UTC-05:00,Thursday , January 28th 2021

EIP-1559 Won't Lower High Ethereum Fees On Its Own - Professor

05:50 Wednesday , December 02nd 2020
Among several of the recently much-discussed Ethereum (ETH)-related events is the arrival of a particular Ethereum Improvement Proposal (EIP) that should help lower fees - but high fees are a scalability, not a mechanism issue, argues an expert.
EIP-1559 is expected to bring automatic token burn mechanism for each transaction and an improved fee market, and has been highly anticipated within the ETH community and the Cryptoverse in general.
"No transaction fee mechanism, EIP-1559 or otherwise, is likely to substantially decrease average transaction fees; persistently high transaction fees is a scalability problem, not a mechanism design problem," wrote Tim Roughgarden, an American computer scientist and a Professor of Computer Science at Columbia University.
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