Ethereum Developers Released More Details On The Shanghai Update

Developers on the Ethereum network decided to consider eight Ethereum Improvement Proposals (EIPs) as part of the “Shanghai” hard fork.

Unlocking Beacon Chain

A weekly call was held to determine what features would be included in the next hard fork, which is scheduled to be released in the second half of 2023.

“We are happy to announce the launch of an early Pre-Shanghai testnet we are calling “Shandong”. 🔥 is an experimental testnet run in cooperation with EF DevOps which activates a set of selected Shanghai-considered EIPs for early client testing,” said Ethereum Foundation JavaScript Team.

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As part of the hard fork upgrade, Beacon Chain staked ETH withdrawals will be enabled, and proposals might be made to address issues with scalability or to make improvements to the Ethereum Virtual Machine.

As a result of Beacon Chain, users who staked Ethereum prior to the Merge will also have access to any rewards they earned. It was previously estimated that locked ETH would be accessible 6-12 months after the Merge.

Other Approved EIP

Another approved proposal is EIP 4844, which leverages proto-danksharding technology for enhanced network throughput and reduced transaction fees, improving scalability significantly.

Furthermore, Ethereum’s Object Format implementation (EOF) has made it into the batch of EIPs, essentially updating Ethereum’s Virtual Machine, the environment in which smart contracts are deployed.

A majority of the changes are aimed at making smart contract execution more secure, by verifying that certain constraints are met. The Ethereum Virtual Machine will be upgraded by EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450.

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The final proposal that is being considered is EIP 2537, which would add a “BLS precompile” to the system.

By implementing this proposal, Ethereum could develop more secure cryptographic proofs, as well as improve interoperability with Beacon Chain.

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Jamilatul Mahmudah

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