EIP-1559 coming to the Ethereum blockchain with the London hard-fork

The London hard-fork on the Ethereum blockchain is supposed to take place on August 4th (or maybe 3rd or 5th). With this hard-fork, we will be one step closer once again to Ethereum 2, which will make the Ethereum blockchain a Proof of Stake blockchain once and for all.

The biggest change coming with the London hard-fork is the so-called EIP-1559. EIP means Ethereum Improvement Proposal. As this proposal will take effect, you can say goodbye to guessing the gas fees before trying to make a transaction on the Ethereum blockchain.

tunnel-336543_640.jpg

At this moment, you will have to set the gas fee yourself as you make a transaction on the Ethereum blockchain. The higher the gas fee, the more expensive your transaction will be, and the more likely it is that the miners will pick it up, meaning that the transaction will happen quickly.

You will not need to set gas fees anymore...

This sounds quite awesome, doesn't it? After the London hard-fork, you will automatically pay the actual gas fee, set by the system. There will be a chance left to tip the miners, something that might help you get a spot in front of the line, but it will be very different from the way things are working right now.

I still don't see exactly how this will work myself. If I do a transaction at a very busy time of the time, will I then end up paying a very high gas fee, maybe much higher than I would like to pay, or will this be a steady gas fee, that will not change much, making it easy to predict the cost of any transaction that you might do on the blockchain?

So, I kind of understand it, but I still do not understand it completely. No matter what, I am convinced that all the changes taking place will be great for the blockchain, for the future, and also for the environment as a whole lot of miners will have to find other things to do!

H2
H3
H4
3 columns
2 columns
1 column
Join the conversion now