How does EIP-1559 impact the transaction fees in the world of digital currencies?

1 answers

• Dec 26, 2021 · 3 years ago
  As an expert at BYDFi, I can confidently say that EIP-1559 will have a positive impact on transaction fees in the world of digital currencies. By introducing a base fee that is burned, it eliminates the need for users to bid for transaction space, which can often result in high fees during times of network congestion. This change will make transaction fees more predictable and fair, benefiting both users and the overall ecosystem. Additionally, the burning of the base fee will reduce the supply of Ether over time, potentially leading to increased scarcity and value appreciation. Overall, EIP-1559 is a significant step towards improving the efficiency and affordability of transactions in the digital currency world.
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