The developers at Ethereum announced that the network’s upcoming hard fork named “Shanghai” will be released in March next year. The latest upgrade will take into account EIP 4895, allowing the withdrawals of staked ETH tokens on Beacon Chain. The developers have consented to move toward a 2^nd hard fork that would take place at the denouement of the coming year. Furthermore, the hard fork would also cope with another important scaling upgrade that is known as EIP 4844.

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Ethereum Developers Announce Releasing Shanghai Upgrade for Withdrawals of Staked ETH

As per the developers, in the Shanghai upgrade, they would also endeavour to implement the EVM Object Format (EOF). This is called an EIP collection that fundamentally improves the Ethereum Virtual Machine. EVM is considered to be an environment letting Ethereum run smart contracts. The Ethereum Improvement Proposals (or EIPs) include EIP 5450, EIP 4570, EIP 4200, EIP3670, and EIP 3540.

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If EOF appears extremely complex for implantation by the scheduled 5^th of January 2023, developers would roll back EOF. This will prevent any further delay in the withdrawals of staked ETH. Through the 2^nd hard fork, which would occur next to the Shanghai upgrade, the focus of the developers would be to implement a scaling upgrade “proto-danksharding.”  Furthermore, the upgrade would split the network via sharding, breaking it down into shards to enhance the capacity and reduce the gas fees.

Tim Beiko, the core developer at Ethereum, while appearing at the new meeting of core developers on the 8^th of December, stated that the final consensus was to pay more attention to Shanghai. This would be to circumvent any likely delays if EIP-4844 does not get prepared in time. Further, Beiko mentioned that the EOF upgrades are very convenient to go back and eliminate from Shanghai if the developers have not completed operating on it in the case of Shanghai’s implementation.

Network Moves toward Its Final Upgrade “Sharding”

With sharding, as described by Ethereum, a multi-stage upgrade for advancement in capacity and scalability, shard chains will be implemented. These chains will expand the data access and capacity of the platform. Following the completion of all this, the next event of Ethereum, also known as its conclusive component in the roadmap, the “Sharding” upgrade will take place. As per expectations, this would roll out during the next couple of years.

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