Understanding EIP-4844

EIP-4844, also known as the Dencun upgrade or Proto-Danksharding, is a highly anticipated update for the Ethereum blockchain aiming to address one of its biggest constraints: high gas fees. It achieves this by introducing a new type of transaction and laying the groundwork for future scalability solutions.

Here's how EIP-4844 works:

• Blob-carrying transactions: This new transaction type allows attaching additional data, called "blobs," to regular Ethereum transactions. These blobs can contain things like NFT metadata or large computation output, which are currently costly to store directly on the main chain.
• Beacon chain storage: Blobs are temporarily stored on the Ethereum Beacon chain instead of the main chain. This reduces the load on the main chain and helps lower gas fees for everyone.
• Decentralization preserved: Despite this new data storage, EIP-4844 preserves Ethereum's decentralization by relying on validators in the beacon chain to store and verify blobs.

Here are some key fundamentals that EIP-4844 will change:
1. Gas fees: The primary goal is to reduce gas fees significantly by offloading data storage to the beacon chain. This should make interacting with the Ethereum network more affordable for individual users and developers.
2. Transaction types: The introduction of blob-carrying transactions expands the capabilities of Ethereum, allowing for applications that require storing larger amounts of data on-chain.
3. Data scalability: EIP-4844 paves the way for future scaling solutions like full Danksharding, which will further improve Ethereum's transaction processing capacity.
Overall, EIP-4844 is a significant step forward for Ethereum, laying the groundwork for a more scalable and affordable blockchain. While it won't magically solve all gas fee problems, it's a crucial turning point in the network's evolution.
I hope this explanation gives you a good understanding of what EIP-4844 is and how it will impact the Ethereum network. If you have any further questions, feel free to ask!