Even though 2022 has been a year that will be remembered for various unbelievable events like the Terra ecosystem collapse to FTX debacle amongst others, it is also a year that will be remembered for Ethereum’s transition to the current consensus mechanism.
The Ethereum transition to the current proof of stake consensus mechanism finally came to reality in September after waiting for years which has seen the power consumption drop by more than 90%.
However, moving ahead to the next steps required, the Shanghai upgrade is set to be released by mid-2023 and will also be coming with the release of Staked Ether being able to be withdrawn from the network!
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Furthering with the merge, the Shanghai upgrade will introduce some critical updates and elemental changes to Ethereum in the blockchain EVM functionalities.
What is Ethereum Shanghai Upgrade?
Before the actual release, on October 14 this year, the Ethereum Foundation released a pre-Shanghai testnet for the same. This testnet, also known as ‘Shandong’ will be used to test and finalize the Ethereum Improvement Proposals (EIPs) that are expected to be unveiled in the actual Shanghai Update.
As per a report by CoinDesk last week, the Ethereum developers had made a note the network’s next hard fork, which is being termed “Shanghai,” is being targeted to have a release time frame of March 2023. The next step in the Ethereum networks’ development will also comprise of the proposed code known as EIP 4895 which will allow the Beacon Chain staked ether (ETH) withdrawals for the stakers!
In addition to the inclusion of the Staked Ether proposal, the Ethereum developers will as well look into addressing the implementation of the “EVM Object Format” (EOF) in the Shanghai upgrade. The EOF is basically a collection of EIPs that will effectively upgrade the Ethereum Virtual Machine. This proposal us set to give the environment where Ethereum is able to execute smart contracts a little upgrade. The collective Ethereum Improvement Proposals (EIPs) are EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450.
It is also in the discussion that if the implementation of the EIPs seems to be too complicated during the All Core Developers call planned for January 5, 2023, then it will be pushed further and the team will continue their focus on the Staked ETH withdrawals; so the task will not be delayed.
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