The Ethereum Dencun upgrade 2024
Dear Readers,
The much expected Dencun update of the Ethereum upgrade will be expecting on March 13, 2024.
This upgrade also referred as Cancun-Deneb.
There are constant updates were happened on in the Ethereum blockchain at constant intervals to improve its scalability to make the standards.
This upgrade will be through a series of Ethereum improvement proposals (EIP).
According to Tim Beiko of the Ethereum Foundation through his latest tweet in his X platform, Dencun is said to be scheduled for activation at slot number 8626176.oO. The slot number is currently estimated to occur on 13 March at around 8:55 am ET.
The scheduled Dencun update also will increase the scalability, security and efficiency of the Ethereum network for optimizing operation and the possibility of reducing gas fees, better data storage, improve cross-chain communications, encourage technical innovations, effective through a process known as proto-danksharding feature through EIP-4844.
EIP-4844, which is also known as the proto-danksharding proposal, which was created by Vitalik Buterin with other programmers from the Ethereum ecosystem. The main purpose of EIP-4844 is to reduce gas fees on the Ethereum network - especially for the rollup blockchain solutions, without sacrificing decentralization.
The much known rollup block chain solutions for instance are Arbitrum and Optimism will have reduced gas fees by up to 100 to 1000 times.
The Ethereum co-founder Vitalik Buterin said in a recent time that Ethereum will focus on removing its scalability bottlenecks and through this vital upgrade, he aims to hit a historic 10,000 transactions per second and beyond.
This will introduce blob transactions and transient storage, among other technical enhancements.
Blobs are designed to help Ethereum Block chain to better support the Layer 2 networks- such as zkSync, Optimism and Arbitrum. They help to address the data storage requirements for these networks.
However, the Ethereum developer community have to wait till this upgrade to go live in the mainnet which will happen during the the next quarter.
In the meantime, Ethereum developers can continue to test the technical implementations of the various Ethereum improvement proposals (EIPs).
At present, Etherum is trading at USD 2448.17, a up of 2.7% from yesterday and over 7% in a week's time.
Ethereum has a high trading volume as of now and currently ETH trades 50% low in price to its All Time High of USD 4891.7 which was recorded on November 16, 2021.
