The proposal to update “EIP-1559” was accompanied by widespread controversy among the crypto community, between a supporter who sees ridding Ethereum of exorbitant fees and improving network performance, and an opponent who sees it as a threat to the returns achieved from the mining mechanism.

This update “EIP-1559” is expected to see the light of day after the upgrade of “Berlin” expected next July.

As noted, while many firmly believe that the update will change the bidding of transaction fees, the other division, which is mainly made up of miners, opposes the proposal due to the expected decline in their revenue.

Taylor Monahan, founder and CEO of MyCrypto, argues with a sensational statement:

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EIP-1559 will not apply.

It is worth noting that EIPs were initially designed to improve the mechanism of Ethereum transaction fees.

Once proposed, 1559 was one of the few EIPs that gained significant media momentum and subsequently engaged many users.

According to “Monahan”:

Unfortunately, this impetus was gained by inaccurate promises of lower gas fees and the subsequent rise in the price of Ethereum.

Early promises of lower fee overpayments, improved efficiency, fee stability, even transaction fees… seem to be nothing.

Colin Wu, a famous blockchain reporter from China, previously stated that the deployment of the EIP-1559 protocol would be necessary if the transaction fee issue in Ethereum was not resolved.

But Monahan attacks EIP-1559 supporters as unaware of how the protocol actually works, and are content with theorizing.

According to the analysis of the “Least Authority” company, which specializes in building technical solutions:

Deciding on the price of gas is not easy.

Ordinary (human) senders choose this according to the prevailing market rate for a given execution speed.

But Monahan refuted the aforementioned claim and stated that people usually pay any “random” amount recommended by the pricing APIs, and that, according to her, is the prevailing market price.

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Added:

As for the basis on which Ethereum managers such as Geth, Etherscan, EthGasStation, MetaMask, and MyCrypto arrive at the expected gas fee rate, they look at the current transactions being mined and show the user a range of costs with associated time values ​​roughly until they are mined, so that they can Users are allowed to roughly indicate where their timelines intersect with their personal cost.

I know a lot of research and technical intelligence has been done on EIP-1559. And I know I’ve stayed relatively calm on this subject for a number of reasons but… ah. fml.

EIP-1559 does not deliver.

(Note: Read before you speak. This isn’t personal so don’t like @. 😒)

– Taylor Monahan (@tayvano_) May 27, 2021

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Monahan continues to stress that wallets/UIs/APIs which are all used to determine transaction cost will not ultimately change and transaction cost to users will not decrease.

A promotion pushed in the middle of an uptrend, according to her, will only lead to “instability” and “uncertainty” in the minds of market participants.

It can be said that the 1559 Protocol, without a doubt, has a pink side and a parallel side that is not pink.

However, only time can tell which side will beat the other and whether or not EIP-1559 will deliver.

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