Fun

Ethereum Upgrade to Implement Beacon Chain Withdrawals Scheduled for April 12

News Feed - 2023-03-17 05:03:55

Ethereum Upgrade to Implement Beacon Chain Withdrawals Scheduled for April 12


During the Execution Layer Meeting streamed on March 16, 2023, Ethereum developers announced that the blockchain is scheduled to upgrade on April 12, in 27 days. The upgrade, known as the Shanghai-Capella upgrade or Shapella, will include the implementation of Beacon chain push withdrawals. This will enable Ethereum network validators to support withdrawal operations following the ruleset change. Ethereum Validator Withdrawal Operations and Fee Optimization Enhancements Set to Go Live in 27 Days


At the time of writing, the Beacon chain contract holds 17,680,535 ether, worth $29.33 billion using today’s Ethereum exchange rates. The upcoming upgrade, called Shapella, will enable the Beacon chain to use push withdrawals as operations through Ethereum Improvement Proposal (EIP) 4895. 6209536 4/12/2023, 10:27:35 PM UTC


— timbeiko.eth (@TimBeiko) March 16, 2023



According to the EIP-4895 documentation, this will “support validator withdrawals from the Beacon chain to the EVM via a new ‘system-level’ operation type.” Additionally, the summary notes that EIP-4895’s architecture is “‘push’-based, rather than ‘pull’-based, meaning withdrawals must be processed in the execution layer as soon as they are dequeued from the consensus layer.”


The latest Ethereum upgrade was originally planned for this month, but the consensus change was postponed. During the Execution Layer Meeting on Thursday, Ethereum developers announced that the upgrade is now scheduled for April 12, 2023.


In addition to the Beacon chain push withdrawals proposal, the upgrade will include the implementation of EIP-3651, EIP-6049, EIP-3860, and EIP-3855. These enhancements are aimed at optimizing fees, such as limiting the “maximum size of initcode to 49152 and applying an extra gas cost of 2 for every 32-byte chunk of initcode,” as described in EIP-3860.


Recently, Ethereum developers conducted testing of the upgrade on several testnets. On Tuesday, the developers completed the Goerli testnet upgrade, which was essentially the final step before the activation of Shapella on the mainnet. Tags in this story architecture, backwards compatibility, Beacon Chain, Blockchain, blockchain governance, blockchain protocols, Codebase, community, consensus algorithms, Consensus change, Consensus Changes, Cryptocurrency, Decentralization, dequeued, Developers, EIP-3651, EIP-3855, EIP-3860, EIP-4895, EIP-6049, enhancements, Ethereum, Ethereum Improvement Proposal, execution layer, Fees, Forking, gas costs, Gas limit, Goerli, Hard Forks, mainnet activation, network, network upgrades, node operators, nodes, Optimization, pull-based, push withdrawals, push-based, Scalability, Security, Shapella upgrade, software updates, system-wide changes, testnets, Validators


What impact do you think the upcoming Ethereum upgrade and the implementation of Beacon chain push withdrawals will have on the future of the Ethereum network and its users? Share your thoughts about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Rollkit Developers Leverage Bitcoin for Sovereign Rollups, Sparking Criticism from Ethereum Proponents TECHNOLOGY | Mar 6, 2023 Eclipse to Launch Rollup Blockchain for Polygon Network with Solana Compatibility TECHNOLOGY | Feb 24, 2023


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleReport: US Government Auctions Off Failed Banks SVB and SNBY, Crypto Restrictions Apply Next articleRepublican Congressman Tom Emmer Queries FDIC on Alleged Efforts to Purge Crypto Activity from US Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade

News Feed

Derek Andersen3 hours agoVoyager customers targeted by scammers during 30-day withdrawal period: ReportPhony websites offered customers a premium for claiming through them. In reality, they drained customers’ wallets.9
Celestials Stellar Club Announces NFT Collection Minting Date March 14 2022
Celestials Stellar Club Announces NFT Collection Minting Date March 14 2022 press release PRESS RELEASE. Looking for an exciting new NFT collection to be a part of? Look no further
Biden Budget Proposal Targets Crypto Investors Using Like-Kind Exchange Provision; Plan Aims to Tax Crypto Miners 30%
Biden Budget Proposal Targets Crypto Investors Using Like-Kind Exchange Provision; Plan Aims to Tax Crypto Miners 30% On Thursday, the Biden administration released the U.S. presid
Fake Meme Coins Catapult After Musk Kekius Tweet: 3 Safe Meme Coins That Could Explode
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Dogecoin Price Looking To Close Weekly Candle Above The Yellow Line, Why $10 Is Possible If This Happens
Este artículo también está disponible en español. A crypto analyst has disclosed that the Dogecoin pricemay be positioning itself for a significant move upward as it appr
Why is Dogecoin price up today?
Yashu Gola9 hours agoWhy is Dogecoin price up today?Dogecoin is surging on the prospects of interest rate cuts in September and the excitement of a potential pro-crypto stance from Donald Trump.1511 Total views1 Total sh
Bank of America and JPMorgan Say US Economy Is Doing Well, Consumers Are in Good Shape Despite Inflation
Bank of America and JPMorgan Say US Economy Is Doing Well, Consumers Are in Good Shape Despite Inflation Bank of America CEO Brian Moynihan and JPMorgan & Chase CEO Jamie Dimon
Bitcoin price rallies on halving day, but what do futures markets show?
Marcel Pechman5 hours agoBitcoin price rallies on halving day, but what do futures markets show?Bitcoin"s price whipsaws align with global conflict and macroeconomic concerns, but data shows investors’ halving expectat
MEXC says ‘clawbacks’ only affect delinquent traders as users report missing funds
Christopher Roark3 hours agoMEXC says ‘clawbacks’ only affect delinquent traders as users report missing fundsA growing number of traders have complained of funds being deducted from their MEXC accounts, but the exch
Bitcoin Price Drops 18%, Fed Discusses ‘Soft’ Inflation, Analyst Says BTC Sell-Off Attracts More Investors
Bitcoin Price Drops 18%, Fed Discusses "Soft" Inflation, Analyst Says BTC Sell-Off Attracts More Investors Digital asset markets are seeing some turbulence on Tu
How NFTs and the Metaverse Can Help Save the Planet
How NFTs and the Metaverse Can Help Save the Planet The head of a leading South Korean cryptocurrency exchange has recently promised that its non-fungible tokens featuring the worl
Helen Partz11 hours agoUK tops crypto activity in Central, Northern and Western Europe: ChainalysisCrypto adoption in the United Kingdom has been growing as the country adopts more regulations targeting crypto and stable