Ethereum Network Completes Cost-Cutting 'Dencun' Software Upgrade (bloomberg.com) 15
Ethereum has successfully completed a major software upgrade that should make using the blockchain network ecosystem cheaper. The update enables transactions that previously cost $1 on linked Layer 2 networks such as Arbitrum, Polygon, and Coinbase's Base to be executed for just a cent.
The Dencun upgrade, a combination of the "Deneb" and "Cancun" portions of the update, introduces a new data storage system for Ethereum. Currently, most Layer 2 blockchains store data on Ethereum, and because this data is stored permanently on every Ethereum node, storage costs often account for around 90% of Layer 2 expenses. These costs are typically passed on to applications, which in turn charge consumers. With Dencun, Layer 2s can now store data in a new type of repository called blobs, which will be cheaper as the data will only be stored for approximately 18 days.
The Dencun upgrade, a combination of the "Deneb" and "Cancun" portions of the update, introduces a new data storage system for Ethereum. Currently, most Layer 2 blockchains store data on Ethereum, and because this data is stored permanently on every Ethereum node, storage costs often account for around 90% of Layer 2 expenses. These costs are typically passed on to applications, which in turn charge consumers. With Dencun, Layer 2s can now store data in a new type of repository called blobs, which will be cheaper as the data will only be stored for approximately 18 days.
I just saved 99 cents on my Ethereum transaction! (Score:2)
Doesn't help users (Score:2)
Low priority transactions is still $6 in gas. [etherscan.io]
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Cool, why should I give a shit about layer 2 when layer 1 is shit?
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It's never been so cheap (Score:2, Insightful)
to run a crypto scam.
All your NFTs are belong to us (Score:2)
As near as I can tell, these transaction fees still aren't actually paid to Ethereum node operators. The only way to actually earn coin from the network itself is to stake, transaction fees are still just "burned". Pretty much the entire goal of Ethereum is to create demand while keeping the coin in short supply, which is why minting NFTs also burns it.
It's not really a currency, it's an investment scheme masquerading as a currency.
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I just realized being critical of an alt-coin can come across as sounding like a Bitcoin maximalist, but Bitcoin is shit too. They're all just greater fool investment schemes, except for the stablecoins, and those usually turn out to be good old fashioned scams underneath the hood.
Yes, if you got in at the right time you could've made money and might be really happy about that. For everybody else though, it's just yet another example of how capitalism has become so late-stagey that the only way for rich p
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If Vitalik Buterin is to be believed, (Score:1)
> Pretty much the entire goal of Ethereum is to create demand while keeping the coin in short supply
I just watched a Vitalik Buterin podcats (Lex#188) and the above doesn't track at all. My (admittedly limited) understanding is that the point of Ethereum is far-reaching decentralization, having little or nothing to do with profit. The point of ETH (which is probably what you were referring to) is to make a currency that is inexpensive to transact. The OP is along those lines.
If you just want a store of v
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ETH has its points, like a centralized blockchain people can use for smart contracts (for example, selling tickets at NFTs [1], selling "wristbands" so people can use those to buy tickets.
As for a store of value, I'm not sure if I like BTC. It isn't really easy to get out of, especially having to go find some exchange, jump through all the KYC hurdles, and maybe... just maybe, they might do that... or just not bother.
As a means of exchange, BTC is too limited. I much rather go with Monero so a six pack o
edge cases (Score:2)
The world is gong to have fun finding edge cases here. What happens when my transaction is stuck in the network for 19 days and the data disappears on day 18?