Taylor Monahan, CEO of MyCrypto, and Tim Beiko, Ethereum Foundation core-dev facilitator, discuss the upcoming upgrade to the Ethereum network, EIP 1559. Show highlights:
- why Tim believes EIP 1559 is necessary
- what narrative is driving EIP 1559
- what problems the network upgrade will solve
- how Ethereum transactions/fees work
- whether gas prices are correlated with ETH/USD
- the 3 main protocol changes that EIP 1559 proposes
- why Taylor, as the CEO of a wallet provider, is wary of EIP 1559
- how EIP 1559 will affect Ethereum’s block size
- what changes wallet providers are considering due to EIP 1559
- whether ‘Black Swan’ events will be more or less likely after the network upgrade
- how EIP 1559 will affect miners
- whether Tim or Taylor believes that miners could fork Ethereum to stop EIP 1559
- how EIP 1559 will change the state of miner extractable value (MEV)
- how Taylor and Tim feel about the Ethereum as sound money narrative in light of EIP 1559
- when EIP 1559 will go live
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