The Shanghai upgrade, for which Shandong is the testnet, is scheduled to take place in 2023. It will be Ethereum’s first update since The Merge in September, when Ethereum switched from a proof-of-work to a proof-of-stake consensus process.
Certain Ethereum Improvement Proposals (EIP) being examined for inclusion in Shanghai might alleviate some efficiency and scalability concerns. EIP 4895 is perhaps the most anticipated proposal since it will allow users who have staked Ether on the Beacon Chain to withdraw their investment and any prizes they have received over time.
Anyone that staked ether as part of the Beacon Chain’s validator procedure is currently unable to withdraw their stake or their rewards directly. Instead, anybody wishing to access such money must rely on liquidity tokens that represent their assets.
EIP 4844, which adds proto-danksharding, is also being considered. This plan will enable more data to be handled on the network while also lowering gas prices.
EIP 3540 will deal with the Ethereum Virtual Machine (EVM), the software used for Ethereum smart contracts, and is connected to one of the EIPs included in Ethereum’s London update (EIP 3541). This proposal will allow for the separation of code and data, making future updates to EVM easier.
The final list of EIPs to be evaluated for inclusion in the Shanghai upgrade will not be completed for some time. Parithosh Jayanthi, a DevOps engineer at the Ethereum Foundation, said:
“I think it’ll be one of the major talking points once All Core Developers calls start again.”
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