The cryptocurrency industry has been abuzz with excitement following the release of an updated 2024 roadmap for the Ethereum blockchain by co-founder Vitalik Buterin. This roadmap slightly differs from the 2023 version but outlines the key priorities that will shape the future of the Ethereum ecosystem, generating significant interest and discussion within the community.
Ethereum will continue to focus on six main components for 2024 – the Merge, the Surge, the Scourge, the Verge, the Purge and the Splurge.
Image from Vitalik Buterin’s X (Twitter)
Ethereum's transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, known as The Merge, took place in September 2022. This monumental shift plays a crucial role in ensuring a streamlined and robust PoS consensus for Ethereum, leading to a substantial decrease in the platform's energy consumption. The Merge stands as a testament to Ethereum's commitment to sustainability and efficiency in its blockchain operations.
The Surge (a goal of 100,000 transactions per second across Ethereum and its Layer 2 networks)
Designed to improve network scalability by implementing data sharding, this feature divides the blockchain into smaller segments, enabling faster processing and lower transaction costs. The Surge aims to enhance the scalability of the blockchain by targeting a throughput of 100,000 transactions per second across Ethereum and layer 2 networks.
The Scourge focuses on addressing security vulnerabilities and improving network robustness. It aims to mitigate risks associated with Maximal Extractable Value (MEV) and liquid pooling, thereby addressing concerns about economic centralization within the Ethereum ecosystem. By tackling these issues, it seeks to create a more equitable and decentralized economic environment for all participants.
With the focus on streamlining user experiences and enhancing developer tools, The Verge emphasizes simplifying Ethereum's interface and improving the development process for decentralized applications (dApps) and other applications. By doing so, it aims to create a more user-friendly and efficient ecosystem for both developers and users alike.
The Purge aims to enhance overall efficiency and reduce potential security risks by removing outdated or unnecessary code. By eliminating deprecated code, it ensures a more streamlined and secure system, improving the overall performance and stability of the platform.
The Splurge entails investing in research and development to explore emerging technologies and potential advancements for Ethereum. By doing so, it aims to push the boundaries of innovation and drive the adoption of cutting-edge technologies that can further enhance the capabilities and privacy features of the Ethereum platform.
The Ethereum Dencun Upgrade
Following the Shanghai upgrade that enabled staked ETH withdrawals in April 2023, the Dencun upgrade, also referred to as Cancun-Deneb, is an eagerly-awaited Ethereum (ETH) upgrade slated for the first quarter of 2024.
The upcoming Ethereum upgrade will introduce nine EIPs (Ethereum Improvement Proposals). This upgrade holds immense significance as it signifies another milestone in the continuous development and evolution of the Ethereum network. With the implementation of these EIPs, the upgrade aims to further enhance the functionality, security, and overall user experience of the Ethereum platform.
Dencun signifies the beginning of the transformative "The Surge" era in Ethereum's roadmap. Ethereum co-founder Vitalik Buterin envisions a future where Ethereum removes scalability bottlenecks and achieves a staggering "10,000 transactions per second and beyond" during The Surge phase. This upgrade will establish a solid foundation for Ethereum to achieve mass scalability through the implementation of layer-two rollups. Notably, one of the key Ethereum upgrades included in the nine EIPs of Dencun is proto-danksharding, which aims to reduce gas fees on Ethereum L2s and facilitate a widespread transition to rollups within the ecosystem.
Similar to previous upgrades made to the Ethereum network, the Cancun-Deneb upgrade holds the promise of enhancing the network and taking a significant stride towards resolving the blockchain trilemma. By addressing scalability, security, and efficiency, this upgrade represents a crucial milestone in advancing the crypto ecosystem as a whole, potentially paving the way for widespread adoption. Through these improvements, the Ethereum network aims to provide a more robust and user-friendly platform, fostering the growth and acceptance of cryptocurrencies.