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Ethereum prepares for next major update

Ethereum’s next update, Shanghai, already has a testnet to complete the new features before going live on mainnet in 2023.

Currently, several Ethereum Improvement Proposals (or EIPs) are being tested. The main goal of Shanghai and subsequent updates is to improve the performance and scalability of ETH.

The most anticipated feature by investors is EIP 4895, which allows withdrawal of deposited ETH to become a validator, as well as validation rewards.

Currently, anyone who stakes ETH for proof-of-stake verification will not be able to directly withdraw their deposits and earned rewards, but will have to use derivatives that represent their assets. product ordered. .

EIP 4844, proto-danksharding, a platform for sharding data on blockchains to speed up processing and increase the number of transactions per second that can be processed, is also being tested.

“Sharding is the future of Ethereum scalability, helping the ecosystem support thousands of transactions per second and allowing the majority of the world to use the platform on a regular basis at a reasonable cost,” Ethereum founder Vitalik Buterin said in his personal statement. said in the statement. said in the statement. An article on the website explains this.

At Converge 22 in September, Buterin also noted that ethereum transactions could cost $5 or more before the crypto market fell. Such high fees are the reason users often choose to interact with cryptocurrencies through exchanges such as Binance, which makes transactions cheaper and faster than directly on the blockchain.

The founder of Ethereum predicts that sharding will increase the data processing capacity of the system by 100-1000 times, reduce transaction costs, and make native blockchains more attractive to users. Buterin said that as the Merge update moves to proof-of-stake, it’s also a major priority for ethereum.

Ethereum has not finalized its EIP list and is still looking for new EIPs. Parithosh Jayanthi, an engineer at the Ethereum Foundation, predicts that this will be a major topic of discussion at the next meeting of Ethereum engineers.

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