On the eve of the launch of the Shanghai-Capella testnet, Ethereum network developers discussed the progress of testing the update in the framework of the All Core Developers Consensus Call (ACDC).
For Ethereum stakers, the Shanghai Update is a much-anticipated event on the blockchain network. The update is brings deserved rewards to validators for ETH coins staked on Baecon Chain launched in December 2020. In addition to its impact on staking, the update will likely affect market demand for ETH.
- On January 5, the Ethereum developers agreed to start the update in the form of a network hard fork in March of this year.
It will undoubtedly take 5-10 years for Ethereum to be ready
Let’s remember when Vitalik Buterin said that with the much-discussed “Merge”, that is, the transition from Ethereum’s proof-of-work mechanism to proof-of-staker, the network will be regarding 55% ready. With this, he clearly indicated that Ethereum still needs a lot of updates and refinements to reach its best form.
Danny Ryan, Ethereum Foundation Researcher and Network Upgrade Coordinator, recently published a entryin which he stated that despite “The Merge” and recent updates to the network, Ethereum still has a long way to go.
“Ethereum has achieved something amazing by any standards in 2022. No one thought Merge would do so well. Even with years of delays, this was an epoch-making moment for the Ethereum protocol, the Ethereum community, and crypto in general. Ethereum has proven that it can not only accomplish massive technological goals, but that it can do so in a largely decentralized manner. Merge is a unique achievement – no other project has approached the combination of technological sophistication, caliber of execution and global decentralization.”
Turning from the post-Merge success to the future of the network, Ryan said:
“If we take a brief look at Vitalik’s schedule document, we immediately feel the dizzying weight of the many long and complicated years (5, 10?) that lie ahead of us until the protocol is “finished.”
According to Ryan, the Ethereum development team is tasked with finding the “right goal state” for a functional, secure and decentralized blockchain. This means that it must provide properly secure services to clients and users of the Ethereum protocol.
Although Ethereum started the year with great strides in terms of development and providing a more secure ecosystem for customers, Ryan suggests that the road to that goal is long and complicated. In addition, their primary occupation is the network “urgent technological concerns” remedy.
“There are still big challenges and huge risks”
The network’s development team has started testing the Maximum Extracted Value (MEV) Boost. It is an open source middleware that provides access to the builders’ marketplace for validators.
As for Deneb’s design – which follows Shanghai-Capella – the CL clients team has published a new post regarding the upcoming update with cryptography and new testnets.
Danny Ryan also admitted that work on the protocol aims to remove extra code logic for handling empty blob transactions, which contain large amounts of data that cannot be accessed by the Ethereum Virtual Machine (EVM). Danny Ryan concluded by saying:
“In short, Ethereum is stronger than ever. Being part of and observing the community building the basic infrastructure, the community layering in scaling, and the community building on top of that is amazing. But there are still big challenges; there are still huge risks.”
Ethereum, the second largest cryptocurrency by market capitalization, is currently trading at the $1,600 level. This means a 2.9% drop in the exchange rate in the last 24 hours.
