Will ethereum go up after EIP-1559?

EIP stands for Ethereum Improvement Proposal and it’s an idea to make changes to the software in order to improve it.

EIP-1559 is an improvement proposal that was submitted by Pawel Bylica and it deals with the GAS cost for contract execution.

It will adjust the GAS cost for transaction executions to be related more closely to the number of operations executed, instead of how many tokens are stored in a contract. The EIP-1559 proposal is not a part of EIP-1234. The main difference between the two is that EIP-1559 deals with gas costs while EIP-1234 deals with how the gas cost is calculated.What if someone sends a transaction and then cancels it? The transaction will still be executed, but the gas cost for the execution will be refunded to the sender.

The Ethereum Improvement Proposal (EIP) 1559 may be the answer to the scalability problem that Ethereum is facing. This proposal is a scaling solution that will help Ethereum to process more transactions per second. It aims at reducing the block size from 1mb to 0.6mb, which will reduce the time it takes for a transaction to be processed by 5x.

Ethereum has been in a downtrend for quite some time now and this new proposal can be just what it needs to go up again.

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