Buterin Helping to Strategize Against Ethereum 51% Attack Possibility
The developers of Ethereum recently put a proposal on the network change called EIP-1559 — a proposal against the network's sky-rocketing gas fees. The change is predicted to take effect in July of this year, the move would send a portion of every transaction fee directly to the Ethereum network itself. Ether collected in this manner would be burned, reducing the number of coins in circulation.
This proposed change in network would also decrease the amount of rewards going to the miners. A vocal group of participants have since begun to advocate for a demonstrative network takeover, which could affect the security of the network in a bad way. However, the group is not apparently on purpose to overthrow Ethereum, insisting that they only expect to show the possibility of such an attack. Vitalik and other developers have planned defensive efforts in a responsive manner.
“The goal of this document is to describe a mechanism by which a merge can happen quickly, with little modification to either the ethpow or beacon clients,” said Buterin. This move would transit Ethereum network to Ethereum 2.0 sooner than expected.
"Like clockwork, the Ethereum community has quickly organized potential solutions to this possible 51% attack, with Vitalik leading the charge,"