Ethereum Foundation Announces Shapella Upgrade Activation on April 13th

03/28/2023 14:36 • NFT Newsflash • 131 views

On March 28th, the Ethereum Foundation announced that the Shapella upgrade will be activated at 6:27:35 Beijing time on April 13th.

Ethereum Foundation: The Shapella upgrade will be activated at 6:27:35 Beijing time on April 13th

On March 28th, the Ethereum Foundation made an announcement that the long-awaited Shapella upgrade will finally be activated on April 13th, 2021, at precisely 6:27:35 Beijing time. This upgrade is set to bring substantial improvements to the Ethereum network, including improved efficiency and reduced transaction costs. In this article, we will discuss the Shapella upgrade, its key features, and what it means for the Ethereum network.

What is the Shapella Upgrade?

The Shapella upgrade is a significant upgrade to the Ethereum network, designed to improve its performance and ability to handle increased transaction volumes. The upgrade is named after the city of Shapella, located in northwestern Iran, which is known for its beautiful architecture and historical significance.

Key Features of the Shapella Upgrade

The Shapella upgrade will introduce a range of new features and upgrades to the Ethereum network, including:

1. EIP-1559

EIP-1559 is the most significant feature of the Shapella upgrade. It aims to change the way Ethereum handles transaction fees, making them more predictable and reducing the cost for end-users. Under the current fee structure, users can set a gas fee for their transactions, but there is no guarantee that it will be accepted. EIP-1559 introduces a base fee that is burned, making transaction fees more predictable and reducing the overall cost.

2. Difficulty Bomb Delay

The Ethereum blockchain uses a ‘difficulty bomb’ as a time-delay mechanism to encourage network upgrades. The difficulty bomb increases the difficulty level of mining, making it harder to mine Ethereum over time. The Shapella upgrade will delay the difficulty bomb for another 4 million blocks, giving the Ethereum community more time to prepare for the transition to Proof of Stake (PoS).

3. EIP-3198

EIP-3198 adds a new opcode to the Ethereum Virtual Machine (EVM) that simplifies the process of verifying elliptic curve digital signature algorithms (ECDSA). This will result in faster transaction processing and reduced gas costs.

What Does the Shapella Upgrade Mean for Ethereum?

The Shapella upgrade is a significant improvement to the Ethereum blockchain, which will make it more efficient, scalable, and user-friendly. EIP-1559, in particular, will significantly reduce transaction costs, making Ethereum more accessible to a wider range of users. The delay of the difficulty bomb will also give the Ethereum community more time to transition to PoS, which is a critical step towards improving the network’s energy efficiency and sustainability.

Conclusion

The Shapella upgrade is an essential milestone for the Ethereum network, providing significant improvements to its performance and scalability. EIP-1559 is the most significant feature of the upgrade, aiming to reduce transaction costs and make Ethereum more accessible to end-users. The delay of the difficulty bomb is critical for the transition to PoS, which will improve the network’s energy efficiency and sustainability.

FAQs

Q1. When will the Shapella upgrade be activated?
A. The Shapella upgrade will be activated on April 13th, 2021, at 6:27:35 Beijing time.
Q2. What is EIP-1559?
A. EIP-1559 is a feature of the Shapella upgrade, which aims to change the way Ethereum handles transaction fees, making them more predictable and reducing the cost for end-users.
Q3. Why is the delay of the difficulty bomb critical for Ethereum?
A. The delay of the difficulty bomb is critical for Ethereum because it will give the community more time to transition to PoS, which will improve the network’s energy efficiency and sustainability.
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