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Vitalik Buterin's new Ethereum improvement proposal EIP-4844 explained

Oluwapelumi Adejumo-CoinGape
2022-03-24 03:29
Ethereum’s co-founder, Vitalik Buterin, recently shared a novel proposal for the blockchain network. The upgrade is tagged EIP-4844 which is known as Proto-danksharding.
The EIP-4844 is an upgrade that is looking to help to improve the network by organizing large transaction data into smaller bits that could be easily handled.
Simply put, this upgrade would help decrease Ethereum gas fees and also help better its scalability features.

Understanding EIP 4844

Usually, sharding involves splitting data into lesser ones which are then allocated to unique database nodes. However, proto-danksharding (EIP-4844) is an entirely distinct sharding approach.
In this technique, the network now wants to “merge fee market” by allowing “only one proposer that chooses all transactions and all data that go into that slot.”
This Ethereum Investment Proposal also included the blob transaction feature. This form of transaction accepts and organises “blobs” of data to be maintained in the beacon-node for a brief period. EIP-4844 focuses on blob-carrying trades that cannot be conducted via the EVM.
Verifying a blob simply requires checking that the blob is available – that it can be downloaded from the network. The data space in these blobs is expected to be used by layer-2 rollup protocols that support high-throughput transactions.
It is pertinent to note that the EIP-4844 upgrade is not concerned with creating extra rooms for transactions; instead, It is focused on deploying more space for blobs of data. The purpose of EIP-4844 is not to access blobs as it is limited to testing If blobs are available and can be accessed from network L2 infrastructures like Arbitrum, Optimism, and others.
This newly improved upgrade to the Ethereum transaction network is also expected to address the problem of gas expenses and optimize for speed when compared to other existing Ethereum transactions.
Finally, the ingenious creation further proves Ethereum’s dedication to its users as developers are creating this transaction type to provide a substantial scaling solution until the final sharding upgrading for the Ethereum network even though executing improvement protocols can consume a lot of time.
The post What Is Ethereum Improvement Proposal EIP-4844? appeared first on CoinGape.
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