👁️‍🗨️ EIP-1559 is one of the proposals aimed at increasing the mining speed and incentivizing mining of its native currency Ether (ETH). In this article, we will discuss “What is EIP-1559? How does EIP-1559 work?” Let’s get started! ​🗨️ What is EIP-1559?  ​ Ethereum Improvement Proposal (EIP) 1559 is a change to how Ethereum calculates and manages network transaction fees, implemented on August 5, 2021. (called the “gas bill”). This improvement makes Ethereum transactions more efficient by using a block-based base fee and sender-specified maximum fee system instead of bidding on gas prices to more fairly incentivize miners during times of high and low network congestion. It was included in the London hard fork. In addition to EIP 1559, there will be four other EIPs in London!  🗨️ How does EIP-1559 work? ​ In the original Ethereum gas fee system, each transaction was funded by a bid amount determined by the user. This type of system can lead to high and unexpected gas bills when the network is busy!  Under the new system, gas bills will include base charges and tips. All users will have to pay a base fee, which will be a fixed fee determined by the network based on network traffic. Users will have the opportunity to add tips as an additional, optional payment method to speed up their transactions! EIP-1559 also requires the network to destroy all Ether tokens used to pay for base fees. Since this process generates fewer tokens, Ether becomes more valuable due to its increased scarcity! 😁