Ethereum developers have also been preparing for another upgrade, the Shanghai hard fork, to improve the network. The developers have been working for months and have just Announced that they are pushing the Shanghai update to early April.
Several recent updates and developments have been ongoing in the crypto space, such as the sunny plan to improve your network. Also, in 2022, Ethereum moved from its old proof-of-work system to the current proof-of-stake consensus mechanism.
Ethereum Developers Postpone Shanghai Update
according to a cheep From Tim Beiko (Ethereum Core Developer), the team agreed to delay the upgrade to ensure that it completes all necessary preparations to avoid unforeseen issues.
The developers also announced that they would be closely monitoring the performance of the network in the coming weeks to ensure a smooth transition.
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Based on Beiko cheepthe expected date for the mainnet depends on the outcome of Goerly March 14. According to him, if everything goes according to plan and Goerli becomes a success, the team could set a date for the mainnet at the next developer meeting scheduled for March 16.
The Ethereum community has been eagerly awaiting the Shanghai update and the delay could be unpleasant for some members. However, the community understands the importance of making sure the update is successful to avoid potential issues. With the new date set, the community is looking forward to the benefits it will bring to the Ethereum ecosystem.
What to expect after Mainnet
The Ethereum Shanghai update, rescheduled for April, is expected to bring significant changes to the Ethereum blockchain. For example, it will address several key issues, including the ability for validators and participants to easily withdraw Ether from the Beacon Chain contract.
The EIP-4895 (Ethereum Improvement Proposal) will allow the withdrawal of ETH staked for more than two years on the launch of the Beacon chain. It will also support Ethereum’s current proof-of-stake consensus mechanism.
The need for the ETH Shanghai upgrade arose after The Merge in September 2022. Since then, the developers have been working to prepare for the upgrade.
The hard fork is a complex and challenging processbut necessary to ensure that the Ethereum blockchain remains secure, efficient, and scalable for 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 upgrade benefits will overcome 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.
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