EIP 1559 Explained - What and Why
EIP 1559 is one of the major changes that are merging as part of the Ethereum London Upgrade. In this video we talk about
💡Legacy transaction model (before EIP 1559)
💡The new transaction model (change 1 of 3 in EIP 1559)
💡Base fee per block (change 2 of 3 in EIP 1559)
💡Change in Block size (change 3 of 3 in EIP 1559)
💡Benefits of EIP 1559
💡Why burn base fee
💡Deflationary narrative: Ultra Sound Money
👉 Also checkout EIP 3554 explained - • EIP 3554, Difficulty Bombs, and Ice Age in...
Further reading / resources
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👉 EIP: Ethereum Improvement Proposal - https://eips.ethereum.org/
👉 Ethereum London Upgrade: https://blog.ethereum.org/2021/07/15/...
👉 EIP-3554: https://eips.ethereum.org/EIPS/eip-3554
👉 Difficulty bomb estimation: https://ethereum-magicians.org/t/eip-...
👉GitHub proposal: https://github.com/ethereum/EIPs/blob...
👉 Block stats data - https://etherchain.org/blocks#
Timestamps
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00:00 Introduction
00:59 Legacy transaction model
02:22 New transaction model (change 1 of 3)
03:26 Base fee per block (change 2 of 3)
05:00 Change in Block size (change 3 of 3)
05:29 Benefits of EIP 1559
06:38 Why burn base fee
07:01 Deflationary narrative: Ultra Sound Money
08:09 Final thoughts
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