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January 13, 2023 World

What You Need to Know About the February Launch of the Ethereum Shanghai Testnet

Because of The Merge, Ethereum (ETH) was one of the most talked-about issues on the cryptocurrency industry in 2022. The update was made to switch the altcoin’s proof-of-stake (PoS) consensus process from proof of work (PoW) (PoS). As the first instance of a fully operational network changing its consensus methodology, it was an incident that became part of the annals of the blockchain industry.

More advancements are anticipated in 2023, and this was a significant step toward Ethereum 2.0. The Shanghai hard fork is the first item on the list. It seeks to withdraw the locked ETH that was placed in staking at Beacon Chain in 2020.

The goal of the cryptocurrency development team is for this update to happen in March. Similar to The Merge, a testnet must first take place to guarantee that Shanghai goes off without a hitch and that the delivery deadline is met. A test will be conducted in February, it was revealed at the first developer call of this year. Additionally, they made the decision to disregard any further Ethereum Improvement Proposals (EIPs) from Shanghai.

To eliminate concerns about the hard fork’s latency, developers should use the EVM Object Format (EOF). In the month of Q1 2023, this suggestion can enhance the Ethereum Virtual Machine (EVM) programming environment and make things work more smoothly. However, Shanghai preparations did not start right away.

A public test network will be released. Testing has already started in a controlled setting with developers in December. The advance had reached block 4,000 on January 6.

What may one anticipate from Shanghai’s arrival? 
The decrease in Ethereum’s decentralization in staking is the component that is most anticipated. Since the Beacon Chain era, only a handful of crypto firms have control over the quantity of ETH in staking, which is of great worry to investors in the market’s leading altcoin.

Less centralization should happen as altcoins leave these sites. One thing that could make a difference is if more investors realize that ETH staking will be liquid starting in Q2 of 2023. If they do, they might elect to invest in order to support the network and generate passive revenue for this service.

Image Source: cryptopotato.com
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