EIP-4844, a pivotal Ethereum blockchain upgrade scheduled for Q4 2023, is poised to bring revolutionary changes. At its core, the upgrade introduces “proto-danksharding,” a breakthrough concept designed to address two critical challenges: reducing transaction fees and increasing transaction throughput. Proto-danksharding centers around the introduction of “blobs” – a novel transaction type – which promises to reshape Ethereum’s capabilities.
Named after Ethereum researchers Proto Lambda and Dankrad Feist, proto-danksharding employs sharding principles, analogous to slicing a pizza for more effective consumption. While Ethereum’s current base layer manages around 15 transactions per second (TPS), layer 2 rollups take this to 100. However, proto-danksharding envisions pushing Ethereum’s throughput to an astonishing 100,000 TPS in the future.
EIP-4844’s first implementation represents a crucial step towards “danksharding,” eventually boosting throughput from 100 to 1,000 TPS. Although the upgrade appears to involve increasing block size, it introduces “blobs” that attach additional data to transactions without consuming blockspace on the Ethereum Virtual Machine. This innovation drives scalability and cost-saving benefits, positioning EIP-4844 as a game-changing enhancement for the Ethereum blockchain.
As Ethereum’s roadmap pivots toward “rollups,” EIP-4844’s integration promises expedited transactions and reduced fees, bolstering Ethereum’s competitiveness in the blockchain arena. However, potential delays may impact the anticipated Q4 2023 release.
Ethereum (ETH) Price Exhibits Stability:
The price of Ethereum (ETH) has remained relatively steady, with only marginal fluctuations. As of the latest update, the price stands at $1861.47. The market capitalization of Ethereum is reported at approximately $221.787 billion. The trading volume for Ethereum over the recent period amounts to $4.689 billion, demonstrating a volume-to-market cap ratio of 2.11%. While the all-time high for Ethereum’s price is recorded at $4861.29, the current valuation signifies a distinctive deviation.
In terms of its circulating supply, Ethereum has approximately 118.851 million units in circulation. This figure mirrors the total supply of Ethereum as well. Notably, Ethereum does not have a maximum supply cap, contributing to its unique market dynamics. The cumulative value of Ethereum’s market capitalization is calculated at around $221.8 billion, underlining its significant presence in the cryptocurrency landscape.
