Ethereum Core Developers Plan to Modify Consensus Layer for Cancun Deneb Upgrade

04/23/2023 00:31 • Crypto & Markets • 58 views

On April 23rd, it was announced during a meeting of core developers at Ethereum on Thursday that they plan to make code modifications to the consensus layer of blockchain in preparation for the next Cancun Deneb upgrade, which is expected to take place later this year.

Ethereum Core Developers Meeting: Ethereum Cancun Upgrade is expected to take place later this year

If you’re in the world of cryptocurrencies, you must have heard about Ethereum, the decentralized blockchain platform. Ethereum is used to develop and run decentralized applications known as smart contracts and Distributed Apps(Dapps). It is safe to say that Ethereum is one of the most popular blockchain platforms amongst developers. Ethereum’s success is attributed to its huge user base, ease of use, and ability to handle complex tasks.
On April 23rd, Ethereum’s core developers announced in a meeting that they plan to modify the consensus layer of the blockchain in preparation for the next Cancun Deneb upgrade, which is expected to take place later this year. The consensus layer of the blockchain is responsible for validating the transactions between the nodes in the network.

What Is Ethereum’s Consensus Layer?

Before I take you through the modifications planned for Cancun Deneb, let’s first understand what the consensus layer of Ethereum is. The consensus layer of Ethereum is responsible for validating transactions and ensuring their authenticity. Here’s an explanation for non-tech-savvy individuals.
When you want to sell or buy something using Ethereum, you send a transaction request to the network. This request is known as a ‘transaction.’ Once the transaction request is sent, it’s broadcast to all the nodes in the network. Each node validates the transaction using the consensus algorithm, and once a majority of nodes agree on the transaction, it’s added to the blockchain.
Ethereum’s consensus algorithm is known as ‘Proof of Work.’ This algorithm requires node operators to solve complex mathematical problems to validate transactions. This algorithm is energy-intensive, and many criticisms have been raised about its negative impact on the environment. To address the negative impact on the environment, Ethereum plans to shift from Proof of Work to Proof of Stake, which is expected to reduce energy consumption.

What Are the Modifications Planned for Cancun Deneb?

The next Cancun Deneb upgrade will be a significant milestone for Ethereum, as it marks the shift from Proof of Work to Proof of Stake. The modifications planned for Cancun Deneb include two main components.
Firstly, Ethereum will implement multiple upgrades to the beacon chain, which is the backbone of the Proof of Stake network. These include optimizations for the beacon chain fork choice, incentives to encourage users to validate information, and network upgrades to improve the overall user experience.
Secondly, Ethereum will upgrade the Ethereum Virtual Machine (EVM). The EVM is a globally distributed computer that processes smart contracts and Dapps. The upgrade will include several improvements to the EVM’s performance and security.

Conclusion

Ethereum’s upcoming Cancun Deneb upgrade is a significant milestone in the development of the blockchain platform. The shift from Proof of Work to Proof of Stake is expected to significantly reduce energy consumption, making Ethereum a more sustainable blockchain platform. The modifications planned for the consensus layer and the EVM aim to improve the overall performance and security of the blockchain platform.

FAQs

Q1. When is the Cancun Deneb upgrade taking place?
A1. The Cancun Deneb upgrade is expected to take place later this year.
Q2. What is the difference between Proof of Work and Proof of Stake?
A2. Proof of Work requires the solving of complex mathematical problems to validate transactions, while Proof of Stake requires users to hold a certain amount of cryptocurrency to validate transactions.
Q3. What is the Ethereum Virtual Machine?
A3. The Ethereum Virtual Machine is a globally distributed computer that processes smart contracts and Distributed Apps.

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