The Ethereum blockchain is set to have the functionality to allow investors to withdraw their tokens with the upcoming Shanghai update. The shadow mainnet for this upgrade has been successfully deployed, the developers working on it confirmed on Jan 23. This shadow fork will be used to check if the blockchain is lifted whether the level has the ability to allow withdrawal of ETH staked on the network. The upgrade is expected to take effect sometime in March of this year.
Before the upgrade goes live, developers need to make sure that the upgrade doesn’t have any bugs or glitches that could affect the upgrade’s performance when it’s last deployed, and that’s when which this shadow upgrade will come into play.
Ethereum The developer, whose Twitter account is @vdWijden, confirmed the development and revealed that the Shadow fork has encountered some technical glitches.
Withdrawal-Mainnet-Shadow-Fork-1 in progress :missile::missile::missile:
It started with some problems because the configuration wasn’t applied correctly on geth (we don’t allow overriding the main network configuration). The configuration is applied correctly and all nodes agree. We will start some evil buttons,.
– MariusVanDerWijden (@vdWijden) January 23, 2023
Last year, the Ethereum blockchain switched from a proof-of-work (PoW) mining model to an energy-efficient proof-of-stake (PoS) model. The name of this revamped network is unify.
In PoSpeople validating their personal stake blockchain ether token to generate new blocks and verify transactions. In return, bettors receive interest and other rewards on their staked tokens.
It is estimated that $22.38 billion worth of Ether tokens (approximately Rs 1,82,520) are currently being staked on the blockchain.
Once Shanghai upgrade Going live, it will allow Ethereum validators to choose whether they want to keep their staked tokens or withdraw them.
Ethereum developers are report is looking to roll out the public testnet for the Shanghai update in February.
In the coming months, blockchain will continue to be upgraded to address key challenges.
Earlier this week, Vitalik Buterin, the co-founder of Ethereum says that ‘hidden addresses’ could be a potential solution that could protect all the information stored on Ethereum, a public blockchain. These stealth addresses can add anonymity to peer-to-peer transactions of digital assets.
