Ethereum network is preparing for an update known as “Decun”. According to the developers, the update will shape the future of the network and bring significant improvements.
Focusing on increasing scalability, reducing transaction fees and providing the latest features, the Dencun update aims to create a “revolution”.
What is Ethereum Dencun Update?
The hard fork, which is expected to take place later this year, includes five Ethereum Improvement Proposals (EIPs) designed to address key challenges facing the network:
- EIP-4844: Scaling the network by increasing data storage for “blobs” to lower gas costs.
- EIP-1153: Reducing on-chain data storage charges to improve block space.
- EIP-4788: Improvement of bridge and staking pool designs for better functionality.
- EIP-5656: Making minor code changes to enhance the Virtual Machine.
- EIP-6780: Elimination of code that could potentially terminate smart contracts.
At the heart of the Dencun upgrade is EIP-4844, also known as proto-danksharding. This feature will scale the Ethereum blockchain by expanding storage for data into ‘blobs’. These blobs will act as external storage for Tier 2 transactions, significantly reducing costs and increasing transaction speed. Users see a dramatic reduction in fees by making Ethereum more accessible and efficient. they can wait.
🔍 Dencun Update: 🚀 Ethereum reached a new all-time high, exceeding $2,500 thanks to strong demand from institutional investors. 📈 Development on the network continues with plans to upgrade to Ethereum 2.0, bringing scalability and security improvements. 💻💰
— Samy NFTs (@SamyNFTs) May 15, 2023
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On the other hand, gas fees, one of the constant problems faced by Ethereum users, are also being addressed. With EIP-4844, these concerns will also be alleviated. Enhanced scalability and optimized storage capacity will result in a significant reduction in gas costs, improving the overall user experience.
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