tl;dr Buidlers enforce a maximum transaction tip for validators
The blockspace belongs to all of us. It is for building our commons, the opportunity to bootstrap new dynamics without intermediaries or power inequalities. At first came the explorers, benefiting from the abundance of resources in the surface of the space. Second came the miners, deploying their heavy machinery, digging too deep for us to keep up with our available tools. Third came the financiers, with their nifty tricks for buying out infrastructure and humans.
Explorers, miners and financiers have managed to extract most of the resources, appropriating the commons and transferring their value to their private wallets. They have now decided that they alone are to be trusted for the governance of the blockspace. They have replaced open participation with how successful someone has been in locking up value. They own the infrastructure and enforce taxation on all our activities. The new ruling class has been established, and their code remains maximal value extraction.
As the stakeholders tightened their grip, the Buidlers united. They realized that while code was their tool, community was their strength. And it was this strength that would eventually lead to the formation of the Buidlers Union, a collective effort to reclaim the blockspace and ensure that Ethereum remained true to its founding principles.
Their emblem, the LowPass symbol, became a beacon of hope and fairness. Imagine a gatekeeper, ensuring that everyone, regardless of their stature, pays their fair share. When the imposed taxation by the ruling class exceeds what the Union deems fair, the smart contracts pause. It's not a blockade, but a statement. A call for fairness.
At its core, the LowPass mechanism is a piece of code, integrated into smart contracts. It communicates with the Buidlers Union HQ contract, which sets the maximum priority fee. If a transaction's fee exceeds this maximum, the smart contract simply won't process it. It's a silent protest, a digital strike, until balance is restored.
This isn't just about keeping fees low; it's about balance and fairness. By having a set limit on transaction fees, the Buidler Union ensures that no group can exert undue influence over the Ethereum network. It's a way to keep the playing field level, where Buidlers serve as guardians of Ethereum's original vision: a decentralized platform where everyone has a voice, and where innovation isn't held back by high fees or power plays.