Second largest in the world by market value cryptocurrency unit of Ethereum, It will be performing a major network update on April 13.
Withdrawals Begin Gradually On Ethereum
The update, called Shapella, will allow withdrawals for stakers locking Ethereum tokens on the Beacon Chain, the first phase of Ethereum’s transition to a proof-of-stake consensus mechanism.
The Shapella update will go live on the Ethereum network on the epoch of 194048, scheduled for April 13, 2023 at 1:27:35 PM CET. The update will bring two new features: Withdrawal authorization and withdrawal agreement.
Withdrawal authorizations will allow participants to specify an address where they can withdraw their prizes and principal after at least 256 epochs (approximately 27 hours). The withdrawal contract allows stakers to transfer their withdrawal rights to a smart contract that can implement more complex logic such as multisig or timelock.
Users are encouraged to report potential vulnerabilities in the Shapella code before April 5th, as the Ethereum Bug Awards have been doubled for issues with Shapella.
Ethereum users and ETH token holders do not need to take any action for the update unless they are notified by their exchange or wallet provider. The update is expected to have minimal impact on Ethereum’s execution layer, where transactions and smart contracts are processed.
According to the official Ethereum website, the Shapella update represents the next step in Ethereum’s continued evolution. It will bring many new features to the network, including new transaction types and enhanced scalability.
The upgrade will also increase the security and reliability of the Ethereum network, making ETH a more stable platform for decentralized applications.
*Not investment advice.
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