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Ethereum Upgrade to Implement Beacon Chain Payouts Scheduled for April 12 – Technology

During the Execution Layer Meeting streamed on March 16, 2023, Ethereum Developers announced that the Blockchain scheduled to be updated on April 12, 27 days from now. The upgrade, known as the Shanghai Capella Upgrade or Shapella, will include the implementation of beacon chain push payouts. This will enable Ethereum network validators to support withdrawal operations after the ruleset change.

Ethereum Validator withdrawals and fee optimization improvements are slated to go live in 27 days

At the time of writing, the Beacon chain contract is 17,680,535 Ethereum, which is worth $29.33 billion in today’s Ethereum exchange rates. The upcoming upgrade called Shapella will allow the Beacon chain to use push payouts as operations through Ethereum Improvement Proposal (EIP) 4895.

According to the EIP-4895 documentation, this will “support validator extractions from the beacon chain to the EVM via a new ‘system-level’ operation type”. In addition, the abstract states that the architecture of EIP-4895 “is ‘push’-based and not ‘pull’-based, meaning that payouts must be processed in the execution layer once they are removed from the consensus layer.”

The latest Ethereum upgrade was originally scheduled for this month, but the consensus change has been pushed back. During Thursday’s Execution Layer Meeting, Ethereum developers announced that the upgrade is now scheduled for April 12, 2023.

In addition to proposing beacon chain push payouts, the upgrade includes implementation of EIP-3651, EIP-6049, EIP-3860, and EIP-3855. These improvements are aimed at optimizing fees, such as B. Limiting the “maximum size of initcode to 49152 and applying an additional gas cost of 2 for each 32-byte block of initcode” as described in EIP-3860.

Recently, Ethereum developers ran tests of the upgrade on multiple testnets. On Tuesday the developers accomplished The Görli testnet upgradewhich was essentially the last step before activating Shapella on the mainnet.

What impact do you think the upcoming Ethereum upgrade and implementation of beacon chain push payouts will have on the future of the Ethereum network and its users? Do share your thoughts on this topic in the comments section below.

Ethereum Upgrade to Implement Beacon Chain Payouts Scheduled for April 12 – Technology, Crypto Trading News

Jamie Redman

Jamie Redman is the news director at News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about today’s emerging disruptive protocols.

photo credit: Shutterstock, Pixabay, WikiCommons

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Source: Crypto News Deutsch

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