The significance of Ethereum Dencun upgrade for the network future cannot be overstated.
According to reports, the Dancon update significantly affects Ethereum-based Layer 2 scaling solutions. Dencon also changes the way Ethereum stores data, making it much cheaper and more accessible to record layer 2 transactions.
The Ethereum blockchain network is currently undergoing a major update known as Dencun, which is one of the largest updates since the Merge in September 2022.
The purpose of this update is to enhance the scalability, efficiency, and security of the Ethereum network by implementing Ethereum Improvement Proposals (EIP).
According to reports, the Dancon update has a significant impact on Ethereum-based Layer 2 scaling solutions.
It also brings changes to the way Ethereum stores data, making it more affordable and accessible to record layer 2 transactions.
Let's explore the key improvements that Dencon brings to Ethereum:
1. Lower Ethereum Transaction Fees:
This update significantly reduces the fees associated with Layer 2 transactions. As a result, there is a possibility that the majority of Ethereum activity will be transferred to these networks.
2. Introduction of Proto-Denk Sharding:
Dencon implements Proto-Denk Sharding, a concept that was first introduced by Vitalik Buterin in 2019.
This concept alters the data storage mechanism in Ethereum.
Instead of storing all data directly on the Ethereum mainnet's immutable execution layer, Dankun introduces a more cost-effective way to temporarily store "data packets" or "blobs".
3. Understanding Proto-DenkSharding:
Proto-dank sharding serves as the infrastructure for the full implementation of dank sharding, which is expected to be developed in the coming years.
4. Launch of Proto-Dank Sharding:
In 2022, the initial phase of creating proto-dank sharding began with the world's largest "KZG" event.
This event honored the contributing researchers Aniket Keith, Gregory M.
Named Zawrocha, and Ian Goldberg, who invented the critical component to enable Blob storage on Ethereum.
Tens of thousands of members from the Ethereum community attended this event.
5. Support for Rollups:
This update is a significant step towards Ethereum's ultimate goal of supporting multiple rollups and secondary scaling layers.
This will eventually enable the processing of millions of transactions per second.
Jerard Bartez
Comments
WaziR
This is the best and most important update of Ethereum, because it is really the most powerful network in terms of security, the only problem of which is the lack of scalability (high fees and low approval speed), which makes it impossible to use it as a currency for everyday purchases.
If this update is successful, we can expect public acceptance of ETH tokens, which will increase the price of Ethereum. We have to wait and see if the developers will do their job properly or not.
