Ethereum’s Hope №1559: What It Does and What It Doesn’t Do — News

What and when it is

What it will do

  • burn a part of the transaction fees;
  • bring a “base fee” in blocks on the network which will track the gas price the network accepts from transactions based on demand for blockspace, making it easier for wallets and users to estimate the right price for their transactions;
  • add a new transaction type so users can specify the maximum fee they are willing to pay and the maximum miner tip, as well as get a refund for the difference between that maximum and the base fee and miner tip.
  • decrease the variance in transaction fees and the delays that some users experience, through the flexibility of variable-size blocks;
  • improve the user experience through easy fee estimation, in the form of an “obvious optimal bid,” outside of periods of rapidly increasing demand;
  • at least modestly decrease the rate of ETH inflation through the burning of transaction fees.
  • enable better transaction fee estimation;
  • create a symbiotic relationship between ETH, Ethereum network, and its users;
  • allow for more reliable transaction inclusion.

What it will not do

  • doesn’t lower the gas prices in the long run;
  • doesn’t make ETH deflationary by default.
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