In a significant development for the Ethereum network, developers reached a consensus on Thursday regarding the full scope of an upcoming upgrade known as “Dencun.”
Expected to be implemented later this year, this hard fork will incorporate five Ethereum Improvement Proposals (EIPs) aimed at enhancing data storage capabilities and reducing transaction fees.
One of the key components of the upgrade is EIP-4844, colloquially referred to as proto-danksharding. This groundbreaking feature intends to scale the blockchain by creating additional space for data “blobs.”
This expansion is anticipated to result in reduced gas fees for layer 2 rollups, a significant improvement for its scalability.
As part of the upgrade, in addition to proto-danksharding, several other Ethereum Improvement Proposals (EIPs) have been chosen for integration.
One of these is EIP-1153, which aims to decrease fees related to on-chain data storage, ultimately improving blockspace and transaction efficiency. Another selected proposal is EIP-4788, which focuses on enhancing the design of bridges and staking pools to enhance interoperability and usability within the Ethereum ecosystem.
Additionally, EIP-5656 suggests minor code modifications to the Ethereum Virtual Machine to streamline and optimize the platform’s execution capabilities. Lastly, EIP-6780 is designed to eliminate code that could potentially terminate smart contracts, reinforcing the reliability and robustness of ETH’s smart contract ecosystem.
Release Date: Ethereum Dev Expected To Go Live by End of 2023
During the All Core Developers Execution Layer 163 call, Tim Beiko, the protocol support lead at the Ethereum Foundation, emphasized that no additional elements would be included in the fork. This commitment ensures that the upgrade remains focused and aligned with the outlined objectives.
Although an exact date for the hard fork implementation has not been announced, the ETH community expects the Dencun upgrade to go live by the end of 2023. Notably, Dencun will encompass simultaneous upgrades occurring on both sides of the blockchain.
The execution layer will undergo the “Cancun” upgrade, which primarily addresses protocol rules, while the consensus layer, responsible for block validation, will undergo its own separate fork known as “Deneb.” The term “Dencun” is a clever amalgamation of these two simultaneous upgrades.
The agreement among Ethereum developers on the scope of the Dencun upgrade signifies a significant milestone in Ethereum’s ongoing evolution.
As the network continues to refine its infrastructure, users, and stakeholders eagerly await the implementation of these improvements, which are expected to enhance scalability and reduce transaction costs.
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