Ethereum Foundation developers revealed 8 Proposals for Shanghai Update

On November 24, developers at the Ethereum foundation made 8 Ethereum Improvement Proposals (EIP) to explore the Shanghai update. This is the next major upgrade after the Ethereum Merge and its move to proof-of-stake consensus. Developers of the foundation had discussions on what features should be included in the next hard fork, which will be released in the second half of 2023.

ethereum-merge-shanghai-update

One of the main features anticipated to be in the Shanghai hard fork, Beacon Chain staked Ether (ETH) is set to be unlocked, letting the assets be withdrawn with the upgrade, meaning that users with staked ETH prior to the Merge will be able to access those tokens, as well as any other rewards. A prior timeline predicted locked ETH to be available 6-12 months after the Merge. 

One of the consented proposals is the EIP 4844. It concentrates on using proto-danksharding technology, and is said to boost network throughput and slash transaction fees, which is a noteworthy improvement in scalability. Other EIPs address the upgrade of Ethereum Virtual Machines, containing EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450.

You may find this useful: A new Ethereum Layer is set to debut in 2023

The Shanghai testnet version i.e. Shandong, went live on the 18th of October, letting developers work on undertakings such as Ethereum Virtual Machine (EVM) object format, is one of the community’s most-awaited updates since it disbands coding from data, which could be helpful for on-chain validators.

The Merge was the first step in this 5-part process, which has since been magnified by a number of Ethereum developers, ecosystem participants, and commentators. The key modification of the Merge is the extreme reduction in power consumption, which should lower Ethereum’s energy usage by 99%. 

Hence, in order to simplify and maximize focus on a proper transition to proof-of-stake, The Merge upgrade did not contain specific anticipated features such as the ability to withdraw staked ETH. The Shanghai upgrade is scheduled to follow The Merge, which will allow the power for stakers to withdraw.


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