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Ethereum Dencun Upgrade: EIP-4844 (Proto-Danksharding) and Other Enhancements Explained
The Dencun upgrade (also called Cancun-Deneb) is a major Ethereum update scheduled for March 13, 2024. Its goal is to boost the network’s scalability and efficiency significantly. A key element of this upgrade is the implementation of Proto-Danksharding (EIP-4844), which is designed to make layer two (L2) transactions faster and significantly reduce gas fees.
Additionally, there are many other interesting proposals. What will be a part of this upgrade? Let’s take a closer look.
EIP-4844 (Proto-Danksharding)
EIP-4844 (Proto-Danksharding) stands out as a leading Ethereum Improvement Proposal, also known as Proto-Danksharding, introduces “blob-carrying” transactions to reduce costs associated with posting Layer 2 rollup data to the Ethereum mainnet. These transactions, carrying blob data, enable more cost-effective data submission.
This upgrade lays the groundwork for more advanced scalability enhancements, particularly Danksharding, emphasizing efficient blob verification through erasure coding and data availability sampling. The Ethereum community’s evolving roadmap prioritizes modular scaling with a focus on rollups and data optimization.
As such, let’s look at the main potential benefits of this improvement proposal:
•Lower Transaction Costs: EIP-4844 aims to drastically reduce gas fees. This will make Ethereum transactions more affordable for all users, especially for those engaged with L2 solutions.
• Enhanced Scalability: The introduction of blobs and the associated changes pave the way for Ethereum to scale its transaction throughput significantly. This scalability is key to Ethereum’s quest to onboard the first billion users.
• Improved User Experience: Lower fees and increased scalability translate into a better user experience, attracting a broader audience to the Ethereum ecosystem.
Benefits of Dencun update
The Ethereum Cancun-deneb (Dencun) upgrade is poised to introduce several network improvements:
• Scalability Improvements:
The addition of Proto-Danksharding is anticipated to enhance transaction processing speeds and capacities, particularly benefiting Layer 2 solutions built on the main Ethereum blockchain.
• Gas Fee Reduction:
EIP-4844’s integration of data “blobs” aims to significantly lower gas fees, making transactions more cost-effective.
• Security Upgrades:
Initiatives like EIP-6780 aim to bolster the network’s security measures, providing enhanced protection for user data.
• Efficient Data Storage:
The implementation of EIP-1153 is set to optimize blockchain data storage, leading to more streamlined operations and reduced costs, particularly beneficial for Layer 2 solutions relying on efficient data management.
• Cross-Chain Improvements:
EIP-4788 is designed to enhance the ease and security of cross-blockchain interactions, fostering improved interoperability with Layer 2 solutions.
In summary, the Cancun upgrade is expected to enhance Ethereum’s adaptability, security, and user experience, solidifying its position in the digital asset space and augmenting the capabilities of Layer 2 solutions.
SIX Protocol’s EVM-compatible
SIX Protocol stands out as an EVM-compatible blockchain tailored for business, offering the advantage of low gas fees. With the anticipated benefits from the Dencun upgrade, particularly for Layer 2 solutions, the synergy between these chains and SIX Network is set to create a robust ecosystem.
References Consensys. (2023, October 26). Ethereum Evolved: Dencun Upgrade Part 1, \EIP-5656 & EIP-6780. Part 2, EIP-7044 & EIP-7045. Part 3, EIP-4788. Part 4, EIP-7514 & EIP-1153. Part 5, EIP-4844.
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