Ethereum Dencun Upgrade (1st Q 2024)Hello friends.
Today im going to explain some features of the next big Ethereum Upgrade called "Dencun"
Lets Deep into it.
The crypto world eagerly awaits Ethereum’s groundbreaking Dencun Upgrade, a massive undertaking by Ethereum developers that promises to reshape the course of the Ethereum network. Set to be introduced as a hard fork in the coming years, this upgrade brings a host of transformative changes that pave the way for a more scalable and efficient blockchain ecosystem.
One of the highly anticipated features of the Dencun Upgrade is Proto-Dank Sharding, also known as Ethereum Improvement Proposal (EIP-4844). This innovative enhancement sets its sights on addressing one of the key challenges faced by Ethereum: scalability. Proto-Dank Sharding introduces a new transaction type that incorporates data “blobs” unlocking additional storage capacity and reducing gas fees, particularly for layer 2 rollups. In simple terms, it can be likened to organizing luggage efficiently for a holiday trip. By optimizing data storage, Proto-Dank Sharding maximizes available space and minimizes unnecessary costs.
It’s important to note that the Dencun Upgrade is not a solitary effort. The term “Dencun” represents a combination of two simultaneous upgrades: “Cancun” at the execution layer and “Deneb” at the consensus layer. While Cancun focuses on executing protocol rules, Deneb ensures block validation. This comprehensive approach aims to maximize system efficiency, offering a guiding light for the future of the blockchain while considering the interests of stakeholders.
The Cancun segment includes five pivotal Ethereum Improvement Proposals (EIPs) :
EIP-4844 (Proto-Danksharding) : Sets the stage for the full implementation of Danksharding, enhancing scalability.
EIP-1153 : Lowers the cost of on-chain data storage, optimizing block space.
EIP-4788 : Improves the structure of cross-chain bridges and stake pools.
EIP-5656 : Introduces minor code changes to the Ethereum Virtual Machine (EVM).
EIP-6780 : Removes SELFDESTRUCT, which is code that could potentially terminate smart contracts.
Key Benefits of Ethereum Cancun
Boosted Scalability : The introduction of Proto-Danksharding will facilitate a higher volume of transactions, processed at a quicker pace, enhancing Layer 2 solutions which operate atop the main blockchain.
Reduced Gas Fees : Through the utilization of data "blobs" and the implementation of EIP-4844, the upgrade aims to significantly cut down the gas fees, a move that will be particularly beneficial for Layer 2 solutions, making transactions more affordable.
Strengthened Security : The network's security infrastructure will be fortified, safeguarding user data and investments, thanks to initiatives like EIP-6780.
Efficient Data Storage : EIP-1153 is set to optimize data storage on the blockchain, fostering more efficient and cost-effective operations, which is a boon for Layer 2 solutions that rely on optimal data management.
Enhanced Cross-Chain Connectivity : The upgrade, through EIP-4788, promises smoother and more secure interactions between different blockchain networks, facilitating better integration with Layer 2 solutions.
Technical Innovations : With minor code modifications introduced through EIP-5656, the upgrade sets the stage for future technical advancements, potentially spurring innovation in Layer 2 solutions.
I hope you enjoy this article and pay attention to ETH in the next coming Bullrun :)
THANK YOU ALL
Refrences :
www.ethereum.org
www.medium.com
