Prominent smart contract network Ethereum blockchain has decided to launch its next hard fork update. Another anticipated Shanghai hard fork over the Ethereum network is set to launch by March 2023. The announcement came after the 151st Ethereum Core Developers Meeting held on Thursday, December 8th. The deadline was discussed during the meeting and set for the aforementioned date.
The meeting also said to push the Ethereum Improvement Protocol (EIP) 4844 upgrade. The upgrade intends to bring a ‘proto-danksharding’ feature over the network, expected to launch by May or June month of next year.
Ethereum Upgrade Intends to Bring Scalability
Upcoming EIP-4844 upgrade is expected to bring a new data-blob-transaction prototype. Developers successfully created the upgrade in February this year. Optimistic Rollups like the prominent layer-2 technology platform can make computation and network storage on Ethereum in order to improve the scalability up to 10 to 100 times.
In addition, Etheruem developers think that introducing the sizable portable bundles intending to avail relatively cheaper data required for transactions over the network. This way the capacity of rollups could be improved and scaled up to 100 times.
Although the catch over here is that the upgrade will only end up reducing the transaction fees over the layer-2 solutions protocol. There will be no effect of the upgrade on transaction fees over the Ethereum network.
Ethereum Upgrade to Facilitate Easy Transactions
These were the upcoming updates in the funnel to launch after the major upgrade on Ethereum network—The Merge. The most anticipated upgrade successfully launched in September this year. Following the upgrade, staked Ether (stETH) is locked over the Ethereum Beacon Chain.
stETH token was created by Lido, a prominent decentralized finance protocol. Currently about 3.5 million stETH worth 4.48 billion USD is in circulation. Users of the tokens could withdraw their funds after the Shanghai upgrade. The staking rewards will be also eligible to get withdrawn for validating transactions over the network.
Ethereum Foundation cited it to structure the upgrades in order to simplify as well as maximize the efforts intending to transition to proof-of-stakes successfully.
Vitalik Buterin, Ethereum co-founder said during December last year that acting on blockchain as a simple base layer is according to him an end game. Users will be comfortable when it comes to storing their assets in a zero knowledge rollup responsible for running a full Ethereum Virtual Machine (EVM).
Source: https://www.thecoinrepublic.com/2022/12/09/ethereum-network-likely-to-push-shanghai-hard-fork-by-2023/