Ethereum's Cancun upgrade is one of the major upgrades of the Ethereum network, which aims to improve the performance, security and scalability of the network. The following are the main features and goals of the Cancun upgrade:
PoW to PoS Conversion:
The Cancun upgrade marks the transition of the Ethereum network from the Proof of Work (PoW) consensus mechanism to the Proof of Stake (PoS) consensus mechanism. This will make the Ethereum network more energy efficient and improve the security and scalability of the network.
EIP-1559：
The Cancun upgrade introduced the Ethereum Improvement Proposal (EIP)-1559, which is a proposal to improve the Ethereum transaction fee mechanism. It divides transaction fees into base fees and tips, and adjusts the network congestion and improves transaction processing efficiency by dynamically adjusting the base fee mechanism.
Layer 2 supports:
The Cancun upgrade provides better support for Layer 2 solutions that can increase the throughput and performance of the Ethereum network by moving transactions off-chain while reducing transaction fees.
Network security and stability enhancements:
The upgrade also includes a series of security and stability improvements to enhance the Ethereum network’s resistance to attacks and stability.
Overall, the Cancun upgrade aims to improve the performance, security, and scalability of the Ethereum network, laying a solid foundation for future development.
