Crypto News

Ethereum Developers Plan Upgrades to Improve Scalability and Efficiency

Published by
Nonhlanhla P Dube
  • Ethereum developers are planning the next upgrade, Cancun/Deneb, after the recent Shanghai upgrade.
  • The Cancun/Deneb upgrade is expected to happen later this year after testnets and audits.
  • Ethereum developers are considering several code modifications for the Deneb upgrade, including EIP 4844, EIP 4788, and EIP 6914.

More than a week after the implementation of the Shanghai upgrade, Ethereum developers are already preparing for the next wave of code changes affecting the network’s execution layer (EL) and consensus layer (CL). Ethereum, a decentralized blockchain platform, is undergoing a series of upgrades to enhance its scalability, security, and functionality, with the latest upgrade, Shanghai, activating on April 12. This upgrade introduced several code changes to the blockchain’s execution layer for processing transactions and smart contracts.

According to Ethereum researcher Christine Kim, Ethereum developers are not resting on their laurels and have already begun plotting the next batch of improvements. Kim stated that the network’s latest All Core Developers Consensus (ACDC) call, which took place on April 20, was primarily focused on its next upgrade, Cancun/Deneb, which they expected to happen later this year after a series of testnets and audits.

The Deneb upgrade is a significant update to the Ethereum network that aims to improve scalability, security, and usability. It consists of two parts: Cancun, which will focus on Ethereum’s execution layer, and Deneb, which will seek to improve its consensus layer: the part of the network that ensures agreement among all nodes on the state of the blockchain.

One of the key features of the Cancun/Deneb upgrade is the implementation of Ethereum Improvement Proposal (EIP) 4844. This proposal introduces a new type of transaction called blob transactions, designed to enable more efficient data storage and retrieval on Ethereum. Blob transactions will allow users to store large amounts of data on the blockchain without clogging up the network or paying high fees.

To test and coordinate the implementation of EIP 4844, Ethereum developers have been launching devnets, which are temporary test networks that run the latest code changes. In addition to EIP 4844, Ethereum developers are considering several other code modifications for the Deneb upgrade.

The first is EIP 4788, which will enable trustless access to the CL via smart contracts run on the EL. Many expect it to be useful for staking pools, restaking protocols, and MEV mitigations, among other applications. Another improvement proposal discussed at the 107th ACDC, according to Christine Kim, was EIP 6914, which would enable reusing index numbers belonging to validators that had quit the network and had not been active for some time.

The developers expect this EIP will help reduce the unending increase in the validator list as validators leave and new ones join the network. However, some believe that the complexity of EIP 6914 warrants pushing the code change to the next hard fork after Deneb. Ethereum developers are working tirelessly to ensure that the Cancun/Deneb upgrade is successful and delivers the desired improvements to the network.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube

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