EIP-4844, short for Ethereum Improvement Proposal 4844, is an important part of the Ethereum Cancun upgrade. EIP-4844 aims to make transactions faster and more affordable. Let's break down what EIP-4844 is and how it benefits users.
EIP-4844, also known as proto-danksharding, is like a toolbox Ethereum developers use to make the Ethereum network better. It's a proposed upgrade that focuses on reducing fees and increasing the amount of transactions Ethereum can handle per second. To achieve this, EIP-4844 introduces a new type of transaction that deals with something called "blobs" of data.
If we think of Ethereum as a computer, EIP-4844 is like installing an update to make the computer more efficient. It introduces blob-carrying transactions, which are transactions with extra blobs of data. These transactions are processed in a way that doesn't overload the Ethereum computer, keeping it running smoothly.
In simple terms, EIP-4844 does a job of attaching these blobs to Ethereum blocks. As Ethereum contributor Ben Edgington says, "EIP-4844 bolts blobs onto blocks." By doing this, EIP-4844 increases the amount of data a block can handle, making transactions faster and more efficient.
Ethereum, like many blockchain platforms, has been facing scalability challenges due to high fees and slower transaction speeds – particularly when the network’s traffic is high. EIP-4844 is one of the many solutions to the scalability problem. Once it's in action, users will notice improvements in two main areas:
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