Ethereum Developers Working on Next Upgrade ‘Cancun-Deneb’

Recently, the core developers on Ethereum assembled to organize code modifications targeting the consensus layer of the blockchain. The respective move has been taken by them while preparing for the upcoming upgrade called Cancun-Deneb. A few days back, the Shapella upgrade was successfully activated by the platform and it resulted in a much positive response given by the community. With the launch of Shapella, the validators are now permitted to carry out withdrawals.

Ethereum Developers Prepare for Cancn-Deneb Upgrade after Launching Shapella

Following the Shapella upgrade, the developers are at present moving toward another upgrade to be installed on the platform. The respective upgrade is denoted as Cancun-Deneb and it is anticipated to take place within the current year. One of the chief goals to be achieved by the upcoming upgrade would be to make the network cost-effective for consumers. For this purpose, the developers are attempting to implement some exclusive modifications.

In addition, the latest modifications will be targeting the 2 mainnet layers of the Ethereum network. One of them is the execution layer. It is responsible for handling the execution of smart contracts. While the next one is the consensus layer and which is dedicated to dealing with blockchain consensus through staking. For the provision of clarity, Cancun will be the name of the upgrade specified for the execution layer.

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Nonetheless, the upgrade directed toward the consensus layer will be called Deneb. In this way, the combination of the upgrades for both the aforementioned layers makes Cancun-Deneb. A noteworthy thing here is that the most prominent change expected in the upcoming Cancun-Deneb upgrade takes into account Ethereum Improvement Proposal (EIP) 4844.

The respective proposal is also called “proto-danksharding.” With the EIP-4844 proposal, it is predicted that the scalability of the Ethereum network will witness a significant boost. Following the implementation of the respective proposal, the platform will have additional capabilities related to the L2 solutions thereof.

New Upgrade Focuses on Outcompeting Arbitrum and Optimism in Cost-Effectiveness

EIP-4844 focuses on offering the off-chain data’s provisional storage and recovery by Ethereum nodes. This is to deal with the storage and data-related demands of the applications based on blockchain technology. Following the effective activation of EIP-4844, it can expectedly minimize the transfer costs on the L2-based rollup solutions. In this way, Ethereum can outcompete Arbitrum and Optimism based on their present rates.