Layer-2 Advancements: Ethereum’s Dencun Upgrade Set for March 13

The day that the Dencun upgrade will be sent out on the Ethereum mainnet has been determined, pending the completion of the most recent testing.

The update is expected to arrive on March 13 at 13:55:35 UTC as it will be applied in slot 8,626,176 of epoch 269,568, according to the schedule.

https://distincttoday.net/ethereum-update-dencun-progress-influences-price-now-at-2322/
Source: TheStreet
Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only. The opinions expressed by our writers are their own and do not represent the views of DistictToday. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. DistinctToday is not liable for any financial losses incurred while trading cryptocurrencies. We do not recommend investing money you cannot afford to lose.

Ethereum: Dencun’s mainnet debut thanks to a hard fork

There won’t be a chain split; instead, there will be a real hard fork in the Ethereum blockchain.

All Ethereum nodes will, in essence, begin to use the newly amended EIP-4844 protocol, which combines the modifications made by Dencun, at that point.

Actually, this update brings new features that weren’t there until today, so it’s not just a little one.

The most intriguing is the “proto-danksharding,” which establishes the framework for the insertion of the actual danksharding in the future.

In the long run, sharding will be the primary means of scaling Ethereum, but the network is not yet ready. On March 13th, we will have to go through the proto-danksharding; the danksharding will come later.

Ethereum Update: Dencun Progress Influences Price, Now at $2,322.

A hard fork indicates that the protocol has been upgraded, but that the previous version is no longer completely compatible with the current version. This occurs when a major upgrade is made that affects the protocol’s core structures.

But as there doesn’t seem to be a danger associated with someone choosing not to upgrade, there also doesn’t seem to be a risk associated with someone choosing not to update and sticking with the outdated protocol.

The Update on Dencun
Every Dencun update test on the Ethereum testnet has been successful or has shown problems that have been found and fixed.

This suggests that, as has almost typically been the case in recent years, the mainnet update should most likely occur without any significant problems.

With the introduction of layer-2 proto-danksharding, this upgrade essentially kickstarts the process that will eventually lead to sharding in a few years.

Currently, the only really practical way to scale Ethereum and lower costs is through layer-2 approaches, especially rollups.

Actually, only layer-2 transactions make it possible to move tokens at a lower cost; even with the switch to Proof-of-Stake, charges on the Ethereum blockchain are still very high.

Because of this, we are primarily aiming to reduce the cost of layer-2 transactions through the use of proto-danksharding, which enables the compression of transaction data and the separate storage of a portion of it to further reduce transaction weight.

Transaction fees are determined by the byte weight of the transactions as well as their time; a substantial decrease in weight will always result in a decrease in transaction charges.

This method will eventually be extended to layer-1, and in the far future, real sharding will be introduced to further save expenses in addition to danksharding.

The long-term effects
Dencun will likely have long-term effects on projects like Celestia, Avail, and EigenDA in addition to immediate effects on Ethereum and its layer-2.

Indeed, it could help lower the cost of transactions as well as the amount of data available on Ethereum, which might be very helpful for cryptocurrency projects that require to keep data on Ethereum.

The potential to somehow have several blockchains communicate with one another has been opening up a whole new universe for a while.

Sharding, which enables communication between several chains, is essentially a long-term concept that also moves in this way.

The concept, which forms the basis of initiatives such as Celestia, is to build infinite chains that are sufficiently connected to allow for communication between them while remaining sufficiently independent to maintain very low transaction costs at the core of a network or ecosystem.

Leave a Comment