Preparations for introduction of EIP 4844 proceed
The core developers of cryptocurrency Ethereum (ETH) discussed plans to modify the code of the blockchain consensus layer in preparation for the next upgrade, Cancun-Deneb, on the 20th.
It is reported that preparations for testing Ethereum Improvement Proposal (EIP) 4844, which is expected to significantly reduce transaction fees at Layer 2 (L2), are also underway.
“Cancun-Deneb” is scheduled to be implemented later this year. The execution layer upgrade is called “Cancun” and the consensus layer upgrade is called “Deneb”, collectively named “Cancun-Deneb”.
The biggest change expected in this upgrade is EIP4844, aka “Proto-Danksharding”.
It was proposed by Ethereum co-founder Vitalik Buterin as part of a scaling solution for 2022.
It enables temporary storage and retrieval of off-chain data by Ethereum nodes to meet the data and storage demands of various blockchain applications.
It is said that this could reduce transaction fees for Layer 2 transactions, including Optimism and Arbitrum, by up to 100 times.
connection: Ethereum to implement “EIP-4844” to reduce L2 fees up to 100 times
Tim Beiko, the chair of the developer meeting, has announced that he plans to launch a fifth network to test EIP4844 within the next week. Paritosh Jayanthi, an engineer at the Ethereum Foundation, also said the company is in the process of commissioning and preparing for testing with multiple clients.
What is layer 2
A “second layer” blockchain. Writing all transaction histories to the main chain increases the load, slowing down processing speeds and increasing network fees. Therefore, by writing part of the transaction history in the off-chain or side-chain, it is possible to reduce the load on the main chain and improve the processing speed.
Other Code Changes Considered
In addition to EIP4844, the Deneb upgrade has several code changes under consideration.
First, there is EIP4788, which exposes the state of the consensus layer beacon chain in the EL client. Publishing improves trust in access to clients by smart contracts.
Next came EIP6914, which terminates the network and reuses the index numbers of validators that have been inactive for some time. This prevents the validator list from growing endlessly as validators withdraw and join.
Some believe that EIP6914 is complex and should be applied in Deneb’s next upgrade.
“Shapella” implementation completed
Ethereum has just completed the implementation of the major upgrade “Shapella” on the mainnet on the 13th. Mainly, the staked Ethereum withdrawal function has been implemented.
The “Cancun-Deneb” is an upgrade following the “Shapella.”
connection: Ethereum “Shapella” completes mainnet implementation