{"id":888319,"date":"2021-05-31T05:54:21","date_gmt":"2021-05-31T09:54:21","guid":{"rendered":"https:\/\/www.cryptoknowmics.com\/news\/?p=199140"},"modified":"2021-05-31T05:54:21","modified_gmt":"2021-05-31T09:54:21","slug":"ethereum-developers-fix-loophole-in-eip-1559-forthcoming-upgrade","status":"publish","type":"station","link":"https:\/\/platodata.io\/plato-data\/ethereum-developers-fix-loophole-in-eip-1559-forthcoming-upgrade\/","title":{"rendered":"Ethereum Developers Fix Loophole in EIP-1559 Forthcoming Upgrade"},"content":{"rendered":"\n<div><img decoding=\"async\" src=\"https:\/\/wordpress-1016567-4521551.cloudwaysapps.com\/wp-content\/uploads\/2021\/05\/ethereum-developers-fix-loophole-in-eip-1559-forthcoming-upgrade.png\" class=\"ff-og-image-inserted\"><\/div>\n<div class=\"entry-content text-justify\">\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_11 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<p><span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/a><\/span><\/div>\n<nav><\/nav>\n<\/div>\n<div class=\"kk-star-ratings kksr-valign-top kksr-align-left \" data-id=\"199140\" data-slug>\n<div class=\"kksr-legend\"> <span class=\"kksr-muted\">Rate this post<\/span> <\/div>\n<\/div>\n<p>Ethereum developers were quick to fix a loophole for a forthcoming upgrade in EIP-1559 that would have left the network vulnerable to fake large transactions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ethereum_Developers_Fix_Loophole_in_EIP1559\"><\/span><strong>Ethereum Developers Fix Loophole in EIP-1559<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Ethereum core developer Martin Holst Swende has <a href=\"https:\/\/twitter.com\/TimBeiko\/status\/1398329819905945606\" target=\"_blank\" rel=\"nofollow noopener\">identified<\/a> and fixed a loophole in EIP-1559, a major upgrade scheduled to go live in mid-July.<\/p>\n<p>Had the loophole been left unfixed, this would have allowed for fake large transactions that could have overwhelmed the <a href=\"https:\/\/www.cryptoknowmics.com\/news\/defi-is-growing-at-a-consistent-pace-despite-the-unattractiveness-of-the-ethereum-network\/\">Ethereum network<\/a>.<\/p>\n<p>With the forthcoming EIP-1559 upgrade, placing no limit on the maximum amount a user could pay to speed up transactions, an attacker could potentially insert an absurdly high number to overwhelm the network, even if they didn\u2019t have the funds to pay for the tip.<\/p>\n<div><a href=\"https:\/\/www.cryptoknowmics.com\/news\/rotkis-crypto-tax-reporting-tool-to-integrate-de-fi-support\/\" target=\"_blank\" class=\"ub9d5afb4f2832e9a4f854d36112b4d6a\" rel=\"noopener\"><!-- INLINE RELATED POSTS 1\/3 \/\/--><\/p>\n<style> .ub9d5afb4f2832e9a4f854d36112b4d6a { padding:0px; margin: 0; padding-top:1em!important; padding-bottom:1em!important; width:100%; display: block; font-weight:bold; background-color:#F39C12; border:0!important; border-left:4px solid inherit!important; box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -moz-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -o-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -webkit-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); text-decoration:none; } .ub9d5afb4f2832e9a4f854d36112b4d6a:active, .ub9d5afb4f2832e9a4f854d36112b4d6a:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; text-decoration:none; } .ub9d5afb4f2832e9a4f854d36112b4d6a { transition: background-color 250ms; webkit-transition: background-color 250ms; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; } .ub9d5afb4f2832e9a4f854d36112b4d6a .ctaText { font-weight:bold; color:inherit; text-decoration:none; font-size: 16px; } .ub9d5afb4f2832e9a4f854d36112b4d6a .postTitle { color:#000000; text-decoration: underline!important; font-size: 16px; } .ub9d5afb4f2832e9a4f854d36112b4d6a:hover .postTitle { text-decoration: underline!important; } <\/style>\n<div><span class=\"ctaText\">READ<\/span>&nbsp; <span class=\"postTitle\">Rotki\u2019s Crypto Tax Reporting Tool To Integrate De-Fi Support<\/span><\/div>\n<p><\/a><\/div>\n<p>To close that loophole, the developers implemented a solution that involved four lines of codes that capped transactions at a limit of 2^256, a widely used cryptographic hash function that underpins the Bitcoin blockchain.<\/p>\n<p><em><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">\u201cWe had a lot of back and forth on the call about which of these should be included in the consensus rules explicitly, as only the two first \u201c&lt; 2^256\u201d ones are strictly necessary, but we decided to include all four for clarity and caution.<\/span>\u201c<\/em> Ethereum core developer Tim Beiko tweeted.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"EIP1559_Upgrade_Going_to_Make_Ethereum_Transactions_More_Efficient\"><\/span><strong>EIP-1559 Upgrade Going to Make Ethereum Transactions More Efficient<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>EIP-1559 is a forthcoming <a href=\"https:\/\/www.cryptoknowmics.com\/news\/ethereum-leaders-pushing-eip-1559-despite-miners-concerns\/\">upgrade to make Ethereum<\/a> transactions more efficient by using a hybrid system of base fees and tips to evenly incentivize miners in the events of high and low network congestion.<\/p>\n<p>A base fee is an algorithmically determined price one pays for a transaction on Ethereum while tips are optional fees to speed up the transactions on the network.<\/p>\n<div><a href=\"https:\/\/www.cryptoknowmics.com\/news\/bitcoin-price-touches-new-height-after-trumps-threatening-calls\/\" target=\"_blank\" class=\"u08fd471e9f22f39351170a9b42bb9f98\" rel=\"noopener\"><!-- INLINE RELATED POSTS 2\/3 \/\/--><\/p>\n<style> .u08fd471e9f22f39351170a9b42bb9f98 { padding:0px; margin: 0; padding-top:1em!important; padding-bottom:1em!important; width:100%; display: block; font-weight:bold; background-color:#F39C12; border:0!important; border-left:4px solid inherit!important; box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -moz-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -o-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -webkit-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); text-decoration:none; } .u08fd471e9f22f39351170a9b42bb9f98:active, .u08fd471e9f22f39351170a9b42bb9f98:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; text-decoration:none; } .u08fd471e9f22f39351170a9b42bb9f98 { transition: background-color 250ms; webkit-transition: background-color 250ms; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; } .u08fd471e9f22f39351170a9b42bb9f98 .ctaText { font-weight:bold; color:inherit; text-decoration:none; font-size: 16px; } .u08fd471e9f22f39351170a9b42bb9f98 .postTitle { color:#000000; text-decoration: underline!important; font-size: 16px; } .u08fd471e9f22f39351170a9b42bb9f98:hover .postTitle { text-decoration: underline!important; } <\/style>\n<div><span class=\"ctaText\">READ<\/span>&nbsp; <span class=\"postTitle\">Bitcoin Price Touches New Height After Trump&#8217;s Threatening Calls<\/span><\/div>\n<p><\/a><\/div>\n<p>Meanwhile, the network would burn a small amount of Ether (ETH) every time the currency is used to pay gas fees on a transaction that will eventually transform Ethereum into a deflationary crypto asset and make a rival to Bitcoin.<\/p>\n<p>Many believe that the reduction in the supply of ETH will lead to higher token prices overall as the reduction in the supply of Ether will make the asset more scarce.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\"> <a href=\"https:\/\/www.cryptoknowmics.com\/news\/tag\/eip-1559\" class=\"btn m-1 catName\"> #EIP-1559<\/a><a href=\"https:\/\/www.cryptoknowmics.com\/news\/tag\/eth\" class=\"btn m-1 catName\"> #ETH<\/a><a href=\"https:\/\/www.cryptoknowmics.com\/news\/tag\/ether\" class=\"btn m-1 catName\"> #Ether<\/a><a href=\"https:\/\/www.cryptoknowmics.com\/news\/tag\/ethereum\" class=\"btn m-1 catName\"> #Ethereum<\/a> <\/div>\n<p> <a href=\"https:\/\/www.cryptoknowmics.com\/news\/ethereum-developers-fix-loophole-in-eip-1559-forthcoming-upgrade\">Source: https:\/\/www.cryptoknowmics.com\/news\/ethereum-developers-fix-loophole-in-eip-1559-forthcoming-upgrade<\/a><\/p>\n","protected":false},"author":1,"featured_media":888320,"template":"","meta":{"_eb_attr":"","type":"","auto_type":false,"post":"","stream":"","stream_url":"","waveform_data":[],"duration":0,"start":0,"end":0,"bpm":0,"downloadable":false,"download_url":"","purchase_title":"","purchase_url":"","post-count-all":0,"like_count":0,"download_count":0,"editor_note":"","copyright":"","captions":[],"sources":[]},"genre":[41],"station_tag":[7018,4416,3761,3822,3634,3884,4294,3886,4150,3641,4487,5519,3832,5167,3896,3645,4727,4728,3646,5470,3796,5316,4346,3772,3730,4691,3799,4383,4384,4493,3801,3650,5660,4595,3806,4255,3959,4747,3742,3965,5115,3665,4804,4116,4548,4120,4226,4124,4228,3671,4867,4036,3752,3753,3980,5499],"artist":[5875],"mood":[],"activity":[],"_links":{"self":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station\/888319"}],"collection":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station"}],"about":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/types\/station"}],"author":[{"embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/media\/888320"}],"wp:attachment":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/media?parent=888319"}],"wp:term":[{"taxonomy":"genre","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/genre?post=888319"},{"taxonomy":"station_tag","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station_tag?post=888319"},{"taxonomy":"artist","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/artist?post=888319"},{"taxonomy":"mood","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/mood?post=888319"},{"taxonomy":"activity","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/activity?post=888319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}