A recent announcementThe Ethereum Foundation (ETH) revealed that the much-anticipated Dencun network is now live. upgrade Testnets on all of the testnets had been successfully activated.
You can also find out more about the following: upgradeEthereum scheduled to launch on the Ethereum mainnet On March 13, 2024 marks a milestone in the efforts of the protocol to improve scalability, and reduce transaction costs for users.
Ethereum’s Latest Milestone
Dencun upgradeShapella upgrade The Ethereum network has undergone several changes in the last year that aim to improve its efficiency and capacity.
The Ethereum Improvement Proposal No. 4844 (also known as the “Blob”) introduces temporary data blocks. “protodanksharding.” This is expected to reduce the amount of waste. layer-2 transaction feesEthereum is now more affordable and accessible to users.
Blobs reduce storage and processing needs by caching data necessary for short-term transactions verification. This further enhances the network’s performance. transactional capabilities.
These features, as announced, are essential to support the growing ecosystem for decentralized applications (dApps), and accommodate the number of Ethereum users.
Urgent Update Required
In order to facilitate a smooth transition from the old mainnet to the new, the Ethereum Foundation issued specifications, primarily for stakeholders and operators of nodes. Users are encouraged to update the node’s consensus layer and execution layer clients according to the Foundation’s specifications.
The beacon node, as well the client validator, should both be updated in order to maintain compatibility. Dencun upgrade. Failure to Participate in the upgrade By using an old Ethereum client, you could be stuck on an incompatible blockchain, unable send Ether or on the post Dencun Ethereum network.
Dencun upgrade Initially launched on the Sepolia Testnet in January 2024 after its successful deployment on Goerli Testnet. This is the official statement. upgrade Aligns with the broader network strategy to address the scalability issues and improve the overall performance of the protocol.
Dencun upgrade The expected increase in ETH’s processing power could allow the currency to become a global payment system. network The system can handle more than 100,000 transactions per second.
Related Reading: SEC Vs. Do Kwon: Trial Will Commence In Absence Of Terra Founder
The Foundation revealed that “Dencun” For this upgrade Ethereum follows the tradition of using star-names for consensus and Devcon-city names for execution layers upgrades. “Dencun” Combination of “Deneb,” A prominent star of first magnitude in the constellation Cygnus. “Cancun,” Devcon 3 is being held in the same location as Devcon 2.
ETH is the second-largest crypto currency on the market. It currently trades for $3,242, a 3% gain in the last day and a surge of 42% over the past thirty days.
Chart from TradingView.com, image from Shutterstock
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: bitcoinist.com