Many users expect that The newly upgraded network of Shanghai will bring improvements in terms of ETH S take withdrawals on Ethereum 2.0 and in terms of transactions with lower fees. The testnet version of Shanghai upgrade, named Shandong, was released at the time of the report. Developers are expected to continue testing this new upgrade until September 2023.
Shanghai is the first major update. Since upgrading the Ethereum network’s consensus system to Proof-of-Stake (PoS) in September after the Mainnet and Beacon Chains were merged.
The upcoming upgrade will bring a change to the composition of the Ethereum Virtual Machine (EVM), the technology that powers the network’s Smart Contact contracts.
The EIP-3540, or EVM Object Model, is one of the most anticipated updates. Because this offer separates encryption from the data. This might be useful for network-based authenticators. Another promising proposal is EIP-4895, which will enable the staked ETH to be revoked through the Beacon Chain to ensure network stability.
Among the proposals under consideration The upgrade brings changes to the Layer 2 protocol, lowering gas prices by equalizing block sizes and improving network data retrieval efficiency.
“When an external chain is built on a Layer-2 network like Polygon and reduces the cost of communicating messages with the main Ethereum chain, this lowers the gas cost for users everywhere in the ecosystem — making it more efficient to scale. horizontally in a way that distributes needs.”
The Merge upgrade, however, is only the first phase in this five-part process, which has been explained in detail by a handful of Ethereum developers.
The next phases forthcoming are The Surge, an important step in enhancing blockchain’s ability to store and access data, followed by The Verge, The Purge, and the final three The Splurge. of the upcoming Ethereum network developments in the next few years.
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