The protocol proposal would introduce a minimum fee that automatically adjusts to network activity as well as a maximum fee. This will prevent gas prices from increasing immeasurably when there is high activity.
In addition, Ethereum has not pre-programmed an upper limit of tokens into the protocol, in the same way that Bitcoin has a limit of 21 million. Part of the transaction fees will be “burned” if EIP-1559 is applied, which could have a deflationary effect in the long run.
Whether and when this proposal will be implemented is still unclear.
Andrew Abir, the Deputy Governor of the Bank of Israel, has started to issue digital shekels as the first step…