Ethereum developers chose eight updates for Shanghai
Rebeca Moen Nov 25, 2022 01:12
The Shanghai update comes after the Merge and proof-of-stake consensus. Beacon Chain staked ETH will be unlocked, permitting withdrawals. Shanghai testnet launched Oct. 18.
The Ethereum Foundation made the announcement on November 24 that the developers working on the platform had reached a consensus on eight Ethereum Improvement Proposals (EIP) to investigate as part of the Shanghai update. This update is the next major upgrade following the Merge and the transition to proof-of-stake consensus.
Beacon Chain staked Ether (ETH) is scheduled to be unlocked as one of the primary features that are anticipated to be included in the Shanghai hard fork. This will make it possible for the assets to be withdrawn along with the upgrade, which means that users who had staked Ethereum prior to the Merge will be able to access those tokens in addition to any other rewards that may be available.
According to a prior roadmap, unlocked ETH was supposed to become available between 6 and 12 months following the Merge.
One of the ideas that was accepted is known as EIP 4844. This proposal focuses on using proto-danksharding technology, and it is anticipated that it would increase network throughput while simultaneously reducing transaction costs, which will be a big gain for scalability.
Other EIPs, such as EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450, deal with the modernization of Ethereum Virtual Machines.
One of the most-anticipated updates for the community is the Shanghai testnet version, which was given the name Shandong and went live on October 18. This version enables developers to work on implementations such as the Ethereum Virtual Machine (EVM) object format. This update is one of the most-anticipated updates because it separates coding from data, which may be beneficial for on-chain validators.
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