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Ethereum (ETH): Update on Status of Upcoming Deneb Upgrade

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Fri, 4/08/2023 - 14:39
Ethereum (ETH): Update on Status of Upcoming Deneb Upgrade
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The Ethereum blockchain's upcoming Cancun-Deneb (also known as Dencun) upgrade will improve the network's scalability and security.

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Deneb is the upgrade name for the Ethereum Consensus Layer (CL), while Cancun refers to the update for the Ethereum Execution Layer (EL).

The Cancun upgrade, according to Ethereum developers, comprises 5 EIPs that are intended to increase data storage and lower costs. 

The eagerly awaited EIP-4844, commonly known as Proto-DankSharding, is included in this version and will set the groundwork for the full implementation of DankSharding.

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Other EIPs considered are EIP-1153 (which decreases the cost of storing data on-chain, thereby enhancing block space), EIP-4788 (which enhances the design of cross-chain bridges and stake pools), EIP-5656 (which adds minor code alterations of the Ethereum Virtual Machine) and EIP-6780 (which eliminates code that could terminate smart contracts). 

The Deneb Cancun upgrade is expected to happen by the end of 2023; however, there is no set date as of yet. According to researcher Alex Stokes from the Ethereum Foundation, October 2023 is a feasible goal date for Cancun's activation.

Here's latest update per Ethereum ACDE call 

Tim Beiko, an Ethereum developer, provided a quick summary of yesterday's biweekly ACDE call, which focused on testing efforts and preparations for the Deneb upgrade. 

Developers have decided to use a standard contract rather than a precompile for EIP-4788. Going forward, developers will attempt to come up with a deployment scheme and accept a first contract implementation to utilize.

Once this is agreed to, an audit /formal verification process will be started. According to Beiko, the devnet 8 launch will be put on hold until implementations for the new 4788 spec are received. Devnet 7 was released in late June to raise the blob limit from two to three and the maximum blob limit from four to six.

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Beiko also highlighted that clarifications for EIP 6780 will be merged as well as execution APIs Engine API.  At the meeting, two abstraction EIPs, 5806 and 7377, were presented and discussed.

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