Two Important Updates for Ethereum in 2023

The Shanghai update of Ethereum (ETH), is one of the most anticipated events. It will increase the liquidity of the main altcoin by releasing ETH staked on the Beacon Chain. The Shanghai update, which will end the Merge era of ETH, is expected to be released in March 2023. Although the release of ETH will be gradual through a queue, this may reduce the market impact. However, the crypto community is concerned about the potential selling pressures that could result from the update. The Beacon Chain’s launch enabled stakeholder to confirm blocks and protect ETH networks, ensuring security during The Merge. In 2023, two major upgrades to the ETH network will be made in addition to the Q1 hardfork. These improvements will further strengthen the position of the top altcoin, SurgeEthereum creator Vitalik Buterin stated that the main focus of the upcoming update will be to address the scaling challenges faced by smart contract platform. This update will allow the network to scale by fragmenting its ETH database. It will also maintain its decentralization. The ETH network’s information will now be divided horizontally to achieve this. This will allow it to distribute the load, reduce storage costs, and reduce hardware requirements. This update will not immediately create a scalable Ethereum Blockchain. EIP 4844 will instead create a separate blockchain layer 2 for Ethereum. This will allow Scalability Solutions such as Arbitrum or Optimism to lower transaction fees and become more competitive with other ETH competitors that have lower transfer fees. EOF The upcoming EOF update (EVM Object format) will make Ethereum’s code execution environment more efficient and streamline the process of creating smart contract. EOF will allow for updates to the EVM, and provide a system to track the resource usage of new contracts. These upgrades will help Ethereum get closer to its goal of becoming an open, decentralized computer that supports dApps, has low fees, and offers a secure network for daily transactions. Important to note that the website provides general market commentary. It does not provide investment advice. We encourage you to do your research before investing.Join us to keep track of news: coincu.comAnnieCoincu NewsTags: Beacon chainBlockchainETHETH stakedEthereum