The Ethereum Shanghai Upgrade is inching closer to reality as developers announce that the hard fork is undergoing rigorous testing on the Goerli public testnet.
This upgrade marks the next phase in Ethereum’s evolution, following its successful transition to a proof-of-stake consensus mechanism after The Merge.
With new features and improvements, the Ethereum Shanghai Upgrade promises to further solidify its position as a leading blockchain platform.
Ethereum Shanghai Upgrade Now Deployed On Goerli Testnet
The final dress rehearsal for Ethereum’s upcoming significant upgrade, “Shapella,” has been conducted on the Goerli testnet.
There were, however, concerns with the hard fork. While deposits were being processed, Ethereum core developer Tim Beiko highlighted that the process did not go as well as it could have because numerous testnet validators did not upgrade their client software prior to the Goerli fork.
The upgrade occurred at epoch 162304 at 10:26 a.m. UTC on March 14. Even though the epoch did not finalize at first owing to low validator participation rates, it did so later, according to Arbitrum developer “Terence. eth.”
“15 epochs later, Goerli has finalized,” Terence.eth tweeted.
15 epochs later, Goerli has finalized.
There was nothing wrong with the Client software. We just had to get the offline operators to upgrade. It was a good stress test.
On to the next one. Mainnet! https://t.co/s573n5pC9f
— terence.eth (@terencechain) March 15, 2023
Although there was nothing wrong with the client software, the developer had to encourage the offline operators to upgrade, calling it a “good stress test.”
Ethereum’s Journey To PoS Transition
Ethereum’s switch to Proof-of-Stake (PoS) marks a significant milestone in the blockchain’s journey towards greater efficiency and sustainability. By ditching the energy-intensive Proof-of-Work (PoW) consensus mechanism, Ethereum is paving the way for a greener future in the world of decentralized finance.
The benefits of PoS are numerous, including lower energy consumption, faster transaction times, and reduced centralization risks. Additionally, the switch to PoS encourages wider participation in the network by allowing more users to validate transactions and earn rewards.
But perhaps the biggest significance of Ethereum’s switch to PoS is the platform’s ability to remain relevant and competitive in an ever-evolving landscape.
As other blockchain technologies seek to address scalability and sustainability concerns, Ethereum’s embrace of PoS demonstrates its commitment to staying at the forefront of innovation and pushing the boundaries of what is possible in decentralized finance.
ETH total market cap currently at $200 billion on the daily chart | Chart: TradingView.com
According to Beiko, the teams encouraged waiting four weeks after the Goerli update for any potential mainnet fork, meaning that the mainnet hard fork may occur by mid-April.
A mainnet launch date has not yet been determined; however, Beiko states that it will “probably” be determined on the March 16 developers meeting “assuming things go well on Goerli.”
-Featured image from QuickNode Blog