"Dencun" - An Ethereum update represents a step forward for blockchain industry
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Dencun is the result of combining "Cancun" (a consensus layer update) and "Deneb" (an execution layer upgrade). This upgrade aims to decrease Layer-2 transaction fees, lessen network congestion, and improve scalability.
Why is the update for Dencun significant?
After the successful Merge and Shapella, the Ethereum network is being significantly upgraded this time around with "Dencun," which comes with Ethereum Improvement Proposals (EIP). Reducing Layer-2 transaction fees through the enhancement of EIP-4844, also referred to as proto-dank sharding, is the most noteworthy proposal.
A successful upgrade will enhance Ethereum, one of the largest blockchains in the world, as well as all Layer-2 networks. It will address long-standing problems, such as expensive and sluggish transactions. Better transaction efficiency will also be achieved without compromising security.
Dencun resolves the issues by boosting the Ethereum network's overall processing capacity, which increases Ethereum's ability to compete with other rapidly developing networks.
Schedule for upgrading Dencun before launching on the mainnet
- Testnet:
o Goerli Testnet: January 17, 2024, at approximately 01.32 PM
o Sepolia Testnet: January 31, 2024, at approximately 05.51 AM
o Holesky: February 7, 2024, at approximately 06.34 PM
- Mainnet: Assuming no errors or serious bugs, the developers plan to release it on March 13, 2024.
Dencun upgrade concepts
Sharding is the idea behind the Dencun upgrade, which divides the network data into "shards." Blockchain data, token balances, and smart contracts are components of every shard.
The dubbed Dencun upgrade (EIP-4844) emphasizes the value of proto-danksharding. "Full danksharding," a shared architecture that divides Ethereum's block, is a step behind proto-danksharding.
Proto is an upgrade that leads to full sharding by offering additional block spaces and facilitating a Layer-2 scalability solution to process more transactions outside the network in a valuable manner.
Dencun is also working to improve rollup, which is used to conduct transactions off the main Ethereum network. It manages the cost of transactions, the transaction verification process, and increases in effectiveness.
A new type of transaction known as "Blobs" is used in proto-danksharding to manage data.
Data can be recorded into blockspace using the blob (binary large object) technique by temporarily storing data for short-term transaction verification. After that, data will be deleted to keep the network from becoming overly crowded.
Calldata, an outdated way of recording data, is replaced by blobs without interfering with other Ethereum transactions. Blobs on Layer-2 Ethereum result in larger block sizes and cheaper transaction costs.
Review the significant updates made before Dencun
Prior to this significant update, in April 2023, "Shapella" underwent an upgrade that converted the network from Proof-of-Work (PoW) to Proof-of-Stake (PoS). It included a feature that lets users take their coins out of staking for the first time since Proof-of-Stake was introduced in the beacon chain. Enhancing ETH coin liquidity and reducing fees was another goal of the Shapella upgrade.
Proto-danksharding is a feature developed by Dencun that uses an innovative data storage mechanism called "blobs" to reduce fees and increase scalability.
Co-founder of Ethereum Vitalik Buterin and foundation researcher Toni Wahrstätter expressed to Dencun that it was "an important step to make Ethereum more friendly with Rollup." It can be assumed that this is a better way to utilize block areas.
Conclusion
Dencun, also known as EIP-4844, is a significant update that enhances Ethereum. By employing an innovative data storage technique known as "Blobs," it expands network areas and reduces Layer-2 Rollup fees under the idea of "proto-danksharding." With this concept, Ethereum storage can be increased without additional costs.
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Sources:
https://milkroad.com/news/ethereum-dencun-testnet-upgrade-fails-to-finalize-as-expected/
https://cryptopotato.com/ethereums-dencun-upgrade-is-live-on-goerli-testnet-but-there-is-a-catch/
https://crypto.news/dencun-upgrade-goes-live-on-ethereums-goerli-testnet/
https://www.tronweekly.com/ethereum-blobs-land-sepolia
https://www.theblock.co/post/275285/ethereums-dencun-upgrade-goes-live-on-sepolia-testnet
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