Ethereum is a cryptocurrency that has seen recent improvements when it comes to its networks. The developers are planning to increase the value and competitiveness of Ethereum in the crypto market by using a different method of data processing.
Proto-danksharding (or EIP-4844) is a process through which Ethereum is planning to become more efficient in processing transactions. However, to understand proto-danksharding, let’s first look at sharding and danksharding.
Sharding is a method of dividing larger amounts of data into smaller data. This will increase the efficiency of the ETH database.
Danksharding provides space for something called ‘data blobs'(as opposed to regular transactions). Data blobs or blob-carrying transactions are the main innovations of EIP-4844. These blobs are similar to traditional transactions but they have something called a ‘blob’ attached to them. Blobs are ‘binary large objects’ or additional pieces of data. Because these blobs are larger, they store more information regarding a crypto transaction.
How does EIP-4844 work?
As a result of the ‘blob-carrying transactions’, the ETH network can now store more data. However, blobs will not allow the data to be stored for an unlimited amount of time (like it happens with traditional transactions). The data may be stored for a maximum of 30 days. This is great because it will reduce the costs of the transactions on the Ethereum network. (which are already quite high)
How does proto-danksharding benefit users?
As a cryptocurrency investor, you might want to know how this process of proto-danksharding benefits its users.
-the ETH transaction fees will be lower; (Ethereum is known for the high prices of data processing)
-because ETH can now store more data for lower fees, it will become more efficient and competitive; this will lead to Ethereum gaining a better value on the crypto market; thus, more people will bet their money on it;
-there will be a minimum of 100,000 transactions per second on the Ethereum’s network; this will improve its efficiency;
-the ‘data blobs’ will make the process of danksharding possible in the future.
Even though proto-danksharding is still in the works and ETH is waiting to become a more competitive crypto, there is a big hope for this coin. The developers are working on adding more benefits to the Ethereum’s network so its users will get the most out of it. Until then, Ethereum remains a strong crypto asset that suffers from high network fees and low scalability.