EIP 1559 aims to achieve 4 goals. 1.Making transaction fees more predictable 2.Reducing delays in transaction confirmation 3. Improving user experience by automating the fee bidding system 4. Creating a positive feedback loop between network activity and the ETH supply So will EIP 1559 make gas fees much lower? Not really, it will clearly optimise the fee model by smoothing fee spikes and limiting the number of overpaid transactions, but the main ways of lowering gas fees are still ETH 2.0 and Layer 2 scaling solutions. When is it scheduled to be implemented? From the timeline perspective, it looks like EIP 1559 could be implemented in the next hard fork after the Berlin hard fork which is somewhere in 2021.