Watch The Burn it is a web portal that allows monitoring, graphically, the operation of commission burning proposed at EIP-1559, recently launched on Ethereum’s Ropsten test network.
The portal allows to see the statistics of” commission burning”, which are being carried out within the Ethereum testing network since last June 24, as reported by CriptoNoticias. The development of this page was integrated by a couple of programmers of the Ethereum ecosystem: Mohamed Mansour and Marius van der Wijden.
As highlighted in the GitHub of the project, Watch The Burn plans to show the statistics of the total commissions burned, not only in the Robsten network, but as they are added to the different networks, both test and the main network.
In this sense, the programmers recently post that, from this June 30, everything is ready so that, once London arrives at the Goerli test network, users can follow up on the commission burning from the portal.
The EIP-1559 is an improvement that aims to reduce the high commission costs presented by the Ethereum network. Integrated within the London fork, it is planned to reach the main network by 14 July this year.
The EIP or Ethereum 1559 Improvement Proposal establishes a commission “burning” model. The protocol determines to pay miners a base commission for each of the transactions within a block, while the rest will be burned. This, in the slang of cryptocurrencies, means that they will be removed. No one will own the remaining commissions.
Along with commission burning, the EIP-1559 introduces a new concept called tipping. These serve as an incentive or extra payment to motivate miners to take and confirm the transaction. However, inside Watch the Burn it is not possible to visualize the tips that are being paid for every transaction. Although in this case it is worth remembering that it is the test network, which operates on a non-profit basis.
EIP-1559 road to main network
Much has been said about whether EIP – 1559 will actually solve network congestion and increased fees. All this as a previous solution before the arrival of Ethereum 2.0 and the change of the consensus algorithmplanned to be activated by July 14, there still seems to be a long way to go.
In a report reported by CriptoNoticias, according to analytical firm Coin Metrics, if 75% of the commissions on each mined block were to be burned, Ethereum’s estimated inflation would fall by 2%. This could mean that the annual ether emission, which is over 18 million, would fall dramatically.
If this scenario is met, users could see a real reduction in commission spend. However, other characters seem to remain more conservative, such as Ethereum developer Fabian Vogelsteller, who considers remaining skeptical as to whether this proposal will actually solve the problem of high commissions.