EIP-1559 Proposal: A Major Change in Ethereum's Transaction Pricing Mechanism

The EIP-1559 proposal aims to address the transaction pricing issue on the Ethereum network. This proposal makes significant adjustments to the transaction pricing scheme of the Ethereum network, changing the original market auction mechanism to a model of base fees plus tips. Additionally, it introduces a dynamically scalable block size design to cope with instantaneous network congestion.

Under the new mechanism, the base fee for each block is fixed, but it will be dynamically adjusted based on network congestion. When the network is congested, the tip is used to incentivize miners to include user transactions in the block. Each transaction can specify the upper limit for the base fee and the tip.

For miners, the implementation of EIP-1559 may affect their earnings. The base fee will be burned instead of being allocated to miners, which means that miners will only receive a fixed block reward and tips from transactions. This could lead to a decrease in miners' income.

For users, the new proposal is expected to improve the trading experience. Users do not need to estimate gas prices when packaging transactions; they only need to set the maximum amount they are willing to pay. This will greatly alleviate the transaction delay issues caused by inaccurate gas price estimates, enhancing the usability of the Ethereum network.

From an investor's perspective, the destruction of base fees may bring a deflationary effect to Ether, potentially benefiting its price increase. However, the actual factors influencing price changes are complex and should not be oversimplified.

Overall, the core feature of the EIP-1559 proposal is to enhance the usability of the Ethereum network while reducing the transaction packaging profits for miners. Currently, the specific implementation date of the proposal has not yet been determined. Considering the potential opposition from the mining community, whether EIP-1559 can be implemented smoothly remains uncertain. In any case, this proposal represents an important direction for technological upgrades in the Ethereum network and is worthy of ongoing attention.