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Application and influence of eip-1559 in filecoin network

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It is reported that eip-1559 is officially included in the upgrade of Ethereum’s “London” hard fork. In addition, at least five other EIPs will also be included. The “London” hard fork is expected to be launched in July. Next, we will talk about the application and influence of eip-1559 in filecoin network from the analysis of eip-1559  。 Why Ethereum should be included in eip-1559

 

What is eip-1559?

 

Eip-1599 is an improvement proposal on Ethereum, which mainly puts forward a new pricing mechanism of service charge on the chain: the original transaction service charge (gas fee in the industry) is changed from “auction” pricing to “market exchange rate” pricing mechanism, the fluctuation of service charge is linked with the volume of the area, and the gas fee will be divided into basic fee and miner fee.

filecoin network fee = gasprice * gasused

Original charging mechanism: fee = gasprice * gasused

 

Eip-1559 proposal: fee = (basefee + TIP) * gaslimit

 

The basic fee will be dynamically adjusted according to the current utilization rate of the network, and will be directly destroyed. The basic logic is that when the utilization rate of Ethereum network exceeds 50%, the basic fee will increase; When the network utilization rate is less than 50%, the basic fee will be reduced, and the basic fee will fluctuate in a small range.

 

Why is Ethereum included in eip-1559?

 

Under the original charging mechanism of Ethereum, how many users give and how many miners receive, even if the message packaging fails, miners can charge. In addition, “auction” leads to a bad user experience. For example, if there is any type of network congestion, some people will increase the transaction cost to improve the processing speed as soon as possible. For most small and medium-sized miners, It is oppressive.

 

Ethereum “auction” gas schematic

 

Especially with the continuous development and growth of Ethereum network and the increasing number of Ethereum ecological users, the busy network leads to the mismatch between the increase of transaction fee level and the actual transaction consumption. When the network is busy or not, the actual consumption of miners’ package transaction is fixed, but the transaction fee paid by users in busy time may be 10 times of that in non busy time.

 

Before launching eip-1559, Ethereum network used the auction mode, that is, competitive auction, which resulted in overpayment of transaction fee, that is, users need to bid when they send transactions, and miners pack according to the bidding ranking, resulting in the transaction fee paid by users is often too high.

 

Although the fees paid by users on Ethereum are handed over to miners, it is very unfriendly for users who bear too much gas expenses.

 

As God V said, “the greater significance of eip-1559 is that each transaction can be confirmed within 1-2 blocks. If some miners leave, there will be new ones coming back. If 51% attacks are carried out by miners, all of them will be transferred to POS as soon as possible. It seems that the miners are indeed the one who has been sacrificed. At present, the main income of the miners comes from the users of Ethereum. If they lose the users, they will lose their profits. For the users, the miners are replaceable. There will be new miners on the Ethereum network that agrees with the eip-1559 proposal. ”

 

What impact will the implementation of eip-1559 bring?

 

First, eip-1559 will affect the gas income of miners. Because the original setting is to give this part of the income to the miners, and after the adoption of eip-1559, this part of the income will be burned directly. As we know, when the network is very busy, sometimes the gas revenue may exceed the block reward. Therefore, the implementation of eip-1559 reduces the income of miners.

 

Secondly, it helps to improve the value of individual eth. In eth network, gas fee is charged according to eth standard, just as in filecoin network, gas fee is charged according to fil. With the prosperity of Ethereum network transactions, the amount of destruction of basic fees will be greater than the amount of additional issuance, and eth will move towards a deflationary mode, which will increase the scarcity of eth, thus increasing the value of a single eth. Therefore, for miners, although the number has decreased, the price has increased, so the total income may not decrease too much, at least far less than the estimated 50%.

 

Finally, the transaction cost of Ethereum network is expected to be reduced. The original mode is the auction mode, so when the network is busy, the transaction cost of users is actually very high. The implementation of eip-1559 is bound to benefit ecological users, because, or will be able to reduce the network transaction cost. The transaction of network transaction cost is helpful to maintain and enhance the powerful Ethereum developer ecology. After all, without developers and excellent applications, miners can not get such considerable gas income. Therefore, the miners of Ethereum network transaction cost are good for users and all ecological developers.

 

Application of eip-1559 in filecoin network

 

Anyone familiar with filecoin knows that although eip-1559 was proposed by Ethereum, it has been running on filecoin network for nearly half a year.

eip-1559

Why does filecoin network use eip-1559?

 

For the distributed storage network filecoin, the first thing to ensure is the stable development of the network. After all, the official priority of filecoin is network security. Filecoin is especially suitable for some types of transactions that are very fast and need to enter the blockchain with regular rhythm. Eip-1559 is very attractive to filecoin, It is very consistent with the design elements of filecoin network

 

 

Efficiency. Eip-1559 builds a more efficient model for setting and calculating gas;

 

 

 

User experience. The estimation and cost setting are simpler and more reasonable than the “competitive auction”;

 

 

 

Critical message throughput. Windowpost message in filecoin is time-consuming, so it must be processed in a way with strong anti congestion ability. Eip-1559 provides higher reliability and throughput for such messages;

 

 

 

Trading reward network. The whole network bears the cost of transaction processing, so it should be compensated accordingly.

 

 

Therefore, with a few modifications, filecoin incorporated eip-1559 into its core protocol and applied it to the filecoin network after the main network went online.

 

How does the filecoin network using eip-1559 work?

 

From the browser, we can see that the gas fee of filecoin network goes up and down, and the price gap can be as high as 10 times, which makes miners tired to some extent. With the increasing number of miners in filecoin network, there are more and more cars driving on the expressway of filecoin network, the filecoin network is becoming more and more crowded, and the price of gas fee is also rising.

 

Gas fee is different from pledge currency. Gas fee is burned directly, while pledge currency will be returned. Miners have to pay gas fee for mining and message packaging. Gas fee is based on fil, which means miners need to buy fil for gas consumption and pledge.

Gas

What does that mean?

 

This means that the implementation of eip-1559 makes the economic model of filecoin have the characteristics of destroying deflation. Although money is produced every day, a large part of fil is destroyed as gas and a part of fil is pledged as pledge money. The filecoin network also designs a linear release mechanism. Therefore, the implementation of eip-1559 is very important for filecoin, It’s about building a deflationary model.

 

As stated on the official blog of filecoin, eip-1559 has been implemented and exists on the main network of filecoin. At present, due to network transactions, it consumes about 100k to 150k fil per day. Eip-1559 won at least two key Victories:

 

 

Fast track for high value transactions. Sometimes, storing entry messages can threaten the price of more time sensitive windowpost messages. However, as expected, the integrated eip-1559 provides a direct mechanism for filecoin participants to solve this congestion problem without always paying a high price.

 

 

 

Network capacity management. So far, the basic cost mechanism of eip-1559 has done a good job in keeping the network capacity at 100% of its target.

 

 

Of course, there is still room for improvement in the eip-1559 on filecoin. The official of filecoin is also actively studying a variety of methods to solve the gas pricing problem

 

 

Gas control plane. One possible way to solve the network congestion is to separate the control plane from the data plane, and create a dedicated channel for transactions, so that a part of each block is reserved for critical specific messages;

 

 

 

Message type cost structure. Another way to solve this problem may be to reduce the cost of windowpost or increase the cost of other messages (especially pre / provecommit messages);

 

 

 

Rate of change of basic cost. With the passage of time, the change curve of basic cost is too “steep”, and other methods unrelated to gas model can be introduced to help ease congestion and make the curve change more smooth;

 

 

 

Extended proof. The idea of extending the proof mechanism of filecoin includes batch verification of snark to reduce the amount of verification that needs to be completed in advance;

 

 

 

Expand consensus. Considering the current congestion rate, filecoin may need to accelerate the adoption and implementation of fragmentation mechanism in filecoin.

 

 

Every step is a new feat. Although the application of eip-1559 burns the gas fee, the reduction of the number also helps to create a deflation model, which is conducive to the price rise, especially to the stable and efficient development of the network, attracting and accommodating more excellent ecology, and ultimately promoting the development of filecoin network.

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