The Completion of the Shanghai upgrade in Ethereum

ETH is an open-source blockchain system that owns cryptocurrency. Which is a platform that can be used for different Dapps. Also allows deploying smart contracts. If broadly looking into a way it goes in a manner. Decentralized means the power which is distributed in various nodes or peers.

Open source is available to all not confidential, which means accessible to all the people. It is a blockchain system is a distributed ledger that contains a lot of information which is packed into blocks that are connected to each other that are why it is termed a blockchain. It features its cryptocurrency known as ETH or Ether.

The Ethereum merge

Ethereum is the second largest cryptocurrency by market capitalization around 200 billion just behind Bitcoin. The Merger was the most important in Ethereum’s history. It is called the Merge because essentially it will merge two independent blockchains currently running in parallel in which Ethereum is the main blockchain and the other is the beacon chain.

Which runs the proof of stake consensus mechanism. So right after the merge Ethereum will adopt the beacon chain mechanism. That is proof of stake that relies on the validators. That owns the coin associated with the blockchain.

Proof of work is a method of validating transactions on the blockchain, miners compete with each other to solve mathematical puzzles and add blocks to the network. Which allows them to receive rewards. After the marge, its energy consumption was reduced by 99.95%.

In the last merge, Co-founder of Ethereum, Vitalil BUterin tweeted “And we finalized! Happy Merge, all. This is a big moment for the Ethereum Ecosystem”

The Shanghai Upgrade

Completed Its newest major update, which is known as the Shanghai Upgrade on March 12. Which is also known as Shapella upgrade. That enabled the validators to withdraw and the stakes to withdraw the assets from the beacon Chain.

According to Ben Wesis, Ceo of CoinFlip,” The Shangai Upgrade is comparatively small especially when compared with the last fall”.

He further mentioned, “However there is a handful of additional improvements in this release which will make it easier and cheaper for the developers to deploy the and run smart contracts which will help the drive utilization in the network up over the time”.

It is a Planned hard fork of the Ethereum protocol. Forks signify a change in the blockchain’s protocol. And in that hard fork, the non-upgrade version is usually no longer compatible.

Focuses on boosting the liquidity

It aims to improve the liquidity for the stakes and the validators, who wish to withdraw their funds. Which is the process of transaction validation on the Ethereum blockchain network.

The stake ether accounts for the seventh of the total supply of the token, roughly 16 million coins, which has implications. $26 billion is the value of all the Ether staked.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing