's an interesting sort of uh contrast of of incentives um but uh our next speaker has some great insights on this he's with steak fish chun wong is going to tell us give us some insight into what they're thinking from their perspective and uh perhaps just about 155 in general so uh i'll leave you to it sean thank you yeah thank you hi my name is uh wong chun and i'm from africa and also state fish today i want to talk to you uh why miners should embrace eip1559 and also share after close official position on eip159 so uh i want to begin uh talking about the eastern v today and 8823 uh ethers was paid daily in fees in january 2021. the that's a account of 40 percent of mining reward and income from fees for miners have reached recalled high and also uh eastern price also reason to hit the all-time high price is important for guests this guy's guess is surprising either so gas is not only expensive now it's very it's the certainty of uh gas price has significantly uh affect the user imprints on ethereum network and network ethereum network not just expensive but more difficult to use so here's a tweet from lily and she says ath is great but i prefer usable eastern network so we cannot keep going this on this way so uh we must have a broader region beyond that uh you know just the final profit and there's need to be a change to the free market and the free market need to be reformed and eip one five finite proposal to reform this eastern free market uh it introduced a very different approach from how gas is being priced today is a prime primary goal is not just a lower the gas fee but the gas fee is set by supply and demand ethereum block space supply can be thought as available block space which can be increased by rising the gas limits shifting the transaction off chain using layer 2 solutions or adding more capacity to change through sharding demand simply represented amount of users that want to use either so eip wi-fi finite increased it also improved their accuracy uh which user can estimate their get price so this is a key innovation that improve the accuracy of estimate by having the base fee as part of block header you can calculate the minimum price we can calculate the minimum price from the from the a better estimate so uh i think before we get started we should like spend some time talking about what ethereum is and what the exterior is not first the ethereum is a platform this is mostly for platform developers to make decentralized apps functioning more like a operating system for developers want to build decentralized applications so you seem always been open and the permission is and that means let miners user developer to participant freely uh ethereum uh is much closer uh to the desired state of decentralization it leads the diversification of thoughts and decentralization of power openness in development and not many other projects is likely ethereum so and ethereum is not bitcoin it's not just a cryptocurrency bitcoin's primary store value and the medium of exchange on the other hand eastern is a blockchain based software project and ethereum is designed not only for sending receiving value globally but without a third party but also bring smart contract and decentralized web to blockchain so why eastern is successful why israel is successful it's because first ethereum is successful because of thousands of locations running on it israel is successful because of thousands of developers building on it and it's really successful because of you because it is useful and because the people use it that's one of the reasons this gas fee is getting skyrocketed because the more and more people start to use each other you know why extremely successful the miners period i must say i i probably can't agree with his opinion so next let's talk about the license we learned over the years so uh this is our story uh i first discovered bitcoin in 2011's livestock i was a participant this is how i got my first bitcoin back in may 2011. i was the participant of seti at home internet based public volunteer computer project using individual computer to analysis signal received by radio telescopes which attempt to find the evidence of islands so my ingredient service setting at home was a nature bridge to the concept of bitcoin mining and which uh with mining bitcoin in addition to secure the network there is also a nice block reward to earn the block reward and i that make me quite like almost immediately fall in love with this concept so i immediately download bitcoin software out of my on my laptop and run it overnight but they didn't uh end up mining a single coin so the second night i went to local market was gtu and started mining and my money farm in 2011 2012 uh which represents about 0.4 percent of a total network hash rate because of all the many rigs secondhand very little dream on it they could not when when ac bitcoin a6 was introduced they could not easily repurpose to mining at other altcoins such as litecoins that's why i shot down the mining farm in early 2013 and move on to other things like mining mining with hardware is more like working on the client side like a web browser but since i retired my new farm i could have some time to look further into the server side that's how i started the mining crew so next let's let me tell you uh tell you the story of uh aptopoo uh aptopoo uh funded 2013 we are the oldest bitcoin mining pool in china and also worldwide the second oldest place combined for still in operation uh only after slash who already know you wanted to put mining uh puscom fusco's i still remember uh in the beginning i used dp and spend the interior 2012 and they have failed to upgrade their system support straighten protocol since the asic introduced without striking protocol you cannot support mining and the big hatch rate so they soon uh out of the market and later is g heist dot io uh g herschel io's second mining pro abandoned land market mostly because they went bankrupt due to attacks and the third one the bcc guild they disconnected discontinued under the legal concerns of new york so all the three is at some point for one-third of network hash rate and some people you will argue that they beat one time hit 45 percent there's some specs so after pool is a multiple from the very beginning we launched uh in china in 2013 uh we will we launched the litecoin mining only the second day into our operation and soon uh followed by feedercon and chm con we also have a profit switch uh mining between bitcoin tyrocoin and a few other 256 coins and we merge mining with namecoin ixo isilcon delcon and few lesser known ones uh in late 2013 uh we started protoshares and also dodgecon mining foods so to date we have mined uh over 40 billion dollars and 2015 bitcoin scaling was a bit uh was a hot topic in the community so we were the first of mining food in china to go against gavin's 20 megabytes proposal later this year skating bitcoin held in hong kong and secret was not the second day of the meeting we are also the first one impressed our support after our uh you know there there's a there's some on the table under table uh engineers so we also contribute a lot to the uh to fulfill the video of secret secrets eventually got activated in 2017 and yeah and and later uh bitcoin cash was brought but that's another story let's back to israel in march 2016 uh when the bitcoin committee still uh like vip 100 vip 101 big itv 102 vip 109 vip 248 all this we quietly launched our eastern mining pool and the first they introduced user mining to the chinese miners a lot of other cryptocurrency services in china they were unaware of israel listen we launched israel mining and they see a mining on board of israel they also follow the trend so to date we have mined more than uh 6 million ethereum and in 2016 mined like 1.4 million issue which was 11 million but last year in 2020 we mined only 600 11 000 ecm but which worth more than a million uh sorry more than more than a billion dollars just before we launched our resilient mining pool uh there was a pool called drop pool which accounted as 49 percent of israel network hashtag but only five days into our operation uh this is our first um uh blog uh created on the ethereum network um march 15 uh 2016 and only only six days uh only five days into our operation we have already uh had one hundred three hertz per second and five percent of total network hash rate this also significantly uh helped a decentralization of the ethereum network so uh we were uh one of the few mining probably the only mining uh uh who opposed the door fork uh but israel uh classic uh did not withhold the majority of the ethereum community uh five years ago in january uh i remember working message alerts trying to sell the vip 109 a of bitcoin classic which seems coming from nowhere classics is being patented so yeah but i had a privilege take part of the history bitcoin mining observe how it works and how it failed so i also have a business history of ethereum schools which has seen what works and works the field so it is the you know applying well applying the bitcoin principle to assume is dangerous but uh we can uh we can we can have the we can see that ethereum cache probably will not work either and let's talk about the future um issue will eventually switch to proof stake now we think about the road height and there's still some people believe everything else rather than bitcoin belongs to so-called category of coins but two months ago well these people argue that israel was coin or issue but not bitcoin with launch of the stream with 2.

0 non-custodial staking service two months later uh more than two hundred thousand israel now safely stake with us and we maintained a perfect record i haven't got a single selection that we worked toward a decentralized filter and that's probably why we decided to come in to support eip159 because eip1559 not just due to the miners other uh if uh if this uh proposal uh cannot be activated because of miners i think all the tries to ethereum will be shaken and also the second reason for why we commit to support eip1519 so why miners should embrace eip159 that's i think because miners must be on the right and also on the bright side of history thank you that's that's that's what i have shared today thank you thanks chun so that's uh interesting news so steak fish unequivocally is supporting one five five nine uh i think it's more like i have to put steak fish is a staking provider and uh right now it's from one pound on that box thank you for clarifying uh if you don't mind uh maybe we'll have some questions from the audience here we're a little bit really wrapping up um uh chuck you know one of the interesting things with miners is um you know this desire to be uh you know in the community generally there's a need for transparency if people want to get better tabs on what f2 pool is doing or steak fish what's a good place to kind of see the um you know latest news and messaging from you guys i think twitter is best played for followers cool my twitter account set officially and on the presentation and you can also follow stayfish for official icons great i appreciate what you guys are doing because in the mining space sometimes it feels a little bit nebulous like people tend to think of miners is this big monolithic group like giant miners and of course that's not that's not the case there's different pools and uh especially moving to stake will be um you know it's going to be very nuanced a real change there have been a lot of me standard understanding for minors and mining community and a lot of people confuse a minor mining pool they are very different yeah great well it looks like thank you for thank you for coming and just a shout out to f2pool and steak fish for being a presenting sponsor of youth denver we're very grateful for the support and the engagement and all the contributions it's been very well done so thank you very much yeah thank you