Ethereum gass fees can drop in July due to EIP1559 upgradesteemCreated with Sketch.

in #eth4 months ago (edited)

What is IEP1559 - A transaction pricing mechanism that includes fixed-per-block network fee that is burned and dynamically expands/contracts block sizes to deal with transient congestion. Want more technical explanation:

This upgrade should come in July with London hardfork. Block size will be doubled and transactions should become cheaper. Heard that somewhere already? Yes that's how BCH was introduced after forking BTC by increasing block size still having much cheaper transactions than BTC. Now also not all miners want to accept this proposal

Of course time it's a little bit different and ethereum can even become deflationary coin.


EIP-1559 Base Fee

So, how will EIP-1559 fix these issues? It won't fix them all, but it will be a start. By deploying a Base Fee, it will target the market rate gas price and adjust on the fly on a block-by-block basis. That way, users can easily send their transaction without having to guess which gas option to choose like they do now.


There will also be an option to tip the miners to incentivize them to include a transaction in the block quicker. This feature will be similar to giving a waiter a tip for good service. The only difference is that the tip will come before the service and hopefully expedite it. However, tipping the miners will not impact the fees to be paid.

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