Ethereum Improvement Proposal 1559, set to be bundled together with the “London” upgrade in July, has caused as much excitement as fear and panic. On the surface, EIP-1559 is nothing more than a change in Ethereum’s gas fee structure. And to spice it up, it has also been labeled as Ethereum’s scarcity engine, or burn mechanism, as it will destroy Ether (ETH) used in transaction fees, making the cryptocurrency deflationary, and perhaps more valuable down the line.
Related: Ethereum at a crossroads: Ether community turmoil over miner reward feesMichael J. Garbade is a co-founder and the CEO of Education Ecosystem. He is a serial tech entrepreneur who formerly worked at Amazon (NASDAQ:AMZN), General Electric (NYSE:GE), Rebate Networks, Photobucket and UniCredit Group. Garbade has experience working in the United States, Europe, Asia and South America.
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