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Coinbase to collabs with Ethereum foundation, to improve ETH speed and cost

Cryptocurrency exchange Coinbase stated  that it is collaborating with the Ethereum Foundation and the Optimism teams to expedite the EIP-4844 upgrade. The planned proto-danksharding or EIP-4844 upgrade will lower gas fees and speed up transactions on Ethereum Layer-2 rollups. In fact, Coinbase is devoting engineering resources and testing the EIP-4844 in order to accelerate cryptocurrency acceptance.

In a press release on October 7, Coinbase declared that the public would support and contribute to the impending EIP-4844 upgrade. In order to boost transaction throughput and decrease transaction fees by 10-100 times, the update will scale Layer-2 rollups.

Brian Armstrong, CEO of Coinbase, stated:

“Proud of this contribution to Ethereum ecosystem. We have a small team working on proto-danksharding, which promises to create 100X capacity on roll ups. Scalability will unlock many new use cases in crypto.”

The EIP-4844, according to Coinbase, will attract users to the ecosystem because of its improved security, usability, and quick and inexpensive transactions. Additionally, it will facilitate institutional adoption and Web3 development.

To hasten the EIP-4844 upgrade, Coinbase is collaborating with the Ethereum Foundation and Optimism teams. The crypto exchange also invested in evaluating the EIP-4844 with engineering resources. The united team has so far completed the full specifications for the execution and consensus clients, released Prysm and Geth for Ethereum, started planning for the KZG ceremony, and launched Devnet v1.

By adding a new transaction type to Ethereum that allows “blobs” of data in the beacon node for a brief period of time, EIP-4844 lowers fees. It minimises disc utilisation and is backward-compatible.

In fact, everyone can support and contribute to the EIP-4844 for the upcoming “Surge” improvements, including rollups, exchanges, and interested parties.

With the EIP-4844 upgrade, the price of Ethereum (ETH) is most expected to increase due to increased institutional and retail usage. Businesses and the larger ecosystem will benefit from the faster transaction times and lower transaction costs. A good strategy for managing numerous transactions is to use Layer-2 rollups.

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