In the recent BRC-20 fire, Bitcoin, which focuses on value storage, is even more ecologically hot than Ethereum. But in terms of ecology, Ethereum is the real king, because it is quietly brewing the next major upgrade - the Cancun upgrade
In the recent BRC-20 fire, Bitcoin, which focuses on value storage, is even more ecologically hot than Ethereum. But in terms of ecology, Ethereum is the real king, because it is quietly brewing the next major upgrade - the Cancun upgrade.
The latest news is that Ethereum developers have reached an agreement on the full scope of the Denchun upgrade, including five Ethereum improvement proposals (EIPs), aimed at increasing more data storage space and reducing costs. It is expected to be online by the end of 2023. The specific time is subject to the official.
The upgrade of Ethereum often means the emergence of new functions, the adjustment of some parameters, or the improvement of security. It is reported that the Cancun upgrade will include several very important proposals, which are basically aimed at better reconciling the three challenges of blockchain, in order to improve performance and user experience. According to the summary of the 160th Ethereum Executive Core Developer Conference (ACDE), the contents that have been included in the Cancun upgrade are as follows.
The upgraded protagonist EIP-4844 was originally scheduled to be completed during the Shanghai upgrade, but was ultimately postponed to Cancun for upgrade. The EIP-4844 proposal aims to realize the temporary storage and retrieval of data on the chain through Ethereum nodes, so as to meet the data and storage requirements of blockchain applications.
In addition, the developer also agrees to include the following EIPs in the upgrade. EIP-1153: Reduce the cost of storing data on the chain, thereby improving block space; EIP-4788: Design of improved bridges and equity pools; EIP-5656: Add minor code changes related to Ethereum virtual machine; EIP-6780: Remove codes that may terminate smart contracts.
Simply put, if the Cancun upgrade is successfully activated, it is expected to significantly reduce the transaction costs of the L2 solution. The Cancun upgrade will make L2 cheaper and faster. Not only does it benefit the L2 protocol itself, but the ecosystem built on top of L2 will also usher in faster development.
Every important upgrade of Ethereum is often a hot spot in the industry, and brings opportunities for rapid development to some tracks. For example, the upgrade in Shanghai ignited LSD (liquid collateral derivatives), which made the track obtain excess earnings in the first quarter. If the upgrade of Shanghai is beneficial for LSD narrative, then the upgrade of Cancun will largely benefit L2 narrative.
L2 is an important field of blockchain technology. Its main purpose is to solve the capacity expansion and performance problems on public chains such as Ethereum. In the future, the development trend of the L2 track can be mainly summarized in the following three aspects.
Firstly, continuous innovation and improvement in technology. L2 technology mainly includes state channels, side chains, and Rollups. In the future, with the continuous innovation and improvement of technology, these technologies will continue to be optimized and improved to improve their performance in terms of performance, security, and scalability.
Secondly, the continuous expansion and deepening of application scenarios. L2 is widely used in various fields such as DeFi, gaming, NFT, and payment. In the future, with the continuous development and improvement of L2 technology, its application scenarios will also continue to expand and deepen. For example, L2 technology can be applied to asset management, insurance, supply chain management, Digital identity and other fields to achieve more blockchain application scenarios.
Finally, the gradual maturity and improvement of the ecosystem. At present, the ecosystem of L2 is still relatively rudimentary and needs continuous development and improvement. For example, it is possible to establish a more comprehensive developer and user community, provide more comprehensive development tools and application interfaces, and build a more stable and reliable L2 infrastructure.
summary
In a word, the Cancun upgrade, as an important upgrade after the upgrade of Shanghai, has opened a new chapter for Ethereum ecology, reduced the transmission cost between L1 and L2, and realized that lower gas fees and higher TPS directly benefit L2 and other related ecology.
In turn, L2 technology is of great significance in solving the performance and capacity expansion problems of the public chain, and it will unlock the performance bottleneck of blockchain technologies such as Ethereum. Therefore, the upgrade to Cancun is worth looking forward to.
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