Bittime - The crypto world is preparing to welcome Ethereum's significant upgrade, the Dencun hard fork.
One important impact of this upgrade is the reduction in Layer-2 rollup transaction fees. Starknet, has the ambition to take full advantage of this cost reduction.
Starknet Foundation plans to launch additional cost savings initiatives that will be implemented in conjunction with Dencun .
Dencun and EIP-4844: Changing the Way Ethereum Data is Stored
Dencun, could be said to be Ethereum's biggest upgrade since switching to a proof-of-stake consensus mechanism in October 2022.
This upgrade includes Ethereum Improvement Proposal (EIP) 4844, which changes the way Ethereum rollups store data on the mainnet.
Previously, the Layer-2 protocol collected and processed transactions outside the main blockchain (off-chain), then sent concise proof of those transactions to the Ethereum blockchain.
EIP-4844 introduces a new way for rollups to add cheaper data to blocks.
The way to do this is to use "blob space" instead of "call data" for data storage.
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Why is Call Data Expensive?
So far, the use of "call data" to store cryptographic proof of off-chain transactions has been expensive. All Ethereum nodes must process the data, which results in high fees.
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Proto-danksharding and Blob Space: A New Cost-Effective Solution
EIP-4844 introduces the concept of "proto-danksharding". With this concept, rollup can send and attach "blobs of data" to blocks. This data cannot be accessed by the Ethereum Virtual Machine and will be deleted automatically after 18 days.
David Silverman, vice president of product from Polygon Labs, explains that "blob space" is much cheaper to rollup and offers the same security guarantees.
Starknet Ready to Take Advantage of Dencun Immediately
While other Layer-2 developers may need time to implement changes related to EIP-4844, Starknet is already preparing. Starknet Foundation will launch a special hard fork to coincide with Dencun.
Starknet version 0.13.1 will switch from the expensive "call data" method to the more cost-effective "blob" transaction type. This switch is expected to cut transaction costs significantly.
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StarkNet: Save 90% Gas Fees
Starknet predicts huge benefits because almost 90% of the gas fees incurred to send transactions to the Ethereum mainnet come from "call data".
Costs Drop Rapidly and Significantly
Ilia Volokh, product manager and blockchain researcher at StarkWare, predicts cost reduction statistics will be visible within an hour of Dencun being implemented. Users will soon experience the full benefits of this reduced cost.
Volokh explained that the price of one byte of data will follow the blob price set by Ethereum.
Advanced Technology for Higher Efficiency
Starknet uses “recursive proof” technology which essentially combines previous proofs into groups called “trains”.
A new hash system introduced early 2024 will allow “trains” to carry more transactions and improve protocol efficiency.
With thorough preparation and advanced technology, Starknet is ready to be one of the parties that will benefit most from the presence of the Dencun Ethereum hard fork.
How to Buy Starknet (STRK) on Bittime
You can buy and sell Starknet (STRK) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Starknet (STRK) is available on Bittime with the market pair STRK/IDR . To be able to buy STRK IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Starknet (STRK) on Bittime .
Monitor the price chart movements of Starknet (STRK), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
What Is Starknet: Ethereum Star with Rollup and ZK-STARK
Starknet Begins to Respond to STRK Token Airdrop Issues
Starknet's Latest Update Brings StarkGate 2.0 to Mainnet
Successful and Controversial: Starknet Distributes Tokens Via Airdrop
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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