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Ethereum Developers Approve EIPs: Shanghai Upgrade in 2023

Published 12/01/2022, 04:52 AM
Updated 12/01/2022, 05:00 AM
© Reuters Ethereum Developers Approve EIPs: Shanghai Upgrade in 2023

  • Ethereum put forward proposals for the next upgrade after the Ethereum Merge.
  • The new Upgrade is the Ethereum Shanghai Upgrade intended to improve the network’s scalability.
  • The upgrade also aims at reducing transfer rates and gas fees.

After the successful completion of the long awaited Etherum Merge in September 2022, the blockchain as initiated the next upgrade, the Etherum Shanghai Upgrade which is scheduled for the second half of 2023.

While the Ethereum Merge was an attempt by the blockchain to transfer the Proof-of-Work to Proof-of-Stake consensus mechanism, the Shanghai Upgrade intends ti bring a bunch of critical updates and significant changes to the blockhain in its EVM functionalities.

During a weekly meeting in October 2022, the Ethereum developers discussed about the details of the new upgrade and came up with the features required to be included.

Consequently, the Etherum Foundation java Script Team tweeted about the launch of a “pre-Shanghai testnet”, called Shandong, that will be used to test an finalize the Ethereum Improvement Proposals (EIPs):

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