Discover the Breakthroughs in the Dencun Update
The Ethereum (ETH) network is gearing up for a significant transformation with the imminent ‘Dencun’ update. This eagerly anticipated upgrade brings a host of improvements, with a spotlight on reducing transaction costs, making waves in the crypto community.
Crucial Upgrades and Proto-Danksharding Explained
What’s Inside the Ethereum Update?
The Dencun update is a game-changer for Ethereum, introducing pivotal upgrades centered around lowering transaction fees. At its core is Ethereum Improvement Proposal (EIP) 4844, widely known as proto-danksharding. This groundbreaking feature empowers ‘layer-2’ scaling networks like Polygon (MATIC) and Arbitrum (ARB) to store specific transaction data in a revolutionary format called ‘blobs.’
Unlike the conventional method of permanently recording such data on the Ethereum blockchain, these blobs can be purged after 18 days, promising a substantial reduction in storage requirements and, consequently, transaction costs.
Additional Enhancements: EIP-1153, EIP-4788, EIP-6780
Exploring Added Features
Beyond proto-danksharding, the update incorporates EIP-1153, offering temporary data storage, and EIP-4788, streamlining crucial block information access. Furthermore, EIP-6780 bolsters the security of the ‘self-destruct function’ in smart contracts, ensuring a safer user experience.
The Countdown to Launch: Dencun’s Arrival
When to Expect the Next Ethereum Update
Initially slated for a late-year release, Dencun’s unveiling has been rescheduled to 2024, marking a significant milestone as Ethereum’s first major update since ‘Shapella.’ The launch sequence begins on January 17 on the ‘Goerli’ Ethereum testnet, followed by ‘Sepolia’ on January 30 and ‘Holesky’ on February 7.
While the official release on the ‘mainnet’ is yet to be disclosed, it traditionally follows a successful test on the Ethereum testnet. Please be aware that dates are subject to change, as communicated by developer Tim Beiko. Stay tuned for a new era in Ethereum’s evolution!
Julia