With only hours to go, the Dencun upgrade is scheduled to be implemented on Ethereum today. But what is the Dencun Upgrade? We get into the details.
After The Merge, the Shanghai upgrade, and the Shapella upgrade, the Ethereum network will be undertaking another key upgrade in approximately 12 hours. The Dencun upgrade, a combination of the word Deneb-Cancun, reflects the undertaking of two major implementations to Ethereum’s consensus and execution layers, and seeks to boost the scalability, efficiency, and security of the Ethereum network.
Here’s why the Dencun upgrade is a highly anticipated milestone for the Web3 community.
What Is The Dencun Upgrade About?
The Dencun Upgrade introduces nine different Ethereum Improvement Proposals (EIPs) that seek to enhance the Ethereum ecosystem further. These include EIP-1153, which proposes the integration of transient storage opcodes; EIP-4788, which incorporates the Beacon block root into the Ethereum Virtual Machine (EVM); and EIP-5656, which adds memory copying instructions
Yet the most significant is arguably EIP-4844, which introduces Shard Blob Transactions. Referred to as proto-danksharding, this proposal seeks to optimise gas fees for Layer-2 network that taps into the Ethereum blockchain and enables greater transaction volumes.
What Is Proto-Danksharding
Proto-Danksharding is Ethereum’s prototype attempt at ‘sharding’, a technique designed to fragment the blockchain into smaller, manageable shards of data to increase transaction throughput while reducing costs.
Specifically, it targets the data invoked by the CALLDATA opcode when initiating transactions. The information, although needed only temporarily, is also recorded on-chain which makes the transaction more expensive.
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