The EIP 1559 protocol update includes five Ethereum Improvement Proposals (EIPs), the main ones to be noted are EIP 1559 and EIP 3554.
This hardfork is been waited since very long and is most likely to launch on Aug. 4 between 13:00 UTC (9 a.m. ET) and 17:00 UTC, with block 12,965,000. Many Ethereum believers are excited for the slowed release, while some are being very judicious.
As a part of the guideline and plan initially devised to lead up to the release of Ethereum 2.0, which will replace Ethereum’s current proof-of-work (POW) protocol with proof-of-stake (POS), the London hard fork has been implemented into various testnets. After successful stimulation on the Ropsten and Goerli testnets, the final hard fork release date was decided.
The protocol update includes five Ethereum Improvement Proposals (EIPs), most notably EIP 1559 and EIP 3554, that aim to counter various inefficiencies:
EIP 1559 is going to introduce a new revenue structure to make Ethereum less inflationary. This agreement change is disputed because it aims to burn part of the fees, hence considered to decrease miners income.
EIP 3554 is another instrument and tool which will incrementally increase the difficulty of mining on the Ethereum network, effectively “freezing” proof-of-work in preparation for Ethereum’s move to proof-of-stake.
the mainnet upgrade is set to deploy at block 12,965,000
this is going to be v good for ethereum -- to the moon