Ethereum developers decided on eight proposals for the Shanghai update

Ethereum Foundation developers decided to examine eight Ethereum Improvement Proposals (EIP) for the Shanghai Update, the next major upgrade after the Merge and transition to proof-of-stake consensus, the Ethereum Foundation announced on Nov. 24.

During a weekly call, developers decided which features should be included in the next hard fork, which will be released in the second half of 2023. According to the Ethereum Foundation JavaScript team on Twitter:

One of the key features expected to be in the Shanghai hard fork is that Beacon Chain staked Ether (ETH) will be unlocked, allowing the assets to be withdrawn with the upgrade, meaning users with staked Ethereum prior to the merge has access to those tokens, as well as other rewards. An earlier timeline expected locked ETH to be accessible 6-12 months after the merger.

One of the approved proposals is the EIP 4844, which focuses on using proto-thank hardening technology, and is expected to increase network throughput and reduce transaction costs, a significant improvement for scalability. Other EIPs relate to the upgrade of Ethereum Virtual Machines, including EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450.

The Shanghai testnet version, dubbed Shandong, went live on October 18, allowing developers to work on implementations such as the Ethereum Virtual Machine (EVM) object format. be beneficial to on-chain validators.

As previously reported by Cointelegraph, the Merge was the first step in this five-part process, which has since been fleshed out by a number of Ethereum developers, ecosystem participants, and commentators. The main change of the Merge is the drastic reduction in power consumption, which should reduce Ethereum’s power consumption by 99%.