EIP1559, a new protocol that is solving the high gas fees issue.

Ethereum improvement protocol (EIP) 1559 is a new proposed protocol that are being prepared by the Ethereum team to solve the rather complicated high gas fees issue.

Started by Vitalik in 2019, the 1559 protocol is built on the plan of setting a base fee for any transaction, however, this fee is co-related to the percentage of the congestion in the network, so there will be a increase or decrease in the base fee corelated with the congestion within the block( amount of transactions demanded).

The most important thing is that the block capacity is going to increased to the double, so this means double the opportunity for getting transactions recorded faster.

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CryptoVC based in Dubai,UAE. Investing in game changing Decentralized Platforms.

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Phoenix VC

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CryptoVC based in Dubai,UAE. Investing in game changing Decentralized Platforms.

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