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EIP-1559: Separating Mechanisms From Memes
Manage episode 456514832 series 3570694
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This story was originally published on HackerNoon at: https://hackernoon.com/eip-1559-separating-mechanisms-from-memes.
EIP-1559 is an important but misunderstood Ethereum upgrade. Learn the facts about EIP-1559, including its design goals, rationale, features, and benefits.
Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #ethereum, #eip-1559, #transaction-fee-mechanisms, #ethereum-blockchain, #ethereum-gas-fees, #ethereum-network, #hackernoon-top-story, #good-company, and more.
This story was written by: @2077research. Learn more about this writer by checking @2077research's about page, and for more stories, please visit hackernoon.com.
EIP-1559 is a very misunderstood upgrade. While many know that it was an upgrade made to Ethereum’s transaction fee mechanism, many of the benefits are not well understood. This article present the facts around EIP-1559--focusing on the problems it solves and how it works. We dive deep into EIP-1559's design--analyzing the historical context for changing Ethereum's transaction fee mechanism--and debunk certain misconceptions around EIP-1559's design goals. We also discuss the benefits of EIP-1559 in more detail and touch (briefly) on multidimensional fee markets and similar improvements on the original EIP-1559 proposal.
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