Sharding, i.e., the existence of interconnected sub-blockchains instead of a single one, is among the most eccentric novelties of the upcoming proof-of-stake Ethereum (ETH) network. Ethereum’s founder, Vitalik Buterin, proposes yet another scenario as to what the mechanism might look like.
Introducing Proto-danksharding, a novel way to organize data logistics
Vitalik Buterin has taken to Twitter to share the idea of Proto-danksharding, i.e., a scenario of data verification focused on blob-carrying transactions that cannot be executed by EVM.
My own EIP-4844 (aka.
For one, Alex Krusz, an Ethereum developer, said that there could be several far-reaching consequences as a result of the update.
“While ostensibly simple, it could be argued that the calldata limit is an architectural decision with greater implications than just modifying a gas constant,” Krusz said. “If there is an arbitrary limit imposed, why not make it a soft limit, or impose it on the entire block size rather than on calldata specifically?”
Tim Beiko, an Ethereum Core developer, said that one of the challenges to the calldata solution is that it “influences the block sizes on Ethereum.”
“It’s literally data we add to each transaction. If we lower the gas cost, and keep the same gas limit, we then have bigger blocks, which can be problematic in the short and long term,” Beiko said.
Notably, EIP-4488 is a “short-term” remedy for Ethereum’s sky-high gas fees.
It is designed to improve on the shortcomings of current models and could provide a more secure and efficient platform for decentralized applications by bypassing reorganization techniques.
Proto-danksharding has the potential to revolutionize the way Ethereum is used, and could help to make it a more widely adopted platform.
If successfully implemented, proto-danksharding will be a a huge step forward for Ethereum, and could make it one of the most scalable blockchain networks in the world.
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Ethereum co-founder pushes Ethereum toward further decentralization by proposing ERC-4337, a proposal for implementing abstraction at the individual user wallet level.
Ethereum prepares for a rally with latest upgrades in the ecosystem
Vitalik Buterin, the co-founder of Ethereum, has proposed an upgrade set to decentralize Ethereum further.
This is a scenario where data verification is focused on transactions that carry blob data and cannot be executed by the EVM (Ethereum Virtual Machine).
My own EIP-4844 (aka. proto-danksharding) technical FAQ:https://t.co/SlgNERBYVc
— vitalik.eth (@VitalikButerin) March 19, 2022
Blob-carrying transactions are extremely large (~125 kB) and unique since they have variable intrinsic gas costs. Thus, a transfer that could be included in one block may be invalid for the next.
Proto-danksharding is a new sharding model that could replace danksharding — another novel technique designed to address scalability issues while bypassing a deep flaw in the system called Miner Extractable Value (MEV) — therefore maximizing decentralization and security.
This would push the Ethereum p2p [peer-to-peer] networking layer to unprecedented levels of strain and risk breaking the network; some previous live tests of ~500 kB blocks a few years ago had already taken down a few bootstrap nodes,” Buterin said.
He added that the “decrease-cost-and-cap proposal” would increase the maximum block size to 1.5 MB, which “will be sufficient while preventing most of the security risk.”
The new solution is anticipated to reduce data transaction costs. As per BitMEXResearch, an industry analysis firm, the update could reduce gas fees by five times.
If the proposal is approved, the implementation would require a scheduled network upgrade.
Meanwhile, there are some concerns about the implications of the update.
While data sharding might be seen as the long-term solution to the imperfections of rollups, this proposal seeks to reduce gas fees in the very short term, possibly by Christmas of this year,accordingto a tweet by the team at zkSync, itself a Layer 2 scaling protocol.
With Buterin himself calling for an “ecosystem-wide transition to a rollup-centric Ethereum” as the desired short-term solution to cut gas costs, it is no surprise that Ethereum scaling solutions have grown alongside Ethereum. Just last week, the largest cryptocurrency exchange, Binance,announcedit would support Ethereum Layer 2 deposits via Arbitrum, and only yesterday did Boba, an Optimistic Layer 2 Rollup solution,reacha total value locked of over $1 billion, which was a 1,200% increase since Nov. 14.
Since Ethereum can only process 15 transactions per second, gas fees tend to spike at times of network congestion. On November 9, the average transaction network fee reached USD 62 per transaction. As of now, Ethereum transactions cost around USD 44, according to BitInfoCharts.
After highlighting concerns regarding the transaction fees on the Ethereum network, Buterin suggested the new EIP-4488, saying that it would “decrease transaction calldata gas cost, and add a limit of how much total transaction calldata can be in a block.”
In other words, EIP-4488 would limit the total transaction calldata, where data from external calls to functions are stored, before reducing the calldata gas cost to remove the possibility of breaking the network.
“Simply decreasing the calldata gas cost from 16 to 3 would increase the maximum block size to 10M bytes.
Sharding is a process by which the Ethereum network is split into shards, or small segments, each of which can process transactions independently. This allows the network to scale much more effectively, as it no longer needs to process every transaction on the network.
Ethereum’s founder, Vitalik Buterin, proposes yet another scenario as to what the database partitioning technique might look like.
Introducing Proto-danksharding (aka.
Buterin has tweeted his idea of proto-danksharding.
The gas price is determined by miners’ consensus, who decide whether to raise or lower it in response to demand.
A typical Ethereum transaction, such as sending ether (ETH) from one wallet to another, requires 21,000 gas.
According to data from Eth Gas Station, the commissions are around USD 40 at the current cost of USD 0.17 per 100 gas units.
It, however, should be noted that, while the fees are calculated in gas, the final payment is made with Ethereum.
If approved, the new EIP can change the protocol rules and set block limits based on data size, with a maximum of 1 Megabyte.
Historically, the maximum size of an Ethereum block has been 0.08 MB, which is nearly ten times smaller than the size that Vitalik Buterin proposed.
Average Ethereum block size in Megabyte since 2015.
Buterin proposes a multidimensional EIP-1559 implementation.
The solution makes “gas” synonymous with “Ethereum” and ensures a reduction in transaction costs. Buterin has proposed two centralized and decentralized alternatives for tackling multidimensional EIP-1559.
The founder of the Ethereum Network told Bankless in an interview that the altcoin is halfway towards its “Grand Vision.”
Since the implementation of EIP-1559, over 1.36 million ETH tokens have been out of circulation, driving a shortage in Ethereum supply. This has fueled a bullish narrative for Ethereum price.
Data from IntoTheBlock suggests that yesterday, January 5, 2022, was the lowest issuance of the altcoin in over a month, 1,350.
Mark Cullen, a crypto analyst and trader, has evaluated the Ethereum price trend and predicted that the altcoin could get back above $4400.