Ethereum Developers to consider Eight Proposals for the Upcoming Hardfork – Shanghai Upgrade

25 Nov 2022 | 3 min read

On 24 November, 2022 – after a detailed meeting on the Ethereum Upgrade, developers on the project decided to consider eight Ethereum Improvement Proposals (EIPs) for inclusion in the network’s upcoming hardfork known as ‘Shanghai‘. This hard fork is expected to unlock the Beacon Chain staked ETH withdrawals and might include proposals that address the issue of scalability and others designed to improve the EVM or the Ethereum Virtual Machine.

However, the main thing to note is that, so far is that there has been no consensus on the timeline for the upgrade.

The meeting concluded with a list of EIPs that were put in the CFI list or ‘considered for inclusion’. Some proposals like the EIP 4895 were picked up for definitive addition into the schedule for the Shanghai Upgrade and were definitely going to be a part of the fork. EIP 4895 is essentially the unlocking of the staked ETH that had taken place ahead of the Ethereum Merge.

Read our full coverage on the Ethereum Merge here!

This means that people who had locked up 32 ETH or more in the days leading up to the Ethereum Merge in the Beacon Chain smart contract can finally unstake and withdraw those tokens if they need to do it – along with additional accrued rewards that the validator stands to gain.

However, as mentioned – most of these EIPs still stand in the CFI category – which means that developers will commit to developing these proposals and will run them on the developer testnets but there is no guarantee that the proposals will make the final cut for inclusion in Shanghai.

Thus the timeframe for the development and additions to upgrade is still up in the air. The Ethereum Foundation had given a soft timeline for the unlocking staked ETH at 6-12 months after the Merge.

Thread summarizing amazing progress on EIP-4844 (proto-danksharding).

This is a crucial first step to massively lower fees on L2, helping to make it affordable for much larger numbers of users to directly use on-chain applications instead of relying on cefi intermediaries. https://t.co/cMeIAV5aN5

— vitalik.eth (@VitalikButerin) November 24, 2022

Another proposal – known as EIP 4844, also referred to as proto-danksharding is also in the CFI package and even Ethereum co-founder Vitalik Buterin has gone on to talk about it in Twitter. EIP 4844 represents a significant first step for Ethereum as it would take toward making the network more scalable through a process called Sharding – a method that splits up the network into shards in an effort to increase network capacity and reduce gas fees.

Another set of EIPs have also made it to the CFI category include those which are intended to upgrade the Ethereum Virtual Machine (EVM). According to the report by CoinDesk, the EIPs that will upgrade the Ethereum Virtual Machine are EIP 3540, EIP 3670, EIP 4200, EIP 4570, EIP 5450. These changes are slated to making the smart contract execution safer by verifying that certain conditions are met.

One of the last known proposals that is being considered is the EIP 2537 – which would see the addition of ‘BLS precompile’. This is a proposal that wants to create more cryptographic proofs in Ethereum and allow for better interoperability with the PoS Beacon Chain.

Sourced from CoinDesk

Read more: Ethereum Price Prediction

Ethereum Developers to consider Eight Proposals for the Upcoming Hardfork – Shanghai Upgrade

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