The Cancun upgrade, also known as Ethereum’s EIP-1559 upgrade, is an important upgrade for the Ethereum network. The core goal of this upgrade is to improve Ethereum’s transaction fee mechanism and improve the network’s scalability and user experience.
One of the most important changes in the Cancun upgrade is the introduction of a new mechanism called EIP-1559. This mechanism aims to better manage transaction congestion and fee fluctuations on the network by adopting a dynamic transaction fee structure. Specifically, EIP-1559 will introduce "base fees" and "priority fees" to make transaction fees more controllable and alleviate the problem of users having to compete to increase transaction fees to speed up transaction confirmation.
In addition, the Cancun upgrade also involves the consensus mechanism of the Ethereum network, transitioning from the current Proof of Work (PoW) to the more sustainable PoS consensus (PoS). This will help improve the energy efficiency and security of the network.
Overall, the Cancun upgrade is a comprehensive upgrade to the Ethereum network designed to improve its performance, usability, and user-friendliness. This upgrade is of great significance to the long-term development of Ethereum and the global cryptocurrency ecosystem.
To put it simply, Ethereum transactions are currently mainly conducted on the Ethereum mainnet.
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However, there are two problems with the mainnet:
First, transaction fees are higher; second, transaction times are slower.
In order to solve these two problems, Layer2 technology has emerged. Currently, there are two main types: Optimistic Rollups (OP) and Arbitrum (ARB).
The Ethereum mainnet can be regarded as a ledger, which everyone should know. We can imagine this ledger as a neat and standardized workbook, and Layer 2 is like a scratch paper.
There are many situations involving complex calculations in transactions conducted on the mainnet. Before adopting Layer2, we need to perform these calculations on the workbook. Now, the calculation process has been moved to scratch paper. Then, we just need to put the final calculation results on the mainnet. Anyone who has been to school knows that it is definitely faster to do calculations on scratch paper. Therefore, Layer 2 greatly improves the computing speed of Ethereum.
The Cancun upgrade brought the EIP-4844 protocol, a technical upgrade that plays an important role in the Ethereum network. Imagine that before Layer 2, we can compare it to a piece of scratch paper. This paper is the back of our homework book, but the calculation process still needs to be completed on the homework book. However, the paper in the workbook is very precious, so Layer 2 cannot completely solve the problem of slow operation and high cost of the main network.
Guided by EIP-4844, we can imagine Layer 2 as a copy machine. This copier can copy the content on the scratch paper without performing calculations on the original workbook. This means that the computing work of the Ethereum network can be performed on Layer 2, thereby reducing the burden on the main network and improving the speed and efficiency of the network.
In short, the EIP-4844 protocol is a key technology in the Cancun upgrade and is expected to improve the performance and scalability of the Ethereum network and provide users with a better experience. This technology has a positive impact on the future development of the Ethereum ecosystem.
After the implementation of EIP-4844, you can easily pull out a piece of scratch paper, perform calculations and then throw it away without retaining the calculation process. This means your workbook space can be used efficiently.
Ethereum’s high fees stem primarily from the cost of permanent storage of data, since all data must be saved forever. However, under the EIP-4844 upgrade, data only needs to be stored for one month, which will make Layer 2 run several times faster while reducing costs.
This technology upgrade is expected to significantly improve the performance of the Ethereum network, reduce usage costs, and provide users with a more efficient blockchain experience. This has a positive impact on the future development of the Ethereum ecosystem.
In addition to EIP-4844, the Cancun upgrade also introduced several other new protocols, which will not be detailed here.
In general, this upgrade has the following five innovations:
1. Enhance scalability and speed;
2. Significantly reduce the gas cost of Layer 2 interaction;
3. Strengthen network security;
4. Efficient data storage improves operational efficiency and cost-effectiveness;
5. Enhance cross-chain bridge connectivity to make interoperation between different chains smoother.
The advancement of technology is always eye-catching. For the Cancun upgrade, we can plan ahead and seize favorable tracks and targets.
"If you want to know more about the currency circle and first-hand cutting-edge information, please feel free to contact me at Weixin: c13298103401. We have the most professional community and publish market analysis and high-quality potential currency recommendations every day."
