Ethereum (ETH) Developers Agree on the Eight Proposal Upgrades for the Shanghai Hardfork

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Ethereum developers have decided on the eight Ethereum Improvement Proposals (EIPs) to be included in the Shanghai hardfork. It is the first major network upgrade since the Ethereum merge in September.

Ethereum Developers Agree on Eight EIPs for Shanghai

On Thursday, November 24th, Ethereum developers agreed on eight EIPs to be considered in the Shanghai hardfork, which is currently being tested on the Ethereum testnet.

The Ethereum Foundation developers will run the eight EIPs considered for inclusion through tests on developer networks (devnets). However, there is no guarantee that all eight will be deployed with the hardfork.

What Should you Expect from the Shanghai Hardfork?

EIP 4895 is the most anticipated proposal to launch with Shanghai. As earlier reported, the proposal will allow holders to withdraw their staked ETH systematically and make the network more scalable.

EIP 4844 (proto-danksharding) is the first step Ethereum would take toward making the network more scalable through sharding to boost network throughput and slash fees. EIP 2537 seeks to add ‘BLS precompile’ to the Ethereum network.

The other five proposals – EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450 will focus on upgrading the Ethereum Virtual Machine (EVM). They will make changes to make the smart contract execution safer.

On the Flipside

  • Although Shandong – the Shanghai testnet version – went live on October 18th, developers failed to agree on the timeline for the deployment of the hardfork.

Why You Should Care

The launch of Shanghai will mark the beginning of a new phase for the Ethereum network, with better scalability and lower transaction fees.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).