๐ฃ Ethereum KZG Summoning Ceremony is LIVE: ceremony.ethereum.org/.
Help improve Ethereum data scalability by participating in the generation of data where only one honest participant is needed for a secure final output. Join the process now!
What? Why? How?
๐งต 1/7
Ethereum is scaling with the help of Layer-2s (L2s) like Optimism and Arbitrum, which help increase the block space while still maintaining security.
These L2s allow more data to be sent to L1 (Ethereum), but at the cost of high fees due to the increased data transfer.
2/7
Danksharding is a data layer design that guarantees data availability to L2s without any compromises.
It introduces a new transaction type that accepts "blobs" of data to persist in the Beacon node for a short period of time.
The proposal, EIP-4844: eip4844.com/
3/7
Since the data does not need to be stored by the network forever, the use of on-chain storage becomes cheaper. So, L2s can use this storage to post transaction data or proofs back to L1 with benefits:
โ
Lower transaction fees
โ
Greater scalability
โ
More accessibility
4/7
The KZG Ceremony is a coordinated public ritual that provides the cryptographic foundation for Proto-Danksharding.
It will construct a secret value, ensuring no single person knows it and that it remains unknown for years to maintain the security of the Ethereum network.
5/7
It is a multi-step process:
1. Provide input.
2. Authenticate.
3. Request permission.
The Sequencer (server coordinating contributions) will mix your randomness with the earlier data, verify your contribution, and then move to the next contributor.
6/7
Congratulations! You are now an official part of the Ethereum KZG ceremony and can verify your contribution here: ceremony.ethereum.org/#/record.
๐
If you liked this thread, follow me @a26nine for more of these, and RT the tweet below to share it with your network. twitter.com/a26nine/status/1614136083079651329