- March 3, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Ethereum devs have also been preparing for another upgrade, the Shanghai hard fork, to improve the network. The developers have been at it for months and have just announced that they’re pushing the Shanghai upgrade to early April.
Several recent upgrades and development have been ongoing in the crypto space, such as Solana’s plan to improve its network. Also, in 2022, Ethereum shifted from its former Proof-of-Work system to the current Proof-of-Stake consensus mechanism.
Ethereum Developers Postpone Shanghai Upgrade
According to a tweet from Tim Beiko (core Ethereum developer), the team has agreed to delay the upgrade to ensure it completes all the necessary preparations to avoid unforeseen issues.
The developers also announced they would closely monitor the network’s performance in the coming weeks to ensure a smooth transition.
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Based on Beiko’s tweet, the anticipated date for the mainnet depends on the outcome of Goerli on March 14. According to him, if everything goes as planned and Goerli becomes a success, the team could fix a date for the mainnet on the next developers’ meeting slated for March 16.
The Ethereum community has been eagerly anticipating the Shanghai upgrade, and the delay could be unpleasant for some members. However, the community understands the importance of correctly ensuring the upgrade is done to avoid potential issues. With the new date set, the community looks forward to the benefits it will bring to the Ethereum ecosystem.
What To Expect Following The Mainnet
The Ethereum Shanghai Upgrade, rescheduled for April, is expected to bring significant changes to the Ethereum blockchain. For example, it will address several key issues, including enabling validators and stakers to withdraw Ether from the Beacon Chain contract easily.
The EIP-4895 (Ethereum Improvement Proposal) will allow the withdrawal of ETH staked for over two years at the launch of the Beacon chain. It will also support the current Proof-of-Stake consensus mechanism of Ethereum.
The need for the ETH Shanghai Upgrade surfaced after The Merge in September 2022. Since then, developers have been working to prepare for the upgrade.
The hard fork is a complex and challenging process, but necessary to ensure that the Ethereum blockchain remains secure, efficient, and scalable in the years to come.
Some uncertainties and risks are usually involved with any significant blockchain upgrade, and the Shanghai upgrade is no exception.
However, the ETH community is confident that the benefits of the upgrade will outweigh any short-term challenges or disruptions. Investors, developers, and users remain eager to see the results of the hard fork and are optimistic about the future of ETH.
Featured image from Pexels chart from Tradingview.com
