What is Ethereum Cancun Upgrade ?

Today we’re going to Discuss about What is Ethereum Cancun Upgrade ?

What is Ethereum Cancun Upgrade ?
The Ethereum Cancun upgrade, which is expected to happen in Q1 of 2024, will increase Ethereum’s scalability, security and efficiency. The Ethereum Cancun Upgrade (also known as the “Cancun-Deneb” upgrade) is a concerted effort by Ethereum to strengthen its infrastructure and resolve unresolved issues following the Shanghai Upgrade.

The Cancun upgrade is based on five Ethereum Improvement Proposals (EIPs): EIP-4844, EIP-1153, EIP-4788, and EIP-6780. Together, the implementation of this EIP will provide many benefits, including improved scalability, enhanced data collection and availability, and reduced transaction costs.

With a primary focus on optimizing the execution layer (Layer 1), the Cancun upgrade prepares the network for the future implementation of full data sharding, an important component in Ethereum’s long-term development strategy.

Sharding refers to dividing a blockchain database into smaller parts, called shards, for higher efficiency, and the Cancun upgrade introduces a specific type of sharding known as proto-danksharding (discussed below).

The goal of the Cancun upgrade is to increase the network’s transactions per second (TPS), which aligns with the “surge” phase of Ethereum’s roadmap, which aims to increase performance to 100,000+ TPS.

The Cancun upgrade – along with the subsequent Deneb upgrade – is a significant milestone in Ethereum’s journey to establish itself as a leading decentralized finance platform.