Ethereum developers decided on eight proposals for the Shanghai update

Ethereum developers decided on eight proposals for the Shanghai update

Key features of the Shanghai hard fork will include unlocking Ether (ETH) staked on the Beacon Chain. Ethereum Foundation developers decided to review eight Ethereum Improvement Proposals (EIPs) for the Shanghai Update, the upcoming The Merge Update, and its move to Proof-of-Stake consensus; the Ethereum Foundation announced Nov. 24. In a weekly call, the developers decided which features should be included in the next hard fork, which will be released in the second half of 2023.

One of the main features expected to be included in the Shanghai hard fork, Beacon Chain Stakes Ether (ETH) is set to be unlocked, allowing assets to be withdrawn with the upgrade, meaning users who stake Ethereum before the merger can access these tokens as well as all other rewards. A previous timeline assumed locked ETH would be accessible 6-12 months after the merger. Approved proposals include EIP 4844, which focuses on the use of protocols. danksharding is designed to increase network performance and drastically reduce transaction fees, which significantly improves scalability. 

The Shanghai testnet version, dubbed Shandong, went live on Oct. 18 and allowed developers to work on implementations like the Ethereum Virtual Machine (EVM) object format, one of the most anticipated updates from the community since the coding from the data, which could be valuable for on-chain validators. The merger was the first step in this five-part process that has since been developed by various Ethereum developers, ecosystem participants, and commentators. The most significant change brought about by the merger is the drastic reduction in power consumption, which should reduce Ethereum’s power consumption by 99%.

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