EIP-1559 was introduced to improve the way transaction fees are calculated and make them more predictable for users. 

Let's break down its key components with a simple example:

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Base fee: This is a fixed price per unit of gas, determined by the network based on demand. BASEFEE is burned. Because  rather than being paid to miners, the base fee is destroyed  or 'burned,' reducing the overall supply of Ether

for example:
 - BaseFee = 70GWEI 
- Max_fee_per_gas = 90 GWEI 
- Max_priority_fee_per_gas = 15 GWEI 
- BASEFEE 70 is burned 
- Miners will get 15GWEI(Max_priority_fee_per_gas)  as ( 
   Max fee - basefee > Max_priority_fee_per_gas here) 
- Lastly, 5 GWEI is refunded.

so, with EIP-1559, say goodbye to guesswork and hello  to more efficient Ethereum transactions! 
#Ethereum  #EIP1559  #Blockchain

Max Fee: The most you are willing to pay for the transaction
Max Priority Fee: The most you are willing to give to the miner. 
priority Fee: The amount the miner actually receives.  The miner will receive less than the max_priority_fee  if the max fee - BASEFEE < max_priority_fee