Ethereum #1559 EIP - On February 26th, 2021 at 1400 UTC a community call will take place to discuss the implementation of EIP-1559 which is "a transaction pricing mechanism that includes fixed-per-block network fee that is burned and dynamically expands/contracts block sizes to deal with transient congestion." Details on https://supporteip1559.org/ EIP-1559 introduces the following benefits to the Ethereum network: - An important aspect of this fee system is that miners only get to keep the inclusion fee. The base fee is always burned (i.e. it is destroyed by the protocol). - This ensures that only ETH can ever be used to pay for transactions on Ethereum, cementing the economic value of ETH within the Ethereum platform and reducing risks associated with miner extractable value (MEV). - Additionally, this burn counterbalances Ethereum inflation while still giving the block reward and inclusion fee to miners. - Finally, ensuring the miner of a block does not receive the inclusion fee is important because it removes miner incentive to manipulate the fee in order to extract more fees from users. #Leofinance
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