We're pleased to have Professor Tim Roughgarden give an online talk on his report "Transaction Fee Mechanism Design for the Ethereum Blockchain: An Economic Analysis of EIP-1559" [1]. EIP 1559 [2] is a proposal by Vitalik Buterin [3] to decrease the variance in Ethereum transaction fees. Vitalik will participate and engage Tim in a Q&A after his talk. Tim is Professor of Computer Science and member of the Data Science Institute at Columbia University; he has won the Grace Murray Hopper Award and the Gödel Prize. Vitalik is the most prominent co-founder of Ethereum. An excerpt from the conclusion of Tim's paper follows:

"Does EIP-1559 offer an improvement over Ethereum’s current transaction fee mechanism? The biggest potential benefits of the proposed changes are as advertised: easy fee estimation, in the form of an “obvious optimal bid” outside of periods of rapidly increasing demand; lower variance in transaction fees due to increased flexibility in block size; game-theoretic robustness to protocol deviations and off-chain agreements, both at the scale of a single block and of multiple blocks; and reduced inflation due to fee burning."

Less-expected results from his report include the conclusion that "The seemingly orthogonal goals of easy fee estimation and fee burning are inextricably linked through the threat of off-chain agreements" and a new attack vector.

The report and this meetup are sponsored by the Decentralization Foundation [4]. We will use zoom [5]; note that you can join anonymously via a browser if you decline the download that Zoom offers to you and click "Launch".

[1] http://timroughgarden.org/papers/eip1559.pdf
[2] https://github.com/ethereum/EIPs/blob/master/EIPS/eip-1559.md
[3] https://vitalik.ca/
[4] https://d24n.org/
[5] https://us02web.zoom.us/j/89827451420

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Tim Roughgarden: An Economic Analysis of EIP-1559; Q&A with Vitalik Buterin

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Silicon Valley Ethereum Meetup

Tim Roughgarden: An Economic Analysis of EIP-1559; Q&A with Vitalik Buterin

Silicon Valley Ethereum Meetup

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