Buterin shared this improvement proposal via his official Twitter handle about two days ago.

As Sharding itself is described as the existence of interconnected sub-blockchains instead of a single one, Buterin says Danksharding is the new sharding design proposed for Ethereum to introduce some notable simplifications compared to previous designs.

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My own EIP-4844 (aka. proto-danksharding) technical FAQ:https://t.co/SlgNERBYVc

— vitalik.eth (@VitalikButerin) March 19, 2022

How Buterin Describes Proto-Danksharding (EIP-4844)

According to Vitalik Buterin, Proto-danksharding (aka. EIP-4844) is proposed to implement most of the logic and scaffolding, e.g. transaction formats, verification rules, which make up a full Danksharding spec, but not yet really implementing any sharding.

Buterin added that in a prototype implementation, all validators and users still have to directly validate the availability of the full data.

Proto-danksharding can also be described as a scenario of data verification focused on blob-carrying transactions that cannot be executed by Ethereum Virtual Machine (EVM).

Buterin says Proto-danksharding creates “a separate transaction type that can hold cheaper data in large fixed-size blobs, with a limit on how many blobs can be included per block. These blobs are not accessible from the EVM (only commitments to the blobs are), and the blobs are stored by the consensus layer (beacon chain) instead of the execution layer.”

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The new development shows that Proto-danksharding is set to replace dansharding, a sharding technique in which only one proposer chooses all transactions.

However, the proposed solution could be short-term because it includes the implementation of a number of danksharding elements. It can also lead to an increase in data usage due to the need for a much bigger block size.

So, in order to prevent the network from having too much data to deal with, the Ethereum co-founder proposes to auto-delete blob data every 30 days.

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EIP-1559 aimed at increasing the mining speed of ETH and incentivizing it. The upgrade is basically meant to stabilize the high gas fees caused by the scalability issues frequently encountered by the Ethereum network.

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It’s also a way of bolstering the value of ETH, the native token of the Ethereum blockchain, and to help fight the inflation rate related to miner rewards.

1,965,216 ETH worth $5.2 Billion Burned So Far

According to the data provided by Watchtheburn.com, since the implementation of EIP-1559 in August 2021, relatively 1,965,216 ETH in base fees, worth $5.2 billion at current prices, has been burned.

This implies that over 1.9 million ETH has been permanently removed from the Ethereum circulating supply.

About a month after EIP-1559 was implemented, the upgrade only managed to burn around 297,000 ETH. According to the data shared above, the number of ETH burned has since increased by 559%.

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Since EIP-1559 is majorly associated with the burning of transaction fees on the Ethereum network, the figure is largely attributed to the increase in the demand for non-fungible tokens (NFTs) and decentralized finance (DeFi).

The number of coins burned so far is now closer to the target number expected to be burned within a year of the EIP-1559 implementation, which is 2,560,000 ETH.

The number burned so far represents 76% of the target number of ETH predicted to be burned by August 2022.

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According to Vitalik Buterin in a recent blog post, Ethereum currently utilizes a scheme in which the same amount of gas is being used for different needs on the network. For example, average transaction data and calldata spend only 3% of the gas on a block, while a “worst-case” block contains 67x times more data.

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The usage of a single resource for both worst-case and average-case scenarios does not work optimally. Put simply: users of the Ethereum network pay more when they could pay less for an operation on the network.

The new fee concept will create a fair structure in which gas will be used more optimally, giving users the means to spend less on various types of operations like minting, transactions calldata, and more.

Vitalik Buterin Suggested Two Ways of Realizing the New Fee Structure

Vitalik Buterin has suggested two ways of realizing the new fee structure on the network: the gas execution cost remains fixed and the operating costs depend on the type of resource used. This will divide the base fee for each unit of the resource by the total base fee.

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According to Buterin, the second “purer” option requires the implementation of a fixed base fee and unlimited block gas. Priority fees paid to those who produce blocks on the network equals base fees plus a percentage.

In addition to a more sufficient fee structure, the update will add another layer of protection to the network. It remains to be seen whether the proposal will be passed since the priority at the moment is the next big upgrade.

The Ethereum network is currently preparing for “the merge,” which will dock the Ethereum blockchain with the Beacon Chain and effectively end its use of the proof-of-work (PoS) consensus algorithm. Testing is already underway on the Kintsugi testnet, and full deployment is expected in the first quarter of this year.

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According to the report, the London hard fork will launch on block 12 965 000 and would take place between 3rd and 5th August 2021.

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Compatibility with London Upgrade

As the report stated, in order to be compatible with the London hard fork, node operators need to upgrade their running client versions, such as go-ethereum (geth), Nethermind, Erigon (f.k.a. TurboGeth), Besu, OpenEthereum (f.k.a. Parity), EthereumJS VM. The versions support London on the Ethereum mainnet. The report provides a download link for each client.

The report noted:

“These releases are different from the previously announced releases that supported London on testnets. Previous vesions do not support London on mainnet.

“The OpenEthereum client will be deprecated after the London upgrade. The OE team is working with Erigon on a smooth transition path for users.”

Stressing the significance of London, the report points out that the upgrade will change how the target gas limit is handled on the network.

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Ethereum Improvement Proposals (EIPs) That Are Set To Launch with London Upgrade

Five different Ethereum Improvement Proposals (EIPs), including EIP-1559 (Fee market change for ETH 1.0 chain), EIP-3198 (BASEFEE opcode), EIP-3529 (Reduction in refunds), EIP-3541 (Reject new contracts starting with the 0xEF byte), and EIP-3554 (Difficulty Bomb Delay to December 1st, 2021) will be implemented along with London Upgrade.

The report also noted that EIP-1559 will bring changes to the block header, add a new transaction type, come with new JSON RPC endpoints, and change the behavior of clients in several areas, such as mining, transaction pool, among others.

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