The highly anticipated Dencun upgrade for the Ethereum blockchain will not be making its debut in 2023 as initially expected. Ethereum's core developers have decided to push back the release of the upgrade until at least 2024. This revelation came during the latest All Core Developers meeting. Software developer Tim Beiko took to social media after the meeting to provide an update on the expected timeline for the upgrade.
Ethereum's Dencun Upgrade: Mainnet Release Now Anticipated in 2024
The main objective of the Dencun upgrade is to enhance Ethereum's performance on multiple fronts, including scalability, security, and user-friendliness. One of its key features is the introduction of "data blobs," a new transaction type designed to optimize data storage and accessibility for layer two (L2) rollups built on the Ethereum platform. Initially, the upgrade was planned to be divided into two distinct segments: Deneb, targeting the Consensus Layer, and Cancun, focusing on the Execution Layer.
However, after the meeting, Tim Beiko highlighted the need for additional testing before the upgrade can be safely deployed on the mainnet. While the Execution Layer teams expressed their readiness to begin testing on the Goerli testnet, the Consensus Layer teams stated that they require a few more weeks to finalize their codebase adjustments. Additionally, the mev-boost pipeline has yet to undergo testing across all clients.
During the meeting, a significant moment occurred when the developer behind Prysm, the Ethereum proof-of-stake client written in Go, mentioned that there is no way Dencun would be prepared for the mainnet this year. Given these circumstances, the anticipated fork on the Goerli testnet is now expected to happen no earlier than late November. Typically, testnets require a minimum of two weeks between forks, suggesting that the Dencun upgrade is likely to debut on the mainnet after the 2023 holiday season and into 2024.
Tim Beiko emphasized that nothing here is set or final, but there is at least a path being drawn towards the mainnet. The developers will continue their testing efforts and coordination in the coming months to ensure a seamless rollout of the upgrade when the time arrives. Additionally, Beiko added, "By next week's ACDC, we'll launch devnet-11 with all clients being set up with mev-boost and try to run a Goerli shadow fork."
What are your thoughts on the developers postponing the Dencun upgrade until next year? Share your opinions and thoughts about this subject in the comments section below.
Frequently Asked Questions
Can I buy Gold with my Self-Directed IRA?
Your self-directed IRA can be used to purchase gold, but first you need to open an account with a brokerage firm such as TD Ameritrade. You can also transfer funds from an existing retirement fund.
The IRS allows individuals to contribute up to $5,500 annually ($6,500 if married and filing jointly) to a traditional IRA. Individuals are allowed to contribute $1,000 each ($2,000 if married or filing jointly) to a Roth IRA.
You might want to purchase physical bullion, rather than futures contracts if you are going to invest in gold. Futures contracts can be described as financial instruments that are determined by the gold price. These financial instruments allow you to speculate about future prices without actually owning the metal. But, physical bullion is real bars of gold or silver that you can hold in one's hand.
What Precious Metals Can You Invest in for Retirement?
The best precious metal investments are gold and silver. Both are easy to sell and can be bought easily. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: Gold is one of man's oldest forms of currency. It's also very safe and stable. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: Investors have always loved silver. This is a great choice for people who want to avoid volatility. Unlike gold, silver tends to go up instead of down.
Platinium is another precious metal that is becoming increasingly popular. Like gold and silver, it's very durable and resistant to corrosion. However, it's much more expensive than either of its counterparts.
Rhodium: The catalytic converters use Rhodium. It is also used as a jewelry material. It is also quite affordable compared with other types of precious metals.
Palladium: Palladium has a similarity to platinum but is more rare. It's also more affordable. Investors looking to add precious and rare metals to their portfolios love it for these reasons.
Is gold buying a good retirement option?
Although gold investment may not seem appealing at first glance due to the high average global gold consumption, it's worth considering.
Physical bullion bar is the best way to invest in precious metals. But there are many other options for investing in gold. Research all options carefully and make an informed decision about what you desire from your investments.
For example, purchasing shares of companies that extract gold or mining equipment might be a better option if you aren't looking for a safe place to store your wealth. If you need cash flow to finance your investment, then gold stocks could be a good option.
ETFs allow you to invest in exchange-traded funds. These funds give you exposure, but not actual gold, by investing in gold-related securities. These ETFs typically include stocks from gold miners, precious metallics refiners, commodity trading companies, and other commodities.
What are the benefits of a gold IRA
A gold IRA has many benefits. It can be used to diversify portfolios and is an investment vehicle. You can control how much money is deposited into each account as well as when it's withdrawn.
You also have the option to transfer funds from other retirement plans into a IRA. If you are planning to retire early, this makes it easy to transition.
The best part is that you don't need special skills to invest in gold IRAs. They're readily available at almost all banks and brokerage firms. Withdrawals can be made instantly without the need to pay fees or penalties.
There are also drawbacks. Gold is historically volatile. Understanding why you invest in gold is crucial. Is it for growth or safety? Is it for security or long-term planning? Only when you are clear about the facts will you be able take an informed decision.
If you plan to keep your gold IRA indefinitely, you'll probably want to consider buying more than one ounce of gold. One ounce doesn't suffice to cover all your needs. You may need several ounces, depending on what you intend to do with your precious gold.
You don't need to have a lot of gold if you are selling it. You can even manage with one ounce. But, those funds will not allow you to buy anything.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.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)
- 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)
External Links
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options? Types, Spreads and Example. Risk Metrics
irs.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement accounts
