Ethereum's EIP1559 Went Live on the Ropsten Testnet

[kriptomadness]

Ethereum’s long waited EIP1559 update went live on the Ropsten testnet.

The accurate pricing of transaction fees has always been a problem of the ethereum blockchain.

There are fees attached to every transaction, and miners have always had to prioritize transactions with higher fees to boost their gain. Therefore, the higher the transaction fee, the higher the chance of getting your transaction into the next block.

That is called the First Price Auction Model and experts have been clamouring against it for its inaccuracy as traders are spending more than what should be the usual fees.

This is the problem that EIP-1559 is solving in the blockchain. It’s a better pricing model to accurately determine transaction fees. According to the FAQ released on the Ethereum website, there are now two distinct fees: inclusion fees and base fees.

The base fees are block-fixed for any type of transaction. The base fees will either increase or decrease depending on the gas target limit.

At relevant intervals, the base fees are going to be burnt. This is necessary to ensure deflation of Ethereum. By far, this mechanism is quite fair.

https://coinbench.com/ethereum-eip1559-went-live-on-ropsten-testnet/

[Tipstar]

Certainly a good improvement. Not only would it make transaction and transaction time predictable, it would also make mining rewards more predictable. It would help bringing transaction fees to a stable point which would be much better to the network. Burning the excess token is a way to tell there's no advantages of  going with higher fees. It won't have much impact on the currency itself as it's still unlimited in supply.

[pinoycash]

Certainly a good improvement. Not only would it make transaction and transaction time predictable, it would also make mining rewards more predictable. It would help bringing transaction fees to a stable point which would be much better to the network. Burning the excess token is a way to tell there's no advantages of  going with higher fees. It won't have much impact on the currency itself as it's still unlimited in supply.

Can't wait for this upgrade goes live in the main net, I will start using ETH once again after gas fees stabilize and return to normal level. Getting tired of numerous scams in BSC network due to low fees and low entry barrier in deploying a contract.

[DapanasFruit]

As one of the many who are turned off by the incredulous and exploitative super-high gas fees imposed by Ethereum network to its users (am not actually blaming the network nor the miners here), I am so quite happy with this development. This is really long overdue, and even Vitalik Buterin openly expressed his disappointment - and who would not? Cryptocurrency is supposed to be cheap or at least very reasonable in terms of the cost of sending funds and not the way that happened with Ethereum. The time has come to correct this malady, this injustice.

[zasad@]

Certainly a good improvement. Not only would it make transaction and transaction time predictable, it would also make mining rewards more predictable. It would help bringing transaction fees to a stable point which would be much better to the network. Burning the excess token is a way to tell there's no advantages of  going with higher fees. It won't have much impact on the currency itself as it's still unlimited in supply.

Can't wait for this upgrade goes live in the main net, I will start using ETH once again after gas fees stabilize and return to normal level. Getting tired of numerous scams in BSC network due to low fees and low entry barrier in deploying a contract.

You do not need to wait for a new hard fork, it is better to use the Polygon level 2 solution.
Mainnet fees are very cheap right now, but the market situation could change quickly due to high demand.
Until Ethereum 2.0 consists of a sufficient number of shards, then the best way for cheap transactions will be a level 2 solution. This will continue for at least several years.

[devil2man]

well i can't wait for the EIP1559 protocol to become really effective i hope that the test phase will be really short, enough with the overwhelming power of the miners, low fees are needed, right and moderate gain for miners, when eth 2.0 arrives everything will change