The core programmers behind the development of Ethereum’s Shanghai hard fork have provided an update on its implementation.
It was during the 151st Core Developers Meeting for Ethereum on December 8 that the developers talked about the implementation of the hard fork.
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Deadline for the Ethereum Hard Fork
As per the developers, they have a deadline for the implementation of the development and implementation of the hard fork.
They have been given time until March 2023 to complete the development phase of the Shanghai hard fork as well as its testing.
EIP’s Launch Date
In addition to providing information about the launch of the Shanghai hard fork, the teams have also provided information about the EIP.
According to the teams, they will be implementing the 4844 upgrades for the Ethereum Improvement Protocol. They have confirmed that the particular upgrade will be launched on May 2023 or June 2023.
Following the implementation of the EIP 4844 upgrade, the network will have the proto-danksharding feature added to it.
It was on September 15 when the major upgrade for Ethereum “The Merge”, was implemented by the Ethereum developers. It was among the most anticipated upgrades in the year 2022.
As a result of the upgrade, the Ethereum protocol had been changed from the proof of work to the proof of stake. Despite the upgrade, the matter is still unclear for the stake Ether (stETH).
The particular tokens are still locked on the Beacon Chain of the Ethereum network. The creation of the particular token is carried out through Lido, which is a decentralized finance (DeFi) protocol.
At the moment, a total of 3.5 million stake Ether have been introduced by Lido that is circulating through the DeFi industry.
Importance of Shanghai Upgrade for stETH Holders
With the Shanghai upgrade in place, the holders of stETH will be able to withdraw their funds from the particular asset. Along with the asset, the users will be able to withdraw their staking rewards as well.
The users will become eligible for the assets as they provide validity to the network transactions with their stakes in the asset.
The developers have also clarified what their goal was when introducing the new upgrade. They want to structure the upgrades in a manner that the users do not find it difficult to get used to the transition.
The upgrades will continue providing support to the users to help them get better used to the transitioning of the protocol to proof of stake consensus.
With these upgrades, they will be able to focus greatly on the implementation and transitioning of the protocol. The entire community will find it easier to get used to the transitioning of the protocol to PoS.
Next Step after the EIP-4844 Upgrade
As per the officials, the EIP-4844 upgrade will make it easier for them to implement more protocols and prototypes to the PoS consensus.
After the hard fork has been implemented by March, they will introduce another prototype to the Ethereum blockchain. The particular prototype had been developed back in February 2022.
The particular prototype is the data-blob-transaction prototype, and it will be implemented in the implementation of the EIP-4844 upgrade.
As of now, the scalability of the Ethereum network storage and computation has been improved by 10x to 100x. This has been made possible by the implementation of Optimistic Rollups, a layer-2 technology.
The particular implementation allows the network storage and the computation for Ethereum to be taken off-chain.
Ever since the Ethereum network started to gain very high public attention, it has been facing multiple issues related to scalability.
This is mainly because scalability is the root cause of many more problems that include high transaction fees and transaction latencies.
Ethereum believes that with the right implementations, it will be able to solve the scalability problem, fixing the problem for good.