What other upgrades have there been to Cancun? What’s the point of the Cancun upgrade?

Ethereum has continued to develop since its birth. The previously completed Cancun upgrade is a phased upgrade of Ethereum, aiming to improve the scalability, security and sustainability of the Ethereum network. Although the Cancun upgrade is an important milestone for Ethereum 2.0, it does not mean that the upgrade work has been completed. The subsequent Ethereum 2.0 is still in the stage of development and improvement. Therefore, what upgrades will the currency circle expect after the upgrade of Cancun? Attracting much attention, official statements stated that after the Cancun upgrade is officially implemented in 2024, the Goerli test network will no longer be used, and there are no specific plans for subsequent upgrades. Next, the editor will tell you in detail.

What other upgrades will there be after the Cancun upgrade?

There are no specific plans for other upgrades after the Cancun upgrade. In addition, according to the latest news, after the Ethereum Cancun upgrade is officially implemented in 2024, the Goerli test network will no longer be used.

The Cancun upgrade introduces significant changes via Ethereum Improvement Proposals, including EIP-4844 for native forks, to increase network efficiency and reduce transaction fees. This upgrade builds on previous successes such as the Shanghai upgrade and aims to provide a more robust infrastructure for decentralized applications and improve the overall user experience of Ethereum.

The Ethereum Cancun upgrade represents a significant advancement for the Ethereum blockchain and is dedicated to enhancing the network’s scalability, security, and overall efficiency. This upgrade introduces the concept of Proto-dank sharding, which is an important step in optimizing data management and reducing transaction costs in the Ethereum ecosystem.

The Ethereum Cancun upgrade leverages innovative data storage technology and is expected to revolutionize the way the network handles transactions, paving the way for a simpler and smoother user experience.

What is the significance of Cancun upgrade?

The significance of the Cancun upgrade is mainly to solve some long-standing challenges and set new standards for blockchain technology. The main advantages of this upgrade include improving scalability, reducing transaction costs, optimizing data management, Enhanced security and better cross-chain communication.

One of the most obvious benefits of the Cancun upgrade is the significant increase in scalability. By implementing proto-danksharding, the network's ability to process transactions is expected to increase significantly. This enhancement means that Ethereum can handle more transaction volumes at a faster rate, reaching 100,000 transactions per second.

This upgrade helps improve the efficiency of data processing and storage, allowing the network to handle the increased load without affecting performance. This scalability is critical in Ethereum’s long-term goal of supporting a global user base and enabling a wide range of decentralized applications.

The blob carrying transactions introduced in proto-danksharding in this upgrade greatly reduce the cost of storing large amounts of data on the Ethereum blockchain. Gas fees have also been reduced, making transactions more affordable, especially operations involving complex smart contracts or large amounts of data transfer.

This upgrade optimizes data management by temporarily storing data blocks, ensuring that the Ethereum blockchain is not permanently burdened with large amounts of data. This approach not only reduces costs, but also improves the overall efficiency of network data processing.

The Cancun upgrade includes multiple EIPs that enhance network security. For example, EIP-2929 increases the gas cost of certain operations, making potential attacks more expensive and making them less attractive to malicious actors.

The transition to a proof-of-stake (PoS) consensus mechanism is also part of Ethereum’s broader upgrade strategy. It also enhances network security. Compared to Proof of Work (PoW), PoS is considered a more secure mechanism against certain types of attacks because it requires validators to have a financial stake in the network.

Another benefit brought by this upgrade is the enhanced cross-chain communication. By improving interoperability between different blockchain networks, the upgrade promotes smoother and more secure interactions across the entire blockchain ecosystem. This interoperability is critical to developing a more connected and efficient decentralized Internet.

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