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Ethereum developers harmonize on Shanghai update – crypto.news

Ethereum Foundation Eliminates the Estimated Withdrawal Timeframe for Staked ETH

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The developers of the Ethereum Foundation held their weekly call to discuss which features should be implemented in the next hard fork, discussed on Thursday, November 24, and decided on eight proposals to explore in Shanghai, after moving to the next update. input. The Shanghai hard fork involved unlocking staked ether (ETH) and allowing stakers to cash out to withdraw their holdings.

On Wednesday, a multi-client devnet was released, which was used to test the ETH withdrawals of the staked validator. Tweets by Marius Van Der Wijden, a software developer working with Ethereum, hinted on Wednesday that developers had already agreed to promote the construction of staked ETH write-offs ahead of Thursday’s meeting.

Marius Van Der Wijden said that the coders were already working on the Ether withdrawals in the stakes before the call. Developers continue to prepare about eight Ethereum improvement proposals for Shanghai, the next technological upgrade. The timeline for the update is unclear at press time.

The upgrades are set to increase network power and cut transaction fees.

The EVM proposals include EIP 3540, EIP 3670, EIP 4200, EIP 4570, EIP 4844, and EIP 5450. The five EIPs are focused on updating the Ethereum Virtual Machine area where smart contract codes are deployed.

EIP 4844 focuses on better scaling by utilizing proto-danksharding technology. Ideally, this technology will increase network performance and cut transaction fees. Proto-danksharding cuts the blockchain into “shards” to achieve this.

Although developers agreed to build eight EIPs for the Shanghai hard fork, all eight EIPs may not ship with the final update, which is expected in the second half of 2023. ETH coders have not confirmed a schedule for staked Ether withdrawals.

The importance of Ethereum Shanghai update

A little over a month ago, Ethereum experienced one of the biggest crypto moves in history, called the Merge. Merge was responsible for transitioning Ethereum, the largest blockchain network supporting smart contracts and the second largest blockchain network in the world by market capitalization, from a proof-of-work to a consensus-of-stake mechanism.

The Ethereum Shanghai Upgrade is set to bring important updates to Ethereum and fundamental changes to the blockchain’s EVM functions. The significance of these changes extends far beyond the crypto world into the real world. These changes include e.g.

First, transactions on the Ethereum blockchain could become faster and cheaper with a lower gas fee.

Second, the withdrawal of staked ETH tokens allows incoming validators who stake the coin to deposit the smart contract that was locked in order to release their stake.

And finally, smart contract updates keep Ethereum, the largest smart contract-supporting blockchain network, ahead of developments and crypto trends.

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