What does EIP 4844 mean for Ethereum rollups?
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The Dencun hard fork, which is anticipated to launch in March 2024, will see multiple Ethereum Improvement Proposals (EIPs) go live on the Ethereum mainnet. Among them, EIP-4844, also known as proto-danksharding, has been gaining particular interest. In today’s Ethereum ecosystem, layer-2 scaling solutions like rollups play a crucial role in improving transaction throughput and reducing costs. These rollups “inherit” security from Ethereum by having the execution layer nodes store a temporary copy of the network’s ledger and history. This process allows for the verification of transaction accuracy. Read more: Rollups saved Ethereum users a boatload of gas fees: Report However, the current method of achieving this — through writing data as “calldata” — is prohibitively expensive, costing around $1000 per megabyte. This pricing model poses significant challenges for layer-2 solutions, particularly during periods of high demand, due to the substantial costs involved. EIP-4844 will introduce blob transactions as an alternative to calldata. These blob transactions are a temporary data storage mechanism that are designed to address data availability needs for Ethereum rollup solutions. Blobs are essentially large packets of data that can be processed and stored more efficiently than the current method allows. Read More: Ethereum’s next upgrade to focus on blobs In an interview with Blockworks, Edward Felten, the co-founder of Offchain Labs, explains that 4844 will provide a lower level of data availability service but one that still meets the needs of rollups. “It’s not available to the execution layer of Ethereum, and it is kept by Ethereum nodes for only 18 days,” Felten said. “That’s enough for rollups.” There are currently two ways in which data is used, Felten noted. One of them is to prove the results of what happened on the rollup. During this period of time, it is important to ensure that the…
Filed under: News - @ February 17, 2024 12:10 am