When is EIP-4844, and why is it Ethereum's biggest game changer?

EIP-4844, the proposed Ethereum blockchain enhancement, is scheduled for Q4 2023. Its principal characteristic is known as proto-danksharding. Proto-danksharding serves two primary purposes on the Ethereum blockchain:

• Lowering transaction costs

• Enhancing transaction processing 

The Ethereum Improvement Proposal (EIP) intends to accomplish these goals by introducing "blobs" of data, a new form of transaction on the ETH blockchain. 

What are EIPs, and why do they matter?

EIPs detail the addition of new features or processes that enhance the Ethereum blockchain. The proposal defines technical specifications, which are deemed essential for the developer community to propose, debate, and implement changes that perpetually enhance the ETH blockchain.

EIPs serve as a governance mechanism on the Ethereum blockchain. The community's stakeholders decide whether a proposed enhancement should be adopted or incorporated into a network upgrade.

Since its inception, the Ethereum blockchain has confronted a significant obstacle: the rise in transaction fees on the network. Numerous solutions and EIPs have been proposed to address this concern. This will be one of the primary objectives of EIP-4844 or proto-danksharding. 

What exactly is EIP-4844?

EIP-4844, also known as proto-danksharding, is named after Proto Lambda and Dankrad Feist, two Ethereum researchers.

Sharding is an alternative term for the process of dividing a database into smaller data segments. It is analogous to slicing a pizza into pieces. A pizza can be ingested with greater effectiveness and efficiency when it is cut into slices, and the same concept can be applied to data segments.

In addition to data segmentation, there are several unique features. While Ethereum's base layer processes approximately 15 TPS and layer 2 rollups increase that number to 100, danksharding is expected to increase Ethereum's throughput to 100,000 in the future.

EIP-4844 is the first step in the direction of a complete "danksharding" on the Ethereum blockchain. The output would increase from 100 to 1,000. Although it is scheduled for the fourth quarter of 2023, delays are anticipated.

This is why EIP-4844 is considered a game-changer: it introduces blob-carrying transactions. Similar to standard transactions, but with additional information. Ben Edgington, an Ethereum contributor, described EIP-4844 as an enhancement that "bolts blobs onto blocks."

At first glance, this may appear to be an increase in block size, which is counterintuitive to the goal of increasing efficiency. However, blobspace is distinct from blockspace, and the Ethereum Virtual Machine cannot see blobs. They do not occupy space on the blockchain's primary layer. Blobs are visible for a brief duration, and the space they occupy is relatively inexpensive compared to blocks. 

EIP-4844 is a game-changing enhancement for the Ethereum blockchain due to the sharding scaling and cost-saving benefits it provides.

The future roadmap for the Ethereum blockchain is concentrated on "rollups," of which EIP-4844 is a component. After the implementation of EIP-4844, users will notice the difference as ETH transactions become quicker and fees become relatively cheaper. This is likely to increase the Ethereum blockchain's competitiveness.