The Shanghai update’s eight ideas were chosen by Ethereum developers.

Beacon Chain staked Ether (ETH) will be unlocked, one of the Shanghai hard fork’s key features.

On Nov. 24, the Ethereum Foundation announced that eight Ethereum Improvement Proposals (EIP) had been chosen by developers at the Ethereum Foundation to be investigated for the Shanghai update, which will be the next significant update following the Merge and the switch to proof-of-stake consensus.

Developers made decisions regarding the features to be included in the upcoming hard fork, which will be delivered in the second half of 2023, during a weekly call. According to the Twitter account for the Ethereum Foundation JavaScript Team:

Beacon Chain staked Ethereum (ETH) is likely to be unlocked in the Shanghai hard fork, making it possible to withdraw the assets with the upgrade. This means that anyone who staked Ethereum before the Merge will be able to access those tokens as well as any other prizes. According to an earlier schedule, locked ETH should become accessible 6–12 months after the Merge.

The EIP 4844, one of the approved ideas, focuses on using proto-danksharding technology and is anticipated to significantly increase scalability by increasing network throughput and reducing transaction fees. Other EIPs, such as EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450, deal with upgrading Ethereum Virtual Machines.

One of the most eagerly awaited improvements in the community is the Shanghai testnet, or Shandong, which launched on October 18. It allows developers to work on implementations like the Ethereum Virtual Machine (EVM) object format and could be useful for on-chain validators.

This five-part process, which started with The Merge, has subsequently been expanded upon by a number of Ethereum developers, ecosystem members, and critics. The Merge’s major improvement is a sharp drop in power utilization, which should cut Ethereum’s energy use by 99%.

Leave a Reply