Ethereum’s core developers met on Thursday to plan modifications to the blockchain’s consensus layer in preparation for the upcoming upgrade, Cancun-Deneb.
This upgrade, expected later this year, aims to make Ethereum cheaper for users by implementing new changes across the platform’s two mainnet layers: the execution layer and the consensus layer.
The Cancun-Deneb upgrade will introduce Ethereum Improvement Proposal (EIP) 4844, also known as “proto-danksharding.”
This proposal seeks to augment Ethereum’s scalability beyond the current capabilities of Layer 2 solutions. EIP-4844 aims to bring temporary storage and retrieval of off-chain data by Ethereum nodes to address the data and storage demands of blockchain applications.
If successfully activated, EIP-4844 is expected to lower the cost of transactions on Layer 2 rollup solutions such as Optimism and Arbitrum, compared to their current rates.
Developers have already tested EIP-4844 on four other devnets, and a fifth multi-client devnet is set to launch in the following week.
The Cancun-Deneb upgrade will also involve changes to the execution layer, which handles smart contract execution.
To provide clarity, the upgrade for the execution layer will be called Cancun, while the consensus layer upgrade will be named Deneb, thus giving the combined upgrade its name, Cancun-Deneb.
Ethereum’s Shapella upgrade, which introduced validator withdrawals, was activated earlier this month, and developers are now making progress on the next upgrade, Cancun-Deneb.
With EIP-4844, Ethereum’s core developers hope to improve the platform’s scalability, making it more cost-effective for users and addressing the data and storage demands of blockchain applications.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry. She is passionate about helping to foster the growth of the industry and believes in the power of blockchain technology to revolutionize the world.
Related posts
Mastercard’s Chief Executive Sees Blockchain as Key to Financial Services Future
Zero Age Ventures Unveils Impactful Private Fund to Investors
