$ETH #ETHFI What you need to know about Ethereum’s latest and greatest upgrade: Dencun

Dencun, the largest Ethereum upgrade since the network moved to Proof-of-Stake (PoS) 18 months ago, is set to go live today. Some developers are calling the release a bargain for the cryptocurrency because of the impact it will have on how users interact with decentralized applications on Ethereum’s secondary scaling platform (Layer 2)

The Gasless Era of Ethereum: Dencun will make L2 transactions super cheap - so nearly costless that almost all activity on Ethereum will switch to these networks. There may even be programs or agreements that incentivize usage by consuming the gas costs that users would normally have to bear (which is cheaper than paying for marketing!).

Major Milestones: Dencun is the largest Ethereum upgrade since the September 2022 merger, shifting the network from an intentionally inefficient proof-of-work algorithm to staking. It’s also one of the steps towards Ethereum’s ultimate goal of being able to support hundreds of different rollup and secondary scaling layers and one day process millions of transactions per second.

Long-term work: Dencun will introduce the process of Proto-Danksharding, a long-term theorized process (first mentioned by Buterin in 2019) that changes the way Ethereum stores data. Rather than keeping all data directly on the immutable execution layer of the Ethereum mainnet (which is expensive and computationally intensive), Dencun introduces a new temporary way to store data "blobs" that is cheaper. Blobs may sound like a silly term, but they are actually a common concept in computer science. Similar data management blobs are available in programming languages ​​such as Javascript and Python.