Ethereans Await the Approval of EIP-1559

ethereum eip 1559

Ethereum developers, miners, and the “community” are holding a call to begin within a few minutes in order to build consensus for EIP-1559. “This Ethereum Improvement Proposal (EIP) suggests a new transaction pricing mechanism that includes a fixed-per-block network fee that is burned and dynamically expands/contracts block sizes to deal with transient congestion… It would bring significant UX and economic benefits to Ethereum. It was originally proposed in 2019 by Vitalik Buterin and Eric Conner and has been in active development over the past 18 months,” said Pooja Ranjan, the project manager at Ethereum Foundation. The call will discuss concerns that miners may have so that the entire community can back the new proposal. The new proposal aims to address uncertainty when setting fees due to their currently blind auction method creating unpredictable confirmation times. The proposal will set a base fee, which is burned, with that base fee algorithmically…

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