Ethereum's Dencun Upgrade on Goerli Testnet
The Ethereum network has achieved a significant milestone with the successful implementation of the Dencun upgrade on its Goerli testnet. This upgrade is part of Ethereum's ongoing efforts to introduce cost-effective data storage solutions on its blockchain.
Dencun Upgrade Triumphs on Goerli Testnet
After a brief four-hour delay caused by a technical glitch, the highly anticipated Dencun upgrade, also known as "Cancun-Deneb," went live on the Goerli testnet on Jan. 17.
During the initial launch, the upgrade encountered an unexpected hiccup and failed to finalize on the testnet within the expected timeframe. However, Ethereum core developer Parithosh Jayanthi swiftly identified and patched a bug, leading to the successful finalization of the chain a few hours later.
The validators came back online and the chain started finalizing again after the bug fix was implemented. The MEV circuitbreaker automatically disabled, allowing mev-blocks to flow through.
Ethereum's Strategy for Data Storage
The Dencun upgrade is a significant step in Ethereum's strategy to introduce a new, cost-effective method of data storage on its main blockchain. This strategy follows a three-phase approach, with upcoming upgrades planned for the Sepolia and Holesky testnets in the coming weeks.
Testnets like Goerli play a crucial role in the blockchain community by providing platforms to rigorously test applications and significant upgrades before their implementation on mainnets.
Benefits of Dencun Upgrade
The implementation of Dencun on the mainnet promises substantial benefits. The core feature of Dencun, called "proto-danksharding," aims to enhance data availability capacity and reduce transaction costs for layer-2 blockchains such as Optimism, Base, Polygon zkEVM, and others. These layer-2 blockchains have gained popularity as alternatives for processing transactions on the main Ethereum network. However, their growth has been limited due to high data costs under the existing framework.
Additionally, the Dencun upgrade will introduce limitations on self-destruct operations and enable new features for bridges and staking pools.
Initial Delay and Bug Fix
The initial delay in the launch of Dencun was caused by a chain split resulting from a bug in the Prysm implementation of Ethereum. This bug prevented Prysm from syncing with other nodes. Ethereum developer Tim Beiko addressed the issue promptly, and the bug was fixed.
Jayanthi commended the efficiency of their debugging systems in quickly resolving the issue, stating, "We went from fork -> issue -> triage -> fix -> finality in under 4h."
Testing Schedule and Mainnet Deployment
The next critical milestones for the Dencun upgrade are its implementation on the Sepolia testnet on Jan. 30 and the Holesky testnet on Feb. 7. The date for the upgrade's deployment on the mainnet is yet to be announced.
Conclusion
The successful launch of the Dencun upgrade on the Goerli testnet marks a significant achievement for the Ethereum network. This upgrade brings cost-effective data storage solutions to Ethereum's main blockchain and opens up opportunities for layer-2 blockchains to thrive. As Ethereum continues to innovate and improve its infrastructure, the deployment of the Dencun upgrade on the mainnet holds great promise for the future of the blockchain ecosystem.
What are your thoughts on which layer-2 blockchain will benefit the most from the Dencun upgrade? Share your opinions in the comments section below.
Frequently Asked Questions
How does a gold IRA work?
Individuals who want to invest with precious metals may use the Gold Ira accounts, which are tax-free.
You can purchase physical bullion gold coins at any point in time. You don’t have to wait to begin investing in gold.
Owning gold as an IRA has the advantage of allowing you to keep it forever. You won't have to pay taxes on your gold investments when you die.
Your heirs will inherit your gold, and not pay capital gains taxes. It is not required that you include your gold in the final estate report because it remains outside your estate.
To open a Gold IRA, you'll need to first set up an Individual Retirement Account (IRA). Once you've done that, you'll receive an IRA custody. This company acts as a mediator between you, the IRS.
Your gold IRA custody will take care of the paperwork and send the forms to IRS. This includes filing annual reports.
Once your gold IRA is established, you can purchase gold bullion coins. Minimum deposit required is $1,000 You'll get a higher rate of interest if you deposit more.
When you withdraw your gold from your IRA, you'll pay taxes on it. If you take out the whole amount, you'll be subject to income taxes as well as a 10 percent penalty.
You may not be required to pay taxes if you take out only a small amount. However, there are exceptions. There are some exceptions. For instance, if you take out 30% or more from your total IRA assets, federal income taxes will apply plus a 20 percent penalty.
It's best not to take out more 50% of your total IRA investments each year. A violation of this rule can lead to severe financial consequences.
How much gold can you keep in your portfolio
The amount of capital required will affect the amount you make. You can start small by investing $5k-10k. As you grow, it is possible to rent desks or office space. This way, you don't have to worry about paying rent all at once. Only one month's rent is required.
You also need to consider what type of business you will run. In my case, I run a website-creation company. Our clients pay us between $1000-2000/month and depending on their order. If you are doing this type of thing, it is important to think about how much you can expect from each client.
As freelance work requires you to be paid freelancers, your monthly salary won't be as high as mine. Therefore, you might only get paid one time every six months.
Decide what kind of income do you want before you calculate how much gold is needed.
I recommend starting with $1k to $2k of gold, and then growing from there.
What is the best way to hold physical gold?
Gold is money and not just paper currency. It's an asset that people have used for thousands of years as a store of value, a way to keep wealth safe from inflation and economic uncertainty. Today, investors invest in gold as part a diversified portfolio. This is because gold tends do better in financial turmoil.
Today, many Americans invest in precious metals such as gold and silver rather than stocks and bonds. It is possible to make money by investing in gold. However, it doesn't guarantee that you'll make a lot of money.
Another reason is the fact that gold historically has performed better than other assets in times of financial panic. Between August 2011 to early 2013, gold prices rose close to 100 percent while the S&P 500 fell 21 per cent. During these turbulent market times, gold was among few assets that outperformed the stocks.
Another benefit to investing in gold? It has virtually zero counterparty exposure. Your stock portfolio can fall, but you will still own your shares. But if you own gold, its value will increase even if the company you invested in defaults on its debt.
Gold provides liquidity. You can sell your gold at any time without worrying about finding a buyer, which is a major advantage over other investments. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows you to profit from short-term fluctuations on the gold market.
Statistics
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
irs.gov
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
finance.yahoo.com
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Legal – WSJ
How To
Investing in gold or stocks
Investing in gold as an investment vehicle might seem like a very risky proposition these days. This is because many people believe that gold investment is no longer profitable. This belief comes from the fact most people see gold prices falling due to the global economy. They believe they would lose their money if they invested gold. There are many benefits to investing in gold. Below we'll look at some of them.
One of the oldest forms known of currency is gold. It has been used for thousands of years. It has been used as a store for value by people all over the globe. It continues to be used in South Africa, as a way of paying their citizens.
When deciding whether to invest in gold, the first thing you need to do is to decide what price per gram you are willing to pay. You must determine how much gold bullion you can afford per gram before you consider buying it. You could contact a local jeweler to find out what their current market rate is.
It is important to remember that even though gold prices have dropped in recent times, the cost of making gold has risen. The price of gold may have fallen, but the production costs haven’t.
When deciding whether to buy gold, another thing to consider is how much gold you intend on buying. If you intend to only purchase enough gold to cover your wedding rings it may be a smart decision to not buy any gold. It is worth considering if you intend to use it for long-term investment. It is possible to make a profit by selling your gold at higher prices than when you purchased it.
We hope our article has given you a better understanding of gold as an investment tool. We recommend that you investigate all options before making any major decisions. Only then will you be able to make an informed decision.
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By: David Sencil
Title: Ethereum’s Dencun Upgrade Successfully Launches on Goerli Testnet After Initial Hiccups
Sourced From: news.bitcoin.com/ethereums-dencun-upgrade-successfully-launches-on-goerli-testnet-after-initial-hiccups/
Published Date: Thu, 18 Jan 2024 19:30:14 +0000
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