EIP-3368 proposes to raise the block reward to 3 ETH with gradual decay every quarter for the next three years to 1 ETH – a workaround to the drastic EIP-1559 proposal.
The new EIP hasn’t received much support, but it seems to have done enough to avoid the “show of force” by some miners on April 1.
For weeks now, Ethereum miners and developers have not seen eye to eye over the future of the blockchain network. The controversial Ethereum Improvement Proposal (EIP) 1559 has pit the two groups on opposite sides. However, a new proposal by one prominent miner is seeking to find a middle ground between the two warring factions.
EIP-3368 was drafted by Michael Carter, one of the most influential Ethereum miners, popular for his YouTube channel, Bits Be Trippin. It proposes to raise the block reward from the current 2 Ether to 3 Ether and start a decay schedule for the next two years. This reward will decay with every block till it gets to 1 Ether after 4,724,000 blocks.
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