Bittime - Ethereum Dencun was officially activated last Wednesday (13 March 2024). This upgrade is an important milestone in Ethereum's journey, bringing new hope for network scalability which has been a major stumbling block.
Behind its unique name, Dencun, technically known as Ethereum Improvement Proposal (EIP) 4844 or proto-danksharding, presents an innovative solution to overcome the scalability problems that plague Ethereum.
Ethereum Dencun Opens a Fast Path for Layer 2 Transactions
Base Creator and Head of Protocol at Coinbase, Jesse Pollak in his interview with “Unchained,” explained the essence of Dencun as a “carpool lane” for Ethereum. Through the presence of a new resource called "blob space," Layer 2 networks are now enabled to post their data efficiently.
Ethereum Dencun's approach opens up a "fast lane" for Layer 2 transactions, resulting in a significant reduction in transaction costs and an increase in the overall performance of the Ethereum blockchain.
"This is the first step in a long-term strategy to make Ethereum and Layer 2 above it able to scale to thousands, tens of thousands, even hundreds of thousands of transactions per second," said Pollak.
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Revolutionary Ethereum Dencun Key Features
Ethereum Dencun comes with eight key features designed to improve Ethereum's scalability and efficiency. One of the most prominent is the EIP 1153 protocol. This protocol introduces a new concept called "transient storage".
This concept enables more efficient and inexpensive data references between Layer 1 and Layer 2 transactions. EIP 1153 also offers developers a new tool to improve inter-transaction communications without the high costs associated with permanent storage on the Ethereum Virtual Machine (EVM) .
Ethereum Dencun's Dilemma of Optimism Mixed with Doubt
Although Dencun was greeted with great optimism, some industry experts voiced doubts. The main concern centers on increasing net bandwidth usage. They argue that the improvements at the current stage are not as great as anticipated compared to the full danksharding version.
Gauntlet founder and CEO, Tarun Chitra expressed his views, "I believe Dencun will have a positive impact. The Ethereum Dencun upgrade will encourage the DA layer to optimize, but I am not sure the impact will be as big as advertised."
ETH (Ethereum) Price Today
Source: Bittime.com
On March 18, 2024, the price of ETH (Ethereum) was at $3,609 per coin, up 1.56% in the last 24 hours.
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The Future of Ethereum Dencun
Despite existing doubts, Dencun remains a significant step forward for Ethereum. Its ability to reduce transaction costs and increase transaction throughput is predicted to drive wider adoption of the platform.
However, it is still too early to determine the long-term impact. The developers will need to continuously monitor Dencun's performance and make further adjustments if necessary.
Full integration with danksharding in the future will also be an important determining factor in realizing Ethereum's long-term vision as a scalable platform that can serve a wide variety of use cases.
For crypto asset users and developers who want to explore the future, Ethereum Dencun is an upgrade worth paying attention to. This upgrade has the potential to pave the way for new innovations and drive faster growth of the Ethereum ecosystem.
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How to Buy Ethereum (ETH) on Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH/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 Ethereum (ETH) on Bittime.
Monitor price chart movements for Ethereum (ETH), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation 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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