What is Ethereum Cancun Upgrade?

The Ethereum Cancun upgrade, scheduled for Q1 2024, is poised to elevate the scalability, security, and efficiency of the Ethereum network. Also recognized as the “Cancun-Deneb” upgrade, it emerges as a concerted effort by Ethereum to fortify its infrastructure, addressing unresolved issues following the Shanghai upgrade.

Framed upon five Ethereum Improvement Proposals (EIPs) – EIP-4844, EIP-1153, EIP-4788, and EIP-6780 – the Cancun upgrade promises an array of advantages, including heightened scalability, improved data storage and availability, and diminished transaction costs.

With a primary emphasis on optimizing the execution layer (Layer 1), the Cancun upgrade lays the groundwork for the eventual implementation of full data sharding, a pivotal component in Ethereum’s long-term developmental strategy.

Sharding, involving the division of a blockchain database into smaller shards for increased efficiency, takes a specific form in the Cancun upgrade, introducing proto-danksharding (discussed below).

The primary objective of the Cancun upgrade is to amplify the network’s transactions per second (TPS), aligning seamlessly with Ethereum’s roadmap’s “Surge” phase, geared toward scaling performance to 100,000+ TPS.

The Cancun upgrade, coupled with the subsequent Deneb upgrade, signifies a noteworthy milestone in Ethereum’s evolution, solidifying its position as a preeminent decentralized finance platform.

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