Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Ethereum London Mainnet Announcement

blog.ethereum.org

Post reply on HN
Print view View original

1–10 of 153 posts

Re: Ethereum London Mainnet Announcement

#2

Post by liquidise »

EIP 1559 is a substantial change to the handling of gas fees on the network. In addition to making gas fees be 2 parts (base and "priority" fees), this includes a provision for "burning" the base fee, reducing the overall ETH supply. From the code itself:

  # miner only receives the priority fee; note that the base fee is not given to anyone (it is burned)
Models i have seen suggest this will not make ETH deflationary, as the expected burn rates are outpaced by expected mining rates, but the proposal does specifically make note of this[1].

1: https://eips.ethereum.org/EIPS/eip-1559#eth-burn-precludes-f...

Re: Ethereum London Mainnet Announcement

#3

Post by hanniabu »

liquidise wrote: post #2

EIP 1559 is a substantial change to the handling of gas fees on the network. In addition to making gas fees be 2 parts (base and "priority" fees), this includes a provision for "burning" the base fee, reducing the overall ETH supply. From the code itself: # miner only receives the priority fee; note that the base fee is not given to anyone (it is burned) Models i have seen suggest this will not make ETH deflationary,…

The deflationary aspect isn't speculated to kick in until after the merge to PoS when the issuance drops significantly.

Regardless, I don't believe it will be deflationary long term. It will likely just last a year before it reaches an equilibrium.

Re: Ethereum London Mainnet Announcement

#5

Post by Sargos »

cwkoss wrote: post #4

Whats the timeline looking like for PoS on mainnet?

December 2021 or Q1 2022 at the latest. The difficulty bomb is scheduled to activate in December so a fork of some kind will be needed to reset it so everyone is working diligently towards December as the ship date.

Re: Ethereum London Mainnet Announcement

#6

Post by mrb »

Sargos wrote: post #5
cwkoss wrote: post #4

Whats the timeline looking like for PoS on mainnet?

December 2021 or Q1 2022 at the latest. The difficulty bomb is scheduled to activate in December so a fork of some kind will be needed to reset it so everyone is working diligently towards December as the ship date.

The difficulty bomb was supposed to first activate 4 years ago. It has been pushed back numerous times, about 6 times IIRC. I wouldn't be surprised if come December they push it back one more time.

Re: Ethereum London Mainnet Announcement

#7

Post by michaelsbradley »

If readers are curious how to get up-and-running with a (non-mining) full node (ETH1) at home, it's quite simple.

This is how I did/do it on my Intel NUC running Ubuntu Server 20.04:

1. Download a prebuilt binary from https://geth.ethereum.org/downloads/.

2. Unpack it. Optionally make it (or a symlink) available in your PATH.

3. Create a service definition, enable it, and start it:

   [Unit]
   Description=Go Ethereum
   
   [Service]
   Type=simple
   WorkingDirectory=/home/user
   ExecStartPre=/usr/bin/bash -c "/usr/bin/systemctl set-environment GETH_EXT_IP=$$(/home/user/.local/bin/ext-ip.sh)"
   ExecStart=/home/user/.local/bin/geth \
     --nat extip:${GETH_EXT_IP} \
     --ws
   StandardError=append:/home/user/.ethereum/geth.log
   PermissionsStartOnly=true
   User=user
   Group=user
   Restart=always
   RestartSec=5
   
   [Install]
   WantedBy=default.target
The script ~/.local/bin/ext-ip.sh consists of:

   #!/usr/bin/env bash
   
   dig TXT +short o-o.myaddr.l.google.com @ns1.google.com | awk -F'"' '{print $2}'
And that's it. geth will start syncing mainnet and will likely finish in under 12 hours (depending on your Internet connection, of course).

Note: the initial sync is intensive in both network and disk IO, you'll need an SSD. Also, running a full node long-term (without pruning) currently eats quite a bit of disk space:

   $ du -sh ~/.ethereum/geth

   598G /home/user/.ethereum/geth

Re: Ethereum London Mainnet Announcement

#8

Post by nubb »

michaelsbradley wrote: post #7

If readers are curious how to get up-and-running with a (non-mining) full node (ETH1) at home, it's quite simple. This is how I did/do it on my Intel NUC running Ubuntu Server 20.04: 1. Download a prebuilt binary from https://geth.ethereum.org/downloads/ . 2. Unpack it. Optionally make it (or a symlink) available in your PATH. 3. Create a service definition, enable it, and start it: [Unit] Description=Go Ethereum [Se…

I’ve found not all ssd can handle a full node. If anyone is considering this just go w the nvme.

Re: Ethereum London Mainnet Announcement

#9

Post by michaelsbradley »

mrb wrote: post #6
Sargos wrote: post #5

Earlier quoted context omitted.

December 2021 or Q1 2022 at the latest. The difficulty bomb is scheduled to activate in December so a fork of some kind will be needed to reset it so everyone is working diligently towards December as the ship date.

The difficulty bomb was supposed to first activate 4 years ago. It has been pushed back numerous times, about 6 times IIRC. I wouldn't be surprised if come December they push it back one more time.

Once PoS is activated for mainnet in December (or early next year), the difficulty bomb will be no más.

Re: Ethereum London Mainnet Announcement

#10

Post by michaelsbradley »

nubb wrote: post #8
michaelsbradley wrote: post #7

If readers are curious how to get up-and-running with a (non-mining) full node (ETH1) at home, it's quite simple. This is how I did/do it on my Intel NUC running Ubuntu Server 20.04: 1. Download a prebuilt binary from https://geth.ethereum.org/downloads/ . 2. Unpack it. Optionally make it (or a symlink) available in your PATH. 3. Create a service definition, enable it, and start it: [Unit] Description=Go Ethereum [Se…

I’ve found not all ssd can handle a full node. If anyone is considering this just go w the nvme.

That's a great point. I went with nvme when building my NUC and don't regret it.
Post reply on HN