What’s Happening with Ethereum?
Developers at the Ethereum Foundation have put their heads together to explore eight promising Ethereum Improvement Proposals (EIPs) for the upcoming Shanghai update, making it the hot topic after the Merge. This next major upgrade is set to roll out during the latter half of 2023.
The Pre-Shanghai Adventure: Shandong Testnet
Mark your calendars! On October 14, 2022, the Ethereum Foundation’s JavaScript Team tweeted another piece of news that’s spicing things up: the early Pre-Shanghai testnet named “Shandong” is officially live. This experimental playground will allow developers to test out select EIPs in collaboration with EF DevOps. Think of it as a sandbox for blockchain enthusiasts!
Time to Free the Staked Ether!
In a move that has stakers rejoicing, one of the highlight features of the Shanghai hard fork is the unlocking of Beacon Chain staked Ether (ETH). Yes, you heard that right! For those who stashed away ETH prior to the Merge, you’ll finally be able to access these coveted assets, not to mention any associated rewards. While previously we were on a wild goose chase for access six to twelve months post-Merge, this upgrade is set to change the game.
Scaling New Heights: EIP 4844 and Beyond
Hold onto your hats, because EIP 4844 is expected to put Ethereum’s scalability on steroids. By incorporating proto-danksharding technology, it aims to significantly enhance network throughput while slashing transaction fees—what’s not to love? Other notable EIPs like EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450 are also rolling into town, focusing on upgrading the Ethereum Virtual Machine (EVM).
The Buzz Around EVM Changes
Speaking of the EVM, one of the most anticipated changes involves the introduction of the EVM object format! This aim to separate coding from data is particularly beneficial for on-chain validators, paving the way for more efficient processes. Getting technical? Don’t worry— you don’t need a PhD to understand that these changes are steering Ethereum towards a brighter future.
The Bigger Picture: A Greener Ethereum
The Merge was merely the opening act of this expansive five-part series. On a serious note, the biggest takeaway so far has been a whopping 99% reduction in energy consumption, transforming Ethereum into a more environmentally-friendly option. Who knew saving the planet could be so exciting?
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