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What is Ethereum's EIP-1559 proposal and why is it significant?
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cnbctv18.comEthereum released the London hard fork upgrade in August this year. The upgrade was a set of five Ethereum Improvement Proposals (EIPs).
One of them was called EIP-1559 aimed primarily at increasing the mining speed of its native currency Ether (ETH) and incentivising it.A significant aspect of the update was how it overhauled the transaction fee system (gas fee system). The proposal brought a base fee system to make the user experience smoother and a fee-burning mechanism that brings elements of a deflationary asset to Ether.
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