Letter #30: Into the Ether with EIP-1559
Writer’s Note: When I first entered the space, I was attracted, not only to Bitcoin, but to a number of cryptocurrencies and blockchains with well-worn sales pitches about how they’d supposedly change the world. This is one of several articles reflecting those earlier interests. I have since become “Bitcoin Only”, and my writing focuses on the Bitcoin blockchain.
Our world has undergone significant change over the past several decades as a result of the ever-accelerating pace of technological advancement. The internet has been, by far, the greatest driver of that change as it has allowed users to perform almost any task digitally and with very low costs. Entire industries have been replaced and almost all others have been revolutionized by the internet.
The aspirations of blockchain proponents are similarly high. Spend enough time researching blockchain and you’re sure to be regaled with explanations of how it is revolutionizing finance, healthcare, real estate, self-sovereignty, and much more. Many of these revolutions have already begun, while many others have yet to even be imagined. However, it is unquestionable that one blockchain is having more of an impact on these changes than almost every other: Ethereum.