April 19, 2024
Ethereum's Update: 'Blobs' to Debut via Dencun Upgrade on March 13
Altcoins News

Ethereum’s Update: ‘Blobs’ to Debut via Dencun Upgrade on March 13

In a bid to address the soaring transaction costs plaguing the Ethereum network, developers have set the stage for a significant upgrade dubbed Dencun, scheduled to go live on the Ethereum mainnet on March 13. This upgrade, featuring proto-danksharding and the introduction of blobs, aims to drive down transaction costs on Ethereum layer 2s.

The cornerstone of the Dencun upgrade is proto-danksharding, a sharding design that leverages “blob-carrying transactions” to create additional block space on Ethereum layer 2s. These blob-carrying transactions function similarly to normal transactions but come equipped with an additional piece of data, effectively expanding block capacity and facilitating cheaper transactions.

Scheduled for deployment at precisely 13:55:35 pm UTC, as revealed by Ethereum infrastructure firm Nethermind, the timing corresponds to slot 8626176 on the Ethereum network, as specified by Ethereum core developer Tim Beiko.

The decision to launch on March 13 was reached during an “AllCoreDevs” call on February 8, following the successful deployment of Dencun on the Holesky testnet a day prior.

Proto-danksharding will enforce a limit of 16 blobs per block, each not exceeding 128 KB in size, as outlined by Blocknative. This measure is anticipated to inject approximately 2 megabytes of additional block space. Both optimistic and zero-knowledge rollups stand to benefit from this expanded data capacity, enabling them to post transaction data commitments on-chain while storing the actual data in data blobs rather than calldata.

Ethereum co-creator Vitalik Buterin has long emphasized the criticality of scaling infrastructure for Ethereum’s success, warning that high transaction costs could lead to failure. “Ethereum fails because each transaction costs $3.75 ($82.48 if we have another bull run), and every product aiming for the mass market inevitably forgets about the chain and adopts centralized workarounds for everything,” Buterin remarked in June 2023.

Philippe Schommers, head of infrastructure at Gnosis, anticipates that a successful implementation of Dencun on the Ethereum mainnet could slash rollup costs by up to 10 times, providing much-needed relief for users.

Dencun, a fusion of the Cancun and Deneb upgrades, marks Ethereum’s most significant overhaul since the Shapella upgrade in April 2023, which enabled the unstaking of Ether from the Beacon Chain for the first time since the proof-of-stake chain’s launch on December 1, 2020.

Image by Miloslav Hamřík from Pixabay

Related posts

Optimism Allocates $3.3 Billion for Ethereum Community Grants

Kevin Wilson

Bitcoin Surges Above $28K to Trigger Largest Short Squeeze of the Month

Harper Hall

From $3 Million to $50K: The Unwavering Faith of ‘SlumDOGE Millionaire’ in Dogecoin’s Future

Henry Clarke

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More