Ethereum blockchain will get the functionality to allow stakers to withdraw their tokens with the upcoming Shanghai update. The shadow mainnet for this upgrade has been successfully deployed, developers working on it confirmed on Jan. 23. This shadow fork will be used to test whether the upgraded blockchain is capable of allowing the withdrawal of ETH staked on the network. The upgrade will go fully live around March of this year.
Before the upgrade goes live, developers need to make sure it is free of any bugs or glitches that could affect operation in the final deployment and that’s where this shadow fork will come in handy.
Ethereum developer using @vdWijden’s Twitter handle confirmed the development and also revealed that the shadow fork encountered some technical issues.
Withdrawal-Mainnet-Shadow-Fork-1 is finalizing :rocket::rocket::rocket:
It started with a few issues because the configuration was not correctly applied to geth (we don’t allow mainnet configuration to be overwritten). The configuration is applied correctly and all nodes agree. We will launch some malicious nodes.
— MariusVanDerWijden (@vdWijden) January 23, 2023
Last year, the Ethereum blockchain transitioned from the proof-of-work (PoW) mining model to the energy-efficient proof-of-stake (PoS) model. The name of this renewed network is Merge.
In PoS, blockchain validators deploy their personal Ether tokens to create new blocks and verify transactions. In return, strikers receive interest and other rewards on their staked tokens.
It is estimated that $22.38 billion (approximately Rs. 1,82,520 crore) worth of Ether tokens are currently staked on the blockchain.
Once the Shanghai upgrade goes live, Ethereum validators will be able to choose whether to keep or revoke their tokens.
Ethereum developers are reportedly looking for a public testnet for the February Shanghai update.
In the coming months, the blockchain will continue to receive upgrades to address key challenges.
Earlier this week, Vitalik Buterin, Ethereum’s co-founder, said that “stealth addresses” could be a possible solution that could protect all information stored on Ethereum, a public blockchain. These stealth addresses can add anonymity to digital asset peer-to-peer transactions.