Ethereum core developers set April 12 for Shanghai hard fork

Ethereum core developers set April 12 for Shanghai hard fork

The Ethereum network is planning to stage the London hard fork on April 12, 2021, which will upgrade the on-chain staking infrastructure for ETH2 and complete the platform’s transition to a Proof of Stake (PoS) consensus.

What changes will the Ethereum London hard fork bring?

This upcoming hard fork will implement different protocol upgrades and improvements as part of the next steps in Ethereum’s transition to Proof of Stake (PoS). Most notably, it will bring Deposit Contract withdrawals with enhanced safety conditions on the Beacon Chain, as well as protocol refactors and other changes.

The Ethereum network currently uses a Proof of Work (PoW) consensus mechanism to validate and secure the network, whereby miners cooperate to keep the network secure. The hard fork will enable the network to move to a PoS consensus, which is more energy-efficient.

Specifically, the hard fork will enable users to begin withdrawing funds from the existing Deposit Contract to the Beacon Chain. This will enable the Ethereum network to complete its transition to a fully PoS consensus. Additionally, existing Ethereum users will need to migrate their existing ETH holdings to the Beacon Chain.

In addition to the Deposit Contract withdrawals and other improvements, the upgrade will also bring performance optimizations, refactors, and fee changes.

What is the Ethereum Beacon Chain?

The Beacon Chain is the main component of Ethereum 2.0, the upcoming major upgrade to the Ethereum network. It is an independent blockchain that will serve as the primary consensus layer for the Ethereum network, enabling more efficient transaction processing and scalability.

The Beacon Chain is a PoS-based blockchain that allows users to stake ETH in order to validate blocks, and earn rewards for their efforts. Currently, Ethereum users need to deposit their ETH in a smart contract to start staking on the network.

With the London hard fork, the Ethereum network will complete the transition to the Beacon Chain, allowing users to begin staking their ETH in earnest and taking advantage of the increased efficiency of the PoS consensus mechanism.

When is the hard fork scheduled to take place?

The Ethereum team has announced that the London hard fork is scheduled to take place on April 12, 2021. The upgrade will bring numerous improvements to the Ethereum network, and complete its transition to a PoS consensus which will enable more efficient transaction processing and scalability.

Ethereum users need to update their node software in preparation for the hard fork. Additionally, users will need to migrate their existing ETH holdings to the Beacon Chain in order to take advantage of the staking features and other benefits of Ethereum 2.0.

The Ethereum network is scheduled to undergo the London hard fork on April 12, 2021. This upgrade will enable staked ETH withdrawals on the Beacon Chain, completing Ethereum’s transition to a PoS consensus. Additionally, the upgrade will include a variety of improvements and optimizations, making the Ethereum network more efficient.

Ethereum users are advised to update their node software in preparation for the hard fork, and to migrate their ETH holdings to the Beacon Chain.