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Ethereum enthusiasts have every reason to celebrate as the highly anticipated Dencun upgrade makes its debut. The hard fork could signal a pivotal leap for Layer 2 networks. Also, it is buoying hopes that Dencun can help keep ETHs priceabove $4,000.

This upgrade is far from routine, because it represents a significant leap forward in Ethereums ongoing development, with promises of marked enhancements in both efficiency and scalability.

Following last years Shapella upgrade, the Ethereum network is embarking on another evolutionary step with Dencun. This latest development introduces several enhancements aimed at accelerating transaction speeds and expanding Ethereums transactional capacity. A highlight of Dencun is the implementation of ephemeral data blobs through EIP-4844, also known as protodanksharding. Ethereum claims Dencun will reduce Layer 2 transaction fees dramatically.

Dencuns ambition doesnt stop at just making transactions faster. It also seeks to make them significantly cheaper. The upgrade aims to lower transaction fees from an average of $1 to just one cent. Indeed, for smaller transactions, the cost could be just a fraction of a cent. This reduction in fees aims to elevate the user experience, outpacing the benefits introduced by the Merge in September 2022.

Moreover, Dencun introduces a novel approach to data storage for Layer 2 networks with the introduction of blobs. These are designed to store data for about 18 days, thus optimizing costs and enhancing Ethereums scalability.

According to CCN Analyst Valdrin Tahiri, a recent market rally coincided with the Dencun upgrade for Ethereum. Although many indicators point towards a continued upswing, there are worries about the possibility of facing resistance at the $4,000 mark. Despite these concerns, Ethereum remains in a position to maintain its long-term upward trajectory towards setting a new all-time high.

However, EIP-4844 will not directly lead to lower transaction costs on the Ethereum mainnet. Nevertheless, Dencun could indirectly contribute to reduced transaction fees, potentially opening up new possibilities for on-chain activities. These could include on-chain gaming, generative art, and artificial intelligence applications, which were previously hindered by high costs.

EIP-4844 marks the beginning of the Surge phase for Ethereum, as outlined in the updated network roadmap by co-founder Vitalik Buterin in December. The ultimate aim of this phase is to achieve a throughput of 100,000 transactions per second. Following the Dencun update, Ethereums development focus may shift towards further enhancements, such as enabling Ethereum nodes to be run on mobile devices.

Buterin has also responded to a user on Twitter who voiced complaints about high transaction fees.

Tim Beiko, a key figure among Ethereum core developers, shared his enthusiasm on Twitter regarding the imminent Dencun upgrade. The developer community has shown robust engagement, with numerous client teams rolling out versions compatible with Dencun, featuring crucial enhancements for performance and stability.

The Gnosis Chains swift move to embrace the Dencun upgrade ahead of its introduction on the Ethereum mainnet has generated excitement. Joseph Lubin, co-founder of Ethereum, commended the initiative, underscoring its significance for the Ethereum ecosystem.

Some analysts and leading indicators are pointing towards a potential continuation of the current rally, suggesting the asset could reach new unprecedented highs. Influential crypto enthusiast Ali echoes this sentiment, arguing that Ethereums trajectory towards the $5,000 mark is becoming more apparent as resistance levels diminish. Ali highlighted the $4,522-$4,646 range as a critical supply zone, noting that its where nearly 600,000 addresses collectively possess over 1.63 million ETH.

Furthermore, data from the crypto analytics firm IntoTheBlock indicates that the assets recent surge in value has been advantageous for investors, with an impressive 95% of them currently enjoying unrealized gains.

However, there is one word of warning. When the much anticipated Merge saw Ethereum move to a proof-of-stake consensus mechanism in September 2022, ETH did not move anything like as much as it could have done. Investors will be hoping that Dencun will be better for Ether.

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Ethereum Dencun Upgrade: Will it Boost ETH Price or be Another Merge? - CCN.com

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Ethereum founder Vitalik Buterin declared that the blockchain ecosystem is already prepared to confront potential quantum attacks through a recovery fork. In a recent blog post, Buterin shared insights on the possible availability of quantum computers in the near future, which poses potential risks as hackers would have access to the devices.

While such a scenario poses the risk of users losing their funds through unauthorized access and exploits, Buterin asserted that Ethereum is immune to it. He stated, I argue that actually, we are already well-positioned to make a pretty simple recovery fork to deal with such a situation.

Colin Wu, a Chinese crypto researcher, recently shared an X post on his Wu Blockchain page, shedding light on Buterins insights. He highlighted that the infrastructure for such a hard fork implementation could be begun immediately, making the Ethereum ecosystem maximally ready in case a quantum emergency does actually come to pass.

Vitalik: If quantum computers are available, and bad actors are able to use them to steal users funds. The blockchain would have to hard fork and users would have to download new wallet software, but few users would lose their funds. The infrastructure to implement a hard fork

As per the post, during the blockchains hard fork event, the backup plan could be implemented while the users need to download a new software wallet. However, Buterin added that there is a possibility that a few users will lose their funds.

Buterin detailed the procedures involved in the proposed hard fork. When a large-scale theft is detected, users are recommended to revert all blocks after the first block. Then, traditional EOA-based transactions should be disabled.

The next step includes adding a new transaction type, allowing smart contract wallet transactions. Finally, new transaction types or opcodes are added to allow for STARK proofs. If the proof is successful, the account code will switch to a new verification code, permitting the users to use it as a smart contract wallet.

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Ethereum Founder Proposes Recovery Fork to Confront Quantum Attacks - TradingView

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Ethereum co-founder Vitalik Buterin has revealed that a larger section of the crypto community did not respect Sam Bankman-Fried as depicted by the mainstream media.

Buterin has been a long critic of Bankman Fried since the collapse of the latters digital asset exchange, FTX, and has made new revelations concerning the matter.

Speaking in a podcast interview with Sriram Krishnan and Aarthi Ramamurthy, Buterin spoke on the reputation of SBF, how the sector continues to recover from the infamous scandal, and the growth of Artificial Intelligence (AI).

According to Buterin, the crypto industry had reservations about SBF from the beginning although no one expected $8 billion to go into thin air.

I think a lot of people have this misconception that everybody deeply respected Sam and that he caught the entire ecosystem by surprise but if you're looking at Ethereum influencers like Anthony Sassano, a lot of them disrespected him and FTX from the beginning."

The main reason for Buterins judgment was SBFs inability to project the cause of cryptocurrencies and related technologies without financial benefits.

He was just not able to articulate a vision of why crypto was goodhe just clearly saw it as purely a business opportunity. It's like, 'Oh, hey, crypto is this thing where you can make money, he added.

Recall that after the collapse of FTX, Buterin noted that people were mostly drawn to the marketing of FTX which he compared to the 1930 dictators adding that cryptocurrencies are more than the lifestyle and brands of the company.

Buterin also spoke on the rapid development of AI in several industries including cryptocurrencies hailing the level of adoption so far.

According to him, AI would help human capabilities in the workspace and should be embraced at this stage citing the example of ChatGPT.

"I think one of the positive aspects of this is that I think it's a good example of how, instead of AI killing 30% of the jobs, which would be catastrophic and terrible, it's like, AI is killing 30% of your job, which is an amazing time saver.

He touched on the ability of AI to disrupt the creative space including the production of movies in Hollywood. Although he stated that he doesnt want to see artists get replaced, he added that he would love to see an author easily produce a movie with the numerous tools provided by AI.

I would want to see the cost of making a movie go down from $100,000 to one person with basically just his creativity and a couple of months with an AI platform."

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Ethereum Co-founder Vitalik Buterin Shares Insights on Sam Bankman-Fried's Reputation - Cryptonews

The co-founder of Ethereum, Vitalik Buterin said that the crypto community had reservations about Sam Bankman-Fried and his cryptocurrency exchange, FTX. But the mainstream media paid attention to him as an industry leader due to his high-profile image.

Recently, Buterin had a podcast interview with Sriram Krishnan and Aarthi Ramamurthy. In an interview, he said, I think a lot of people have this misconception that everybody deeply respected Sam and that he caught the entire ecosystem by surprise,

I think it is true that nobody expected a literal $8 billion blow up, but if youre looking at Ethereum influencers like Anthony Sassano, a lot of them disrespected him and FTX from the beginning, he added.

Buterin continued by saying that many people in the cryptocurrency community had doubts about Bankman-Fried since he seemed to have a clear vision of why cryptocurrency technology was valuable.

He was just not able to articulate a vision of why crypto was goodhe just clearly saw it as purely a business opportunity, Buterin recalled. Its like, Oh, hey, crypto is this thing where you can make money.'

Buterin differed Bankman-Frieds outlook with the foundational principle of cypherpunk ideology and decentralization goals which support projects like Bitcoin and Ethereum, Buterin underscores a misalignment in values.

He just, I think, never really struck the community as a person who deeply believed it, he said. That more than anything else might really be the cause of the mistrust that existed already.

The interview clarifies the complexity of the cryptocurrency industry, where well-known people and initiatives can generate conflicting responses from the community. Buterin also gives a deeper understanding of the ethos and values of the crypto space which is essential for building trust.

Also Read: Unseen Portrait of Vitalik Buterin Auction as NFT

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Vitalik Buterin reveals Crypto Community Never respected SBF - Crypto Times

What is The Surge (Ethereum)?

The Surge is the second phase of Ethereums developmental roadmap, where the blockchain is poised to scale using rollups. This phase follows the Merge, which marked Ethereums transition from a proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS).

Within The Surge, various network upgrades are planned, with Proto-Danksharding being a standout feature. Its anticipated that this development phase will significantly enhance network throughput and curtail Ethereums gas fees.

According to Ethereums co-founder, Vitalik Buterin, the main goal is to achieve a network throughput of 100,000 transactions per second and beyond on rollups.

Blockchain technology, still in its nascent stages, is constantly evolving. The thought leaders of the industry are always seeking superior methods to scale public blockchain networks without compromising security and decentralization.

This context leads us to the trajectory of Ethereums development. Originally, the blueprint envisaged the blockchains scaling through sharding. The strategy aimed to bolster Ethereums capacity by segmenting the mainnet into 64 distinct shard chains.

Each shard was designed with a specific use case in mind and would have its own unique set of miner/validators. These multiple chains were projected to distribute the network load, leading to quicker transactions and reduced fees. But as rollup technology advanced, it captured the attention of the Ethereum community, emerging as a potentially more efficient method for scaling the blockchain.

Rollups help layer one (L1) blockchains, such as Ethereum, scale by processing transactions off-chain, thereby reducing the computational load on the L1.

Developers can build applications on top of rollup chains without adding undue strain to the Ethereum mainnet. In such as setup, Ethereum only serves as the settlement layer. Rollups submit their transactions to the Ethereum L1, which can be used to verify transactions, resolve disputes, and create Merkle proofs essential for affirming ownership of assets and facilitating cryptocurrency withdrawals from the rollup

While the initial roadmap emphasized execution sharding, the current strategy pivots to data sharding. Now, The Surge is heralded as the next stage to help Ethereum achieve large-scale expansion through rollups.

According to Buterins infographics, EIP-4844 or Proto-Danksharding is the first component of The Surge. Here is all you need to know about EIP-4844:

Here is the thesis behind why it is OK to delete the data in the blobs.

According to Ethereum developers, a rollup is composed of two parts: data and execution check.

The advocates of EIP-4844 argue that theres no necessity for transaction data to be perpetually accessible. Instead, it should only remain available for a sufficient duration, enabling anyone to check and validate the transactions recorded on Ethereum.

EIP-4844 suggests purging transaction data after a fixed period ranging between one and three months, thereby alleviating the need for Ethereum nodes to retain extensive data. Leading Ethereum developers believe this approach will shift the onus of comprehensive data storage off-chain to third parties.

By utilizing temporary data blobs, Ethereum aims to facilitate a greater throughput of transactions. Additionally, this approach is expected to notably reduce gas fees for end users

Proto-Danksharding serves as the initial phase in Ethereums rollup scaling strategy, paving the way for the complete rollup scaling solution called Danksharding.

To put it simply, Danksharding can be thought of as Proto-Danksharding on steroids. The ongoing strategy aims to increase the number of temporary data blobs from a single one in Proto-Danksharding to 64 in Danksharding.

According to Ethereum.org,

Danksharding will bring massive amounts of space on Ethereum for rollups to dump their compressed transaction data. This means Ethereum will be able to support hundreds of individual rollups with ease and make millions of transactions per second a reality.

Yet, according to the company, Danksharding is still several years away from realization. For the Ethereum network to accommodate Danksharding, it must undergo multiple upgrades, including the introduction of proposer-builder separation and data availability sampling.

Just like the Merge, The Surge is anticipated to span over multiple years. Although the Merge neither diminished Ethereums gas fees nor enhanced its network throughput, The Surge promises tangible benefits for end users.

As of now, the timeline for EIP-4844 remains uncertain. Some media outlets speculate its implementation could materialize by the close of 2023.

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What is the Surge (Ethereum)? Definition, Feratures, and Timeline - Techopedia