Ethereum Dencun Upgrade!
Okay so from my previous blog we know Ethereum is not going anywhere! to start off its important to know what Ethereum is. It is a decentralized blockchain platform with smart contract functionality. It was proposed by programmer Vitalik Buterin in late 2013 and development work began in 2014. The platform allows the deployment of decentralized applications, including decentralized finance (DeFi) applications and non-fungible tokens (NFTs). Ether (ETH) is the native cryptocurrency of the Ethereum platform, used to pay for transaction fees and services on the network. While often referred to as a cryptocurrency, Ethereum is more accurately described as a software platform for building blockchain applications using smart contracts. It is an open-source project and is considered the second most valuable cryptocurrency after Bitcoin in terms of market capitalization. That already sounds pretty impressive and that’s because it is. And its only getting better…
The upcoming Ethereum upgrade is called Dencun, also known as Cancun-Deneb. It is expected to be completed in the first quarter of 2024. The upgrade will focus on increasing the capabilities and efficiency of the Ethereum network. One of the key features of this upgrade is "proto-danksharding," which is designed to reduce costs for transactions on auxiliary "layer-2" networks built atop by providing a dedicated space for data storage. The Dencun upgrade is also expected to enable temporary storage, which can reduce the gas costs associated with storing data during contract execution and contribute to the overall scalability of the Ethereum network!
Main Features Include:
Proto-danksharding: This feature is designed to reduce costs for transactions on auxiliary "layer-2" networks built atop by providing a dedicated space for data storage
Blobs Transactions: The upgrade will introduce "blob" transactions, a new category for storing data, which is expected to help reduce the cost of data availability on Ethereum
Enhancements to Consensus and Security: The Dencun upgrade also targets the consensus layer, aiming to enhance security and consensus mechanisms
Scalability Improvements: The upgrade is expected to bring substantial changes to scalability, making projects like Celestia, Avail, and EigenDA more attractive
These features are part of Ethereum's ongoing efforts to improve the efficiency, scalability, and usability of the network. This will make transactions on L2’s cheaper and will benefit the entire eco system. Plus the ETF gettiong approved in May or even just the talk about it will chnage the game forevevr in my opinion. The creator Vitalik has stated this is the first time he could consider $ETH done while some say there is still room for improvemnet! It is up to you decide but now you have the information! Thanks for reading the OhzoneCrypto Blog and Stay Tuned for more!! Thank You!!!