London EIP-1559 Date to be Announced This Week at Ethereum Core Devs Meeting on July 9th
The long awaited EIP-1559 Update for the Ethereum Blockchain might finally have a specific date set as per the upcoming meeting this Friday July 9th at 14:00 UTC.
EIP 1559 will radically change the fee dynamics of Ethereum by introducing a minimum fee to all on-chain transactions called the “base fee.”
Normally, transaction fees are set by users and accepted in full by miners. Under EIP 1559, the base fee is set by the Ethereum protocol automatically and is removed or “burnt” by the network instead of being awarded to miners. The burning mechanism of EIP 1559 is one of the most controversial aspects of the London upgrade because of its potential to reduce miner revenue.
submitted by /u/Artificial8Wanderer